Canada's ICC International Cannabis Corp. plans to acquire 49.9% of Wayland Group Corp.'s global assets and license portfolio.
ICC, a Vancouver, British Columbia-based producer of cannabidiol extracts for medical use, entered into a letter of intent to acquire Wayland's international assets and licenses, which will be held in a subsidiary owned by both parties. ICC and Wayland have until March 1, to complete a definitive purchase agreement.
Ontario-based Wayland, a medical cannabis producer, will receive 300 million ICC shares at a deemed price of 43 U.S. cents each, valuing Wayland's international business at about US$258 million.
The target portfolio will include licenses, applications and/or operations in Argentina, Australia, Colombia, Germany, Italy, Malta, Switzerland and the U.K. Wayland's European operations teams will be integrated into the international unit, which will also include key management from Wayland.
"This is a watershed acquisition for International Cannabis; adding cannabis operations in a variety of high profile jurisdictions, all while increasing exposure to high growth marketplaces including Germany and the Asia Pacific theater," Eugene Beukman, CEO and a director of International Cannabis, said.
The deal is subject to certain conditions, including regulatory, stock exchange and shareholder approvals.