Wayland Group (CSE:WAYL), a Canadian public company, has announced this morning that they have officially entered into the South American cannabis market with the 100% acquisition of Colombian company Colma Pharmaceutical SAS. Under the agreement Colma Pharmaceutical SAS will receive 11 million shares of Wayland at a price of $2.00 per share, for a total worth $22 million dollars.
Colma Pharmaceutical SAS, or Colma, are licensed outdoor cannabis cultivation operators. Their company currently own s 125 hectares to produce cannabinoid based products for the South American market. Colma’s plan to work year-round in order to produce at least 2 different harvests annually due to South America’s warmer than usual climate.
Wayland will use the cannabis produced from the operation to be extracted at their facility in Germany to product isolated cannabinoid compounds under GMP practices. The company plans to produce the cannabinoids such as THC, CBD, CBG, and CBN. Wayland currently has logistics set in place to do so as their company already cultivates medicinal cannabis in Ontario, Canada.
“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,” said Ben Ward, Wayland’s CEO.