Toronto, ON --
November 26, 2018 -- InvestorsHub NewsWire -- Wayland
Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the
“Company”) is pleased to announce it has entered into an agreement
to acquire 51% of UK based Theros Pharma Ltd. ("Theros"), an early
stage company that has successfully imported cannabis to the UK for
patients with a prescription for medical
cannabis.
This transaction enhances
Wayland’s global growth strategy and will provide the Company with
access to the UK market for sale and distribution of its products.
Recent UK legislation allows for the prescription of cannabis from
a medical specialist via a regular pharmacy model. Access to this
burgeoning market, with National Health Service insurance coverage
for medical cannabis to ensure patient outcomes, is a key strategic
element of Wayland’s global platform.
“We’re proud to join with
Theros on the journey to enhance lives through cannabis, now in the
UK. Theros’ dedicated team of professionals and advocates, who were
instrumental in achieving cannabis legalization in the UK will work
with Wayland to create access to cannabis for patients and further
advocate for personalized medicine,” Declared Wayland Chief
Executive Officer Ben Ward.
“I am very pleased that
Wayland is working with Theros, to bring good quality medical
cannabis into the UK. I hope this supply will bring benefit to many
thousands of people in the UK who deserve a chance to use this
medication to alleviate so many disabling symptoms,” stated Hannah
Deacon, mother of Alfie Dingley who received the first medical UK
cannabis license.
Professor Mike Barnes,
neurologist and medical cannabis campaigner who helped to obtain
the first UK license for Alfie said, “It will be a pleasure to work
in collaboration with Wayland. I look forward to a fruitful
partnership so that medical cannabis can be brought to so many
people who deserve it.”
Pursuant to the terms of
the agreement the Company has agreed to make an initial payment of
3,800,000GBP followed by a second payment of 24,000,000GBP
following certain milestones being achieved, including issuance to
Theros of a license to cultivate cannabis in the UK or a license to
import medical cannabis for use in the UK.
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 and the UK. 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 UK 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 Theros will obtain the applicable licenses in the UK 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
Source: Wayland Group