Wayland Group Announces Strategic Acquisition in Argentina
TORONTO, Dec. 11, 2018 (GLOBE NEWSWIRE) — Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce it has entered into an agreement to purchase 819 hectares of existing developed agriculture land in San Juan Province in Argentina.
San Juan Province is ideal for cannabis cultivation due to the province’s climate and altitude. The presence of a stable economy and infrastructure to support business development is another contributing factor for the Company’s interest in the country. Recent construction of 120 MW of hydroelectricity production, new roads and a highly skilled labour pool, with a rich history of agricultural production and further processing capabilities make San Juan an ideal choice for development for Wayland.
We have been welcomed warmly by the government of San Juan and the people of Argentina. We look forward to developing this major global project which will directly impact and benefit the local community, state and country. We are committed to long term economic development that supports our global plan, to enhance lives through cannabis.
Ben Ward, Wayland Group CEO
Wayland has developed and is implementing a long-term growth strategy based on centres of efficiency from international operations which will result in greater long-term profitability. The Company continues to see the rapid global expansion of the regulated market for cannabis, replacing unregulated “black” markets. The Company is dedicated to providing safer products, and innovative delivery forms to patients and consumers. Following the legalization of cannabis in Canada, Wayland maintains its commitment to the medical market internationally, and building a truly global business focused on enhancing lives through cannabis.
“The medical cannabis industry is one of the fastest growing areas of business in the world, both for what it implies in the health sector and for the high economic performance per hectare. Wayland found in our province an ideal place because of the climate, the stable economy and the infrastructure that San Juan provides. The government of San Juan has been very cautious on this matter since we were looking for the establishment of serious pharmaceutical-grade companies to implement the new Medicinal Cannabis Law. As Governor I am proud to welcome a project of such magnitude to our Province.” – Stated Sergio Uñac, Governor of San Juan Province.
Total purchase price for the acquisition is USD$8.5MM comprised of USD$4MM in stock (3,225,806 shares based on a $1.65 stock price) and USD$4.5MM in cash. The payment in common shares is conditional on receipt of stock exchange and any other applicable approvals.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated September 24, 2018.
About Wayland Group
Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland, Allesandria, Piedmont, Italy, Ibague, Colombia, London, UK and now Argentina. Wayland will continue to pursue new opportunities globally in its effort to enhance lives through cannabis.