Wayland Group has signed a definitive agreement to sell a 49.9% interest in Wayland’s international portfolio of assets to ICC International Cannabis Corp.
The terms of the definitive agreement are consistent with the Letter of Intent that was announced on January 15, 2019.
Wayland will receive 300,000,000 shares of ICC under the agreement, representing approximately 35% of the current outstanding ICC shares on a fully diluted basis. Wayland is also pleased to announce that Matthew McLeod, the current General Counsel and Vice President Operations and Compliance, has been appointed as President effective immediately.
In addition, under the proposed transaction Wayland will sign a three-year supply agreement with ICC that will supply ICC with 10,000kg of EU-GMP certified product per year, for a total of 30,000kg during the term.
Prior to closing, Wayland’s international business will be reorganized and held in a subsidiary which will be jointly owned by Wayland and ICC.
Wayland will retain the right to appoint the board of directors and management of the Wayland international subsidiary.
Wayland, 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, Allesandria, Piedmont, Italy.
Ben Ward, CEO of Wayland commented, “The proposed transaction with ICC will help Wayland to execute on the vision and platform established over the past two-and-a-half years to bring medical cannabis to evolving global markets.
“From our initial one-hectare site in Langton, Ontario, Canada, we have transformed the company into a global leader with a reputation for quality, externally validated by three federal Licenses from Health Canada, winning an initial allotment for our joint venture DEMECAN GmbH in Germany from BfArM and end to end export/import EU-GMP certification for both Canadian and German facilities.”
The company expects this transaction to increase Wayland’s exposure to an international footprint that it believes provides superior potential opportunities.
Wayland’s previously announced strategic review continues to explore options to maximize the value of Wayland’s international and Canadian businesses for the benefit of its shareholders and other stakeholders, and such options may include transactions with other third parties.Cannabis Business Worldwide