The marijuana market is ready for change across the pond since the United Kingdom government recently approved medical cannabis.
Prescription-holders can purchase cannabis products at pharmacies across the Kingdom. Indeed, British medical doctors now prescribe cannabis products as they see fit, as their counterparts in other jurisdictions currently do.
Wayland Group enters the U.K.
Ontario, Canada-based Wayland Group (CSE: WAYL.CN) – formerly known as Maricann Group Inc. – looks set to take advantage of the newly legal market. After recently announcing agreements in both South America and Europe, the company announced a deal to enter the British market early Tuesday.
Wayland will acquire 51 percent of UK-based Theros Pharma Ltd.. Theros is a small company importing medical marijuana to service U.K. patients.
Wayland Group will pay for the acquisition in two lump sums – 3,800,000GBP, which is almost $6.5 million Canadian first, then a milestone 24,000,000GBP (roughly C$41.5 million) payment.
Importantly, one milestone will be the U.K. issuing licenses to cultivate cannabis or to import medical marijuana.
The road overseas is looking greener
Although a junior in the cannabis space, Wayland seems to be following the aggressive international expansion plans of its much larger counterparts. Aurora Cannabis, Aphria Inc. and Canopy Growth Corp. are similarly stretching into international jurisdictions.
With this move toward the opening U.K. market, Wayland now has plans to enter 5 European Union countries. That’s in addition to the South American deal announced in October of this year.
Wayland announced just three weeks ago that it will acquire 100% of the outstanding shares of Colma Pharmaceutical SAS, a licensed THC-cannabis producer based in Colombia.
Wayland is one of few companies up to EU standards
According to CEO Ben Ward, “the decision we made in early 2017 to move to EU-GMP standards for all production, followed by certification in the spring of this year by the German Health Authorities, provides the Company with the opportunity to move a significant amount of product.”
“We’re proud to be one of six companies worldwide out of thousands of cannabis producers who can say we pass the test and exceed EU-GMP standards for dry cannabis flowers,” said Ward.
Additionally, the company announced a JV agreement with CBD Italian Factory S.S., a Group San Martino this month. They intend to use CBD Italian Factory’s existing Piedmont, Italy-based infrastructure to produce CBD and THC products.
Before that, Wayland announced a supply agreement with Cannamedical Pharma GmbH, Germany’s biggest private cannabis distributor. Wayland is set to supply more than 2,200 pharmacies with 9,000 kilograms of cannabis flowers over 3 years.
Is Japan next?
The company’s European and South American deals seem to be part of a global strategy for the company. Speaking with the Midas Letter, Ward said of entering Japan “I think we’ll be looking there in the near future.”
Wayland is a marijuana producer and distributor in Burlington, Canada, and Munich, Germany.