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Wayland Group considering spin-out of international assets

Canadian cannabis company Maricann Group Inc., operating as Wayland Group, said it is considering a spin-out and/or European listing of its international assets.

The transaction, among other strategic alternatives, is being explored to unlock the value of a global portfolio not currently reflected by Wayland Group's share price, the company said.

In Europe, the company has cultivation sites in Germany and Switzerland, as well as clearance to manufacture finished dose medical cannabis in Malta. Wayland Group will also own 50.1% of a cannabis joint venture with Italy's CBD Italian Factory S.S., as well as 51% of U.K.-based cannabis cultivator Theros Pharma Ltd.

In Latin America and the Asia-Pacific, Wayland Group is also acquiring 819 hectares of developed agriculture land in Argentina, cannabis producer Colma Pharmaceutical SAS of Colombia and 50.1% of Tropicann Pty Ltd., a cannabis cultivator in Australia.

Wayland Group said it retained Canaccord Genuity Corp. as a financial adviser on the strategic review process, which has no timetable for completion and is not guaranteed to result in any transaction.