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." Stated 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.
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 its operations in Argentina, 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, the effect that the proposed acquisition, when completed, will have on the Company’s global platform, that all necessary stock exchange, 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 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
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