Canadian cannabis deal struck in the Northern Territory

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”.

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Northern Territory Chief Minister Michael Gunner said the NT Government was working to give Wayland’s proposal Major Project Status.