Wayland Selected as One of Three Groups, Pending Review Period, for Cannabis Production Licenses in Germany
TORONTO, April 04, 2019 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is excited to announce that the Company has been selected by the German Federal Institute for Drugs and Medical Devices (“BfArM”), through its German joint venture DEMECAN GmbH, to begin domestic production of medical cannabis for the rapidly growing German patient population. The Company is one of three groups that have been selected and is subject to a review period, after which a final decision will be made no earlier than April 17, 2019.
From the beginning, the market opportunity for medical cannabis in Germany has been a key part of Wayland’s global growth strategy. The Company has always prioritized Germany as one of the most exciting medical cannabis markets in the world given its progressive regulations, rapidly expanding patient population, and insurance coverage for over sixty percent (60%) of prescriptions.
This is a watershed moment for our operations in Germany as it validates the early entry by our company into that market. I congratulate Ben and his team on the ground in Germany and our partner DEMECAN and thank them for their hard work. We hope and expect to see similar successes in other international markets where Wayland has made similar early entries
stated Wayland Chairman Paul Pathak.
Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and, Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally, including the consummation of its previously announced transactions in the United Kingdom, Australia, Colombia, and Argentina, in its effort to enhance lives through cannabis.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the Company being awarded the license, its abilities to produce medical cannabis domestically in Germany and the rate of growth of the German Market and the European market, as well as that the Company’s German facility will be Wayland’s central European production and distribution site, and that the Company is on unparalleled ground to address the robust growth of the European medical cannabis market. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such assumptions, risks, uncertainties and other factors include, but are not limited to, that the Company will be awarded the license to produce medical cannabis domestically in Germany, that insurance will continue to be provided to over sixty percent (60%) of prescriptions, the Company’s German facility will be Wayland’s central European production and distribution site and that the Company is on unparalleled ground to address the robust growth of the European medical cannabis market. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.