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Wayland scraps 3-for-1 reverse stock split to prioritize strategic review

Canadian cannabis company Maricann Group Inc., operating as Wayland Group said it is no longer planning to implement a 3-for-1 reverse stock split.

The company said the proposal for the reverse stock split was abandoned as its previously announced strategic review will take priority.

Earlier in December, Wayland said it was considering a spinout or European listing of its international assets. The company added that it is exploring multiple strategic alternatives to unlock the value of a global portfolio not currently reflected by Wayland Group's share price.

"The company is on the cusp of realizing a number of its objectives and we would not be in this position without the support of our shareholders," said CEO Ben Ward. "As we look into 2019 and beyond, the building blocks are in place for the company to capitalize on cutting-edge technologies and the further expansion of cannabis markets around the world."

Burlington, Canada-based Wayland produces and sells medical and non-medical cannabis for cannabis patients and consumers.