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Toronto and Munich-based Wayland Group (formerly Maricann) (CSE:WAYL) (OTCQB:MRRCF) signed a joint venture agreement with CBD Italian Factory S.S., an Italian cannabis production company in the Group San Martino.

Wayland Group sees this as part of its greater European expansion. Europe has over 742 million people. Europe’s cannabis market forecast is EUR 115.7 billion by 2028.

Wayland believes that JVs are key to gaining first mover advantage there. The joint venture brings them local expertise and existing infrastructure in Piedmont, Italy. CBD Italian Factory S.S. and San Martino Group bring mass-scale agricultural skills and local sustainable practices. The JV will be a split of 50.1% for Wayland and 49.9% for CBD Italian Factory, with Massimiliano Umberto Signorini as CEO.

“We are now well positioned in the Italian market for CBD and potential THC production,” said Ben Ward, Chief Executive Officer of Wayland.

Part of the JV is a relationship with the University of Eastern Piedmont, which will develop a research center for the betterment of cannabis products for humans and animals. Initial research will focus on producing high CBD content for medical purposes, which will lead to further studies into high THC content, and medical uses.

Wayland Group will also license VESIsorb® technology to the JV with immediate import of products that contain, leading predictable, consistent, rapid onset absorption. VESIsorb® has multiple applications in beverage, edibles, capsules and transdermal products.

Wayland is a vertically integrated producer and distributor of cannabis for medical purposes.

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Source Wayland press release