Wayland Group (CSE: WAYL.CN) announced the completion of a Joint Venture (JV) agreement with CBD Italian Factory S.S., a Group San Martino subsidiary this morning.
The company announced its intention to use CBD Italian Factory’s existing Piedmont, Italy-based infrastructure to produce CBD and THC products using naturally-derived fuel sources.
Clearly, Wayland hopes to benefit from CBD Italian’s agricultural and biogas electricity expertise. Namely, CBD Italian has extensive knowledge of mass-scale agricultural, local sustainable practices, and Biomass Energy production.
Courting the European market
Like its larger competitors moving toward Europe, Wayland Group is naturally looking to access the estimated 742 million-person European market. Specifically, the European cannabis market is significant, at a forecasted value of EUR 115.7 billion by 2028.
Like its peers, the move indicates Wayland is keeping apace to achieve a first-mover advantage in the burgeoning European market. The JV with an established local partner should also grant the venture with enviable speed-to-market.
European licensing regulations are complicated. The system can be difficult to navigate even for in-country players. Nonetheless, Wayland has EU-GMP certification for its Canadian facilities, meaning the company meets European medicinal manufacturing production-process standards.
“We are now well positioned in the Italian market for CBD and potential THC production. We are proud to partner with Umberto Signorini to build on the strong business and agricultural platform they have established in Milan and Piedmont.” Ben Ward, Chief Executive Officer of Wayland.
Additional research partnership
Moreover, the University of Eastern Piedmont will offer a research center for human and animal cannabis product improvement. The companies stated that research would initially focus on high CBD concentration medical products. After that, it will focus on studies on high-THC content products.
“Wayland and CBD Italian Factory have given life to a new reality, unique to the Italian Market,” said Massimiliano Umberto Signorini, CEO CBD Italian Factory.
“This new joint venture is founded as an agricultural company for the production of cannabis sativa and CBD-based products developed for the pharmaceutical, therapeutic, medical and veterinary sectors with enormous potential.”
The JV structure will split 50.1% to Wayland ad 49.9% to CBD Italian Factory, and Massimiliano Umberto Signorini will helm as CEO.
Continued international expansion
The news comes days after Wayland group announced their first foray into the South American market. Wayland announced it would acquire 100% of the outstanding shares of Colma Pharmaceutical SAS, a licensed THC-cannabis producer based in Colombia.
Wayland also recently announced a supply agreement with Cannamedical Pharma GmbH, Germany’s largest private cannabis distributor. Under the arrangement, Wayland Group will supply more than 2,200 pharmacies with 9,000 kilograms of cannabis flowers over 3 years.
Cannabis companies growing globally
Wayland is a marijuana producer and distributor in Burlington, Canada, and Munich, Germany.
They join Canopy, Aurora, Tilray, Organigram, and The Green Organic Dutchman and several other cannabis companies making international inroads. Pot companies are hard at work drumming up international investment dollars, export deals, and production facilities.