International Cannabis Closes Acquisition of 49.9% of International Asset and Licence Portfolio from Wayland Group.
M2 EQUITYBITES-June 3, 2019-International Cannabis Closes Acquisition of 49.9% of International Asset and Licence Portfolio from Wayland Group
(C)2019 M2 COMMUNICATIONS http://www.m2.com
3 June 2019 - Canada-based cannabis company ICC International Cannabis Corp. (CSE: WRLD.U) (FWB: 8K51) (OTC: WLDCF) has closed the acquisition of 49.9% of Wayland Group Corp.'s (CSE: WAYL) (FWB: 75M) (OTCQB: MRRCF) international asset and license portfolio, the company said.
Under the terms of the definitive agreement, International Cannabis issued Wayland 300m shares in the capital of ICC, representing approximately 38% of the current outstanding ICC shares on a fully diluted basis.
Under the proposed transaction, Wayland also will enter into a three-year supply agreement with ICC that will supply ICC with 10,000kg annually of EU-GMP compliant dried cannabis flower grown at Wayland's EU-GMP certified Langton, Ontario licensed production facility.
The aggregate of 30m grams will be destined for high value distribution channels in the European medical marketplace, with an approximate economic benefit to ICC upwards of EUR 8 per gram.
Wayland has assembled an international portfolio of strategic and high-value assets across all of the cannabis value chain.
Wayland's achievements to date, to which ICC will bring capital and operational ability is highlighted by the company's selection in the German tender process for domestic cultivation through its joint venture with DEMECAN GmbH.
The companies expect to realize material synergies from this transaction, resulting in accelerated revenues, as well as the continued enhancement of shareholder value.
International Cannabis and Wayland will capitalise on economies of scale to develop optimised production and distribution strategies, develop and license a house of brands, and gain market share with an early adopter status in new and emerging cannabis markets and verticals.
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a platform for cultivation, extraction, formulation and distribution across the globe in the United Kingdom, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 3, 2019|
|Previous Article:||Legal and General to Sell its General Insurance Business to Allianz.|
|Next Article:||Enthusiast Gaming to Merge with Aquilini GameCo and Luminosity to form Global Esports and Gaming Firm.|