The Wayland Group (WAYL.C) announced Thursday Austria-based Ring Holding International AG will purchase their Maricann assets, which essentially make up their entire business, for the bargain price of $12.3 million as part of ongoing bankruptcy proceedings.
The purchaser of the Maricann assets is a family office with a core focus on the manufacturing of lever arches used in ring binders.
Yes, ring binders.
Wayland, which crumbled after Equity.Guru investigations into their so-called foreign assets revealed they were largely faked in an effort to drive up share price, and which took death spiral financing in a last ditch effort to keep creditors at bay, recently sold its Colombian Colmed Pharmaceuticals operation back to the people they originally bought it from, for a 95% discount, as part of their wind-up.
Price Waterhouse will liquidate whatever is left after the Ring Holding sale, which won’t be much.
Wayland was once a darling of the Canadian marijuana market, wth a GMP-certified grow facility supposedly expanding to 216,000 sq ft, and reach into Europe. But it was also built on a foundation of self-dealing and over-hype, and collapsed hard just days after the company announced a fake $200m asset sale to ICC International (WRLD.U), which has since delisted.
Wayland is not unique in crashing to earth, with several other Canadian weedcos in bankruptcy protection proceedings currently, including James E Wagner Cultivation (JWCA.H), Agmedica Bioscience, Invictus MD Strategies (GENE.H), and the giant CannTrust (TRST.T), which had its license suspended when it was found to have been using unlicensed grow rooms behind false walls. Wayland will, however, forever be remembered as the first to fall.
Former Wayland CEO Ben Ward, who is under investigation for his activities with other public companies, has gone to ground and is unreachable.
And is also a fraud, a liar, and a giant pussy, just like we said all along.
— Chris Parry
FULL DISCLOSURE: No commercial relationship with any company mentioned.