Mr. Ben Ward reports
WAYLAND GROUP ENTERS THE UNITED KINGDOM
Maricann Group Inc. (doing business as Wayland Group) has entered into an agreement to acquire 51 per cent of United Kingdom-based Theros Pharma Ltd., an early-stage company that has successfully imported cannabis to the U.K. 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 U.K. market for sale and distribution of its products. Recent U.K. 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 U.K. Theros's dedicated team of professionals and advocates, who were instrumental in achieving cannabis legalization in the U.K., 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 U.K. I hope this supply will bring benefit to many thousands of people in the U.K. 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 U.K. cannabis licence.
Professor Mike Barnes, neurologist and medical cannabis campaigner who helped to obtain the first U.K. licence for Mr. Dingley, 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 3.8 million British pounds followed by a second payment of 24 million British pounds following certain milestones being achieved, including issuance to Theros of a licence to cultivate cannabis in the U.K. or a licence to import medical cannabis for use in the U.K.
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.
About Maricann Group Inc. (doing business as Wayland Group)
Wayland is a vertically integrated cultivator and processor of cannabis. The company was founded in 2013 and is based in Burlington, Ont., Canada, and Munich, Germany, with production facilities in Langton, Ont., where it operates a cannabis cultivation, extraction, formulation and distribution business under federal licences from the government of Canada. The company also has production operations in Dresden, Saxony, Germany, and Regensdorf, Switzerland. Wayland is currently undertaking an expansion of its cultivation and support facilities in Canada and will continue to pursue new opportunities globally.
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