Toronto and Munich-based Wayland Group (formerly Maricann) (CSE:WAYL) (OTCQB:MRRCF) agreed to buy 51% of UK-based Theros Pharma Ltd., an early stage company that has successfully imported cannabis to the UK for patients with a prescription for medical cannabis.
This transaction provides Wayland with access to the UK market for sale and distribution of its products. Recent UK legislation allows for the prescription of cannabis from a medical specialist via a regular pharmacy model. Access to this large potential market, with National Health Service insurance coverage, is a key part of Wayland’s global strategy.
Wayland will pay 3.8 million GBP upfront, followed by 24 million GBP following certain milestones being achieved, including Theros obtaining a license to cultivate cannabis in the UK, or a license to import medical cannabis into the UK.
Both payments will be paid in common shares of Wayland based on current market prices, subject to a floor price of $1.65 per share.