• Both the companies are nearing conclusion of their strategic reviews and expecting to enter into a definitive purchase agreement
   
• The companies are expecting to realize material synergies, which would result in accelerated revenues along with the continuous enhancement of shareholder value

Pharmaceutical firm ICC International Cannabis Corp. (International Cannabis) has recently claimed that the company, along with Wayland Group Corp. (Wayland), is thoroughly working to complete a Definitive Purchase Agreement that was earlier announced in a Letter of Intent (LOI).

According to a press release published on ICC website, both Wayland and International Cannabis are close to concluding their strategic reviews and aer expecting to enter into a definitive agreement. International assets and licenses of Wayland would be transferred upon closing of this transaction, to a subsidiary which would be owned by International Cannabis and Wayland, 49.9 percent and 50.1 percent respectively.

Further from the report, this international subsidiary would include operations personnel, pharmaceutical professionals and key management from Wayland. From this transaction, the companies are expecting to realize material synergies, which would result in accelerated revenues and the continuous enhancement of shareholder value.

Supposedly, Wayland and International Cannabis would be capitalizing on economies of scale for the penetration of new CBD and cannabis markets and verticals, branding campaigns, as well as developing optimized production and distribution strategies.

Together, Wayland and ICC boast operations in 18 discrete geographies, and all has a central function of supplying cannabis to the global market. The companies would collectively champion the THC/CBD experience of global consumers, as they are equipped with the most robust license and asset portfolio, healthy treasuries, along with experienced cross-functional teams in the industry, ICC said.

Director and Chief Executive Officer of International Cannabis, Eugene Beukman, was quoted saying that the companies have been working very hard to reach a definitive agreement. With exposure towards a wide range of consumers and jurisdictions, this transaction would further solidify the company as a cannabis leader across the globe, Beukman added.