The investment is important as it will ultimately provide Wayland with access to the UK for the sale and distribution of its products.
“We’re proud to join with Theros on the journey to enhance lives through cannabis, now in the UK,” said Wayland CEO Ben Ward in a statement.
“Theros’s dedicated team of professionals and advocates, who were instrumental in achieving cannabis legalization in the UK will work with Wayland to create access to cannabis for patients and further advocate for personalized medicine,” Ward added.
Under the deal’s terms, Wayland will make an initial payment of £3.8 million followed by a second payment of £24 million after certain milestones are achieved; that includes Theros obtaining a license to cultivate cannabis in the UK or a license to import medical cannabis for use in the UK.
The payments will be met by issuing shares of Wayland based on market prices, subject to a floor issue price of $1.65 per share.
Theros is an early stage company that has imported cannabis to the UK for patients with a prescription for medical cannabis. The company was set up by Professor Mike Barnes, a neurologist and medical cannabis campaigner, who helped to obtain the first medical UK cannabis license for Alfie Dingley, a young boy with epilepsy who generated attention in the British press after being denied cannabis to treat his illness.
The case was met with an outpouring of emotion and encouraged the Home Office to make medical cannabis legal in the UK earlier this year.
Founded in 2013 and based in Burlington, Ontario and Munich, Germany, Wayland is a cultivator and processor of cannabis, with a focus on medical varieties.
The company has production operations in Langton, Ontario, Dresden, Germany, Regensdorf, Switzerland and Ibague, Colombia.
Shares of Wayland, which was until recently known as Maricann, slipped 1.4% to C$1.40 in Monday’s afternoon trading session.
Contact Ellen Kelleher at [email protected]