Wayland Group is expanding into Australia, through entering into an agreement to acquire 50.1% of Tropicann, a newly formed, privately owned Australian company located in Darwin, Northern Territory. With this acquisition Wayland has positioned itself in the burgeoning Asia-Pacific market.
“Globalization of cannabis continues, and we are present in relevant markets, with Asia-Pacific now added to our international footprint. The Northern Territory is the ideal location for our new Asia Pacific hub. The location provides Wayland with ideal climate conditions in a globally respected and sovereign country with a large and fast emerging market of over 250MM people just 4 hours north. This acquisition accelerates Wayland’s growth strategy in becoming a truly global cannabis company,” stated Wayland Chief Executive Officer Ben Ward.
Michael Gunner, the Chief Minister of the Northern Territory, declared, “We have a plan to diversify our economy and create jobs. Medicinal cannabis is a growth industry for the Northern Territory, particularly after its legalization by the Australian Government. The Northern Territory Government, Tropicann, and Wayland are in discussions about Major Project Status. Major Project Status ensures priority Ministerial oversight to assist with ongoing project coordination and facilitation across different government agencies to secure timely project delivery.”
“This is a very real and exciting opportunity for the people of the Northern Territory to enter and participate in a new growth sector in the global economy. It also offers the possibility of creating value-added products through processing here in the Northern Territory,” stated Ken Vowles, Minister for Primary Industry and Resources.
Pursuant to the terms of the agreement the Company has agreed to make an initial payment of $4,800,000 Canadian dollars followed by a second payment of $24,000,000 CAD following certain milestones being achieved, including issuance to Tropicann of a license to cultivate cannabis in Australia.
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