Business
International Cannabis and Wayland Confirm Intent to Finalize Transaction
International Cannabis and Wayland Confirm Intent to Finalize Transaction.
About this update from Wayland Group Corp
[{"type":"text","content":"\nVANCOUVER, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: WLDCF) (\"ICC\" or “International Cannabis” or the “Company”) is pleased to reaffirm that the Company and Wayland Group Corp. (CSE: WAYL)(FWB: 75M)(OTCQB: MRRCF) (“Wayland”) are diligently working towards completing a Definitive Purchase Agreement (the “Definitive Agreement”), as per the previously announced Letter of Intent (“LOI”). \n Both International Cannabis and Wayland are nearing the conclusion of their strategic reviews and expect to enter into a Definitive Agreement. Upon closing of the transaction, Wayland’s international assets and licences will be transferred to a subsidiary (the “International Subsidiary”), owned by Wayland and International Cannabis; 50.1% and 49.9% respectively. The International Subsidiary will include key management, pharmaceutical professionals and operations personnel from Wayland. 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 capitalize on economies of scale to develop optimized production and distribution strategies, branding campaigns, as well as the penetration of new cannabis and CBD markets and verticals. Together, ICC and Wayland boast operations in 18 distinct geographies, all with a central function to supply cannabis to the global market. Equipped with experienced cross-functional teams, healthy treasuries and the most robust license and asset portfolio in the industry, the Companies will collectively champion the global consumer’s THC/CBD experience. Upon successful completion of the transaction, International Cannabis and Wayland will jointly hold or have access to the following: Distribution or supply agreements with over 39,000 pharmacies and retail outlets;820,000 square feet of clean room cultivation space (replacement cost of 110 million euros); Good manufacturing practice and good distribution practice certifications for 50,000 square feet; Highly experienced European operations team, with extensive upstream, downstream, logistics, construction and distribution capabilities;Over 275 metric tonnes of ex...