TORONTO, ON --
December, 03, 2018 -- InvestorsHub NewsWire -- Wayland
Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the
“Company”) is pleased to announce its expansion into Australia,
through entering into an agreement to acquire 50.1% of Tropicann
Pty Ltd. (“Tropicann”), a newly formed, privately owned Australian
company located in Darwin, Northern Territory, to partner with
industry leaders in Australia’s expanding cannabis industry. With
this acquisition Wayland has positioned itself in the important and
burgeoning Asia-Pacific market.
“Globalization of cannabis
continues, and we are present in relevant markets, with
Asia-Pacific now added to our international footprint. The Northern
Territory is the ideal location for our new Asia Pacific hub. The
location provides Wayland with ideal climate conditions in a
globally respected and sovereign country with a large and fast
emerging market of over 250MM people just 4 hours north. This
acquisition accelerates Wayland’s growth strategy in becoming a
truly global cannabis company,” stated Wayland Chief Executive
Officer Ben Ward.
Michael Gunner, the Chief
Minister of the Northern Territory, declared, “We have a plan to
diversify our economy and create jobs. Medicinal cannabis is a
growth industry for the Northern Territory, particularly after its
legalization by the Australian Government. The Northern Territory
Government, Tropicann, and Wayland are in discussions about Major
Project Status. Major Project Status ensures priority Ministerial
oversight to assist with ongoing project coordination and
facilitation across different government agencies to secure timely
project delivery.”
“This is a very real and
exciting opportunity for the people of the Northern Territory to
enter and participate in a new growth sector in the global economy.
It also offers the possibility of creating value-added products
through processing here in the Northern Territory,” stated Ken
Vowles, Minister for Primary Industry and
Resources.
Pursuant to the terms of
the agreement the Company has agreed to make an initial payment of
$4,800,000 Canadian dollars (“CAD”) followed by a second payment of
$24,000,000 CAD following certain milestones being achieved,
including issuance to Tropicann of a license to cultivate cannabis
in Australia.
Both payments will be
satisfied by the issuance of common shares of the Company based on
then-current market prices, but subject to a floor issue price of
$1.65 per common share.
The payments are
conditional on receipt of applicable stock exchange approval,
approval of holders of at least two-thirds of the Company's
outstanding debentures 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 and Ibague,
Colombia. Wayland has also announced transactions that will expand
its global footprint to include operations in Italy, the UK and
Australia. Wayland will continue to pursue new opportunities
globally in its effort to enhance lives through
cannabis.
Forward Looking
Information
This news release
includes forward-looking information and statements, which may
include, but are not limited to, information and statements
regarding or inferring the future business, operations, financial
performance, prospects, and other plans, intentions, expectations,
estimates, and beliefs of the Company. Such statements
include statements regarding the Company's plans for the Asia
Pacific market and the Company's continued global
expansion, including with respect to the terms of the proposed
transaction, its effect on the Company’s global platform and the
number and price at which common shares are expected to be
issued. Forward-looking information and statements involve
and are subject to assumptions and known and unknown risks,
uncertainties, and other factors which may cause actual events,
results, performance, or achievements of the Company to be
materially different from future events, results, performance, and
achievements expressed or implied by forward-looking information
and statements herein. Such assumptions, risks, uncertainties
and other factors include, but are not limited to, that the
proposed transaction will be completed on the terms and timelines
anticipated by the Company or at all, that Tropicann will obtain
the applicable licenses in Australia on the terms and timelines
anticipated or at all, the effect that the proposed acquisition,
when completed, will have on the Company’s global platform, that
all necessary stock exchange, securityholder, regulatory and other
approvals will be received in connection with the proposed or
potential issuances of Common Shares under the proposed transaction
on the timelines anticipated or at all and that all other
conditions to closing will be satisfied in the manner and on the
timelines anticipated. Although the Company believes that any
forward-looking information and statements herein are reasonable,
in light of the use of assumptions and the significant risks and
uncertainties inherent in such information and statements, there
can be no assurance that any such forward-looking information and
statements will prove to be accurate, and accordingly readers are
advised to rely on their own evaluation of such risks and
uncertainties and should not place undue reliance upon such
forward-looking information and statements. Any forward-looking
information and statements herein are made as of the date hereof,
and except as required by applicable laws, the Company assumes no
obligation and disclaims any intention to update or revise any
forward-looking information and statements herein or to update the
reasons that actual events or results could or do differ from those
projected in any forward looking information and statements herein,
whether as a result of new information, future events or results,
or otherwise, except as required by applicable
laws.
The Canadian Securities
Exchange has not reviewed, approved or disapproved the content of
this news release
For more information about
Wayland, please visit our website at www.waylandgroup.com
Contact
Information:
Investor Relations
Graham Farrell
VP, Communications
Graham.Farrell@waylandgroup.com
647-643-7665
Media
Inquiries: media@waylandgroup.com
Corporate Headquarters
(Canada)
Wayland Group Corp. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland