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Cannabis company Wayland Group Corp. files for creditor protection


TORONTO — Cannabis company Wayland Group Corp. says it has filed for creditor protection to give it more time to raise money and consider restructuring deals. 

Wayland, which operates the Maricann cannabis brand, said in late October it was still trying to close a sale of the company, including its production facility in Langton, Ont. to Cryptologic for shares in the cryptocurrency company.

At the same time, it announced it was ending its proposed sale of its international assets, including production operations in Germany, Switzerland, and Italy, to ICC International Cannabis Corp.

In March of last year a $70 million financing deal fell through after then chairman Neil Tabatznik resigned. His resignation followed news that the Ontario Securities Commission was looking into timing and reporting of share trading by Tabatznik and by Eric Silver.  

The company disclosed at the time that the OSC was also investigating then CEO Ben Ward. In September of this year the OSC accused him of fraud for his dealings at a separate company.

Wayland, which trades on the Canadian Securities Exchange, has seen its share price fall from a brief high of $2.70 in January of last year to below three cents.

This report by The Canadian Press was first published Dec. 4, 2019.

The Canadian Press

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This article was published originally on September 19, 2019.

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Cannabis company Canopy Growth delaying launch of infused beverages



SMITH FALLS, Ont. — Canopy Growth Corp. is delaying the launch of its cannabis-infused drinks.

The company says work to scale up to commercial production is not complete and it is delaying the launch date while it completes the final steps.

Canopy submitted its final documentation for its beverage facility to Health Canada last June and received its license in late November.

The company had expected to have its beverage products on store shelves in early January.  It did not say when it now plans to launch its beverage products.

Canopy says it does not believe the delay will have a material impact on its revenue for its 2020 financial year.

It says it plans to provide an update when it releases its third-quarter results.

“Canopy has had seven weeks to work with THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment,” Canopy chief executive David Klein said in a statement.

“In order to deliver products that meet our customer’s high standards we are electing to revise the launch date while we work through the final details.”

This report by The Canadian Press was first published Jan. 17, 2020.

Companies in this story: (TSX:WEED)

The Canadian Press

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