A Canadian-based cannabis company is looking to grow medicinal marijuana in the Northern Territory, announcing a multi-million-dollar agreement to buy more than 50 per cent of a newly-formed Darwin-based company called Tropicann.
Wayland Group, formerly known as Maricann, has agreed to make an initial payment of $5.5 million ($4.8 million Canadian dollars), followed by a second payment of $27.5 million following certain milestones being achieved, including Tropicann obtaining a license to cultivate cannabis in Australia.
Wayland CEO Ben Ward said in a statement that the Northern Territory was “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 250 million people just four hours north,” he said.
“This acquisition accelerates Wayland’s growth strategy in becoming a truly global cannabis company.”
Wayland’s statement said the payments were “conditional on receipt of applicable stock exchange approval, approval of holders of at least two-thirds of the company’s outstanding debentures and any other applicable approvals”.NT Government excited by marijuana development Rural Newsletter Rural news in your inbox?
Subscribe for the national headlines of the day.
Northern Territory Chief Minister Michael Gunner said the NT Government was working to give Wayland’s proposal Major Project Status.Read More at www.abc.net.au