CanAdelaar B.V. agreed to acquire Maricann Inc. and certain certain other property from Wayland Group Corp. and Nanoleaf Technologies Inc. for CAD 12.4 million.

CanAdelaar B.V. agreed to acquire Maricann Inc. and certain certain other property from Wayland Group Corp. (CNSX:WAYL) and Nanoleaf Technologies Inc. for CAD 12.4 million on April 9, 2020. As of April 15, 2020, CanAdelaar B.V. entered into an agreement to acquire Maricann Inc. and certain certain other property from Wayland Group Corp. and Nanoleaf Technologies Inc. for CAD 12.4 million. CanAdelaar B.V. will pay CAD 8.4 million in cash on closing of the transaction, in addition to the cash payment, the following conditional payments may become payable following closing, up to CAD 1.3 million may be paid, subject to continuity of Maricann’s Health Canada and EU-GMP licenses on acceptable terms; and up to CAD 2.7 million may be paid based on future earnings of Maricann based on key performance indicators. The cash payment will include a deposit of CAD 1.26 million, which represents 15% of the total cash payment. The transaction is subject to approval from Ontario Superior Court of Justice in the Companies’ Creditors Arrangement Act, Maricann shall have terminated the employment of the terminated employees, Wayland Group, Maricann and Cannamedical Pharma GmbH shall have agreed to terminate the Cannamedical Distribution Agreement and pursuant to the motion, the Wayland Group will also seek an order authorizing PricewaterhouseCoopers Inc., in its capacity as monitor in the CCAA Proceedings to initiate a liquidation of the Wayland Group’s property. The transaction received the approval from court on April 21, 2020. Marc Wasserman Osler of Hoskin & Harcourt LLP acted as legal advisor for Wayland Group. Sean Zweig of Bennett Jones LLP acted as legal advisor for PricewaterhouseCoopers. Barbara Miller of Fasken Martineau DuMoulin LLP acted as legal advisor for CanAdelaar.