Wayland Group (CSE:WAYL) (OTCQB:MRRCF) has announced this morning that their company has entered into an agreement to acquire 51% of UK company Theros Pharma Ltd.
The Wayland Group is a Canadian based company that currently owns assets involved in the cultivation and processing of cannabis in Canada, Germany, and Colombia. This agreement marks the first cannabis venture the company has completed into the United Kingdom. With cannabis now legal to be prescribed as a medicine for patients in the UK, this acquisition has gained the company a doorway into country’s distribution network.
Wayland will be completing an initial payment of 3.8 million pounds in exchange for the 51% of Theros Pharma. After certain milestones are completed about their company Wayland has agreed to provide an additional 24 million pounds to Theros. The payment will be based upon the company’s currently stock price of $1.65 per common share. The Wayland Group has been aggressively pursuing European expansion and has also recently announced that the company will expand into Italy.
“We’re proud to join with Theros on the journey to enhance lives through cannabis, now in the UK. Theros’ dedicated team of professionals and advocates, who were instrumental in achieving cannabis legalization in the UK will work with Wayland to create access to cannabis for patients and further advocate for personalized medicine,” said Wayland Chief Executive Officer Ben Ward.