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ICC International Cannabis inks termination deal with Wayland Group to reverse international asset purchase

Under the terms, ICC will give up its right to acquire the assets, and Wayland will return the 246.6 million common shares it received

Cannabis on a globe
The two companies also reached a cannabis toiling agreement, which will see Wayland process ICC-produced cannabis at its facilities in Langton, Ontario and Dresden, Germany

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) has canceled its purchase of a stake in Wayland Group Corp’s (CSE:WAYL) (OTCMKTS:MRRCF) international portfolio of cannabis assets, licenses and operations. 

Under the terms of a termination agreement dated October 11 between the two parties, ICC will give up its right to acquire the assets, and Wayland will return the 246.6 million common shares it received. 

The original purchase agreement was signed back in April

READ: ICC International Cannabis to supply New Zealand’s NUBU with pharmaceutical THC, CBD products

In conjunction with the termination deal, the companies reached a cannabis toiling agreement, which will see Wayland process ICC-produced cannabis at its facilities in Langton, Ontario and Dresden, Germany.

More details will be released when the parties come to a definitive agreement, the company said.

ICC is based in Vancouver, but the extraction, formulation and distribution company has assets in Europe, South America, Australia and Africa.

Wayland, based in Burlington, Ontario, and Munich, Germany, operates out of Langton, Dresden and in Piedmont, Italy.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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