Cannin Group
Posted by Cannin Group on Dec 6, 2018 8:00:00 AM

Wayland to Produce Cannabis in Colombia, Continuing Global Expansion

 

Toronto and Munich-based Wayland Group (formerly Maricann) (CSE:WAYL) (OTCQB:MRRCF) entered the South American market by buying 100% of Colma Pharmaceutical SAS, a licensed producer of THC cannabis in Colombia. Colma holds four licenses for cultivation and processing on a leased premises in Ibague, Colombia.

Wayland will issue 11 million common shares for Colma at CAD$2.00 per share for a cost of roughly CAD$22 million, or US$16.7 million.

Wayland will cultivate THC cannabis outdoor and year-round with 415,000 sf of greenhouse facilities and 125 hectares of outdoor cannabis flower production. They expect a minimum of two harvests per year in that climate.

They plan initial crude extraction in Colombia and further distillation in Wayland’s facilities in Germany.

“Our move to outdoor cultivation in Colombia is the first step in creating a reliable and consistent mass supply of cannabinoid isolates for the global market, including THC and CBD, and importantly commercial quantities of lesser known CBG and CBN. We will be establishing a robust outdoor flowering operation as a source of products to be manufactured for global distribution from Ebersbach, Germany. We continue to move aggressively in the international market, creating a global presence, built on a rational business platform of geographic cost centers,” stated Ben Ward, CEO.

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Source Wayland press release

Tags: Expansion

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