Skip to main content
around the industry

Cannabis Professional’s daily roundup of industry news. View archive here.

Wayland Group granted creditor protection under CCAA

Wayland Group Corp. today announced that the company, Maricann Inc. and NanoLeaf Technologies Inc. - collectively, the Wayland Group - have been granted an order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act. The company says the initial order provides for, among other things, a stay of proceedings in favour of the Wayland Group and certain of its affiliates, and the appointment of PricewaterhouseCoopers Inc. as monitor of the Wayland Group. The company said it sought creditor protection under the CCAA in order to receive a short term stay of proceedings that will provide additional time to consider potential financing arrangements and restructuring transactions. The Wayland Group is in advanced discussions regarding potential arrangements for financing and it intends to continue its work with the monitor and its advisers in connection with these potential arrangements.

Wayland also said it has been delayed in filing its interim financial statements for the quarter ended Sept. 30, 2019, together with the related management’s discussion and analysis and the certificates of its CEO and CFO, with Canadian securities regulators. Wayland continues to be delayed in the filing of its 2018 audited annual financial statements together with the Company’s first and second quarter interim financial statements and all associated materials.ext.

– Staff

Avicanna to supply UK cannabis study

Avicanna Inc. said Tuesday that it has entered into an importation and distribution agreement with Astral Health Ltd., to supply its cannabis-based medicinal products to patients in the United Kingdom under the MHRA ‘specials’ program. Under the agreement, Toronto-based Avicanna will supply Astral with product, and both Avicanna and Astral will work together to achieve key strategic milestones in the United Kingdom related to market activation, market access and safety. Astral is a Europe focused importer and distributor of medical cannabis, and forms part of the LYPHE Group.

- Staff

Recently, around the industry:

Interact with The Globe