LP Wayland Group, among the first LPs licensed by Health Canada in 2014, filed for creditor protection, saying it had not seen positive cash flow since it was launched.
Globe and Mail
- Formerly known as Maricann Group, Wayland has struggled with indoor crops damaged by a windstorm, and an Ontario Securities Commission investigation that resulted in charges laid against former CEO Ben Ward.
New Cannabis Ventures, Equity Guru, the Deep Dive - In September, shareholders’ rights law firm Morganti & Co filed a class-action suit against Wayland, alleging mismanagement and dishonest reporting.
Financial Post, The Deep Dive
Ontario LP AgMedica Bioscience also applied for creditor protection. In its filing, there was a warning for the sector: “Many other licensed producers of cannabis in Canada face similar pressures due to capital market conditions that have challenged the cannabis industry in recent months.”
MJ Biz Daily
- AgMedica explained its reasons for seeking protection include “price competition with the illicit market, challenges with the roll-out of retail models across the country, and learning curves to adjust product mix to match consumer demands.”
Twitter—Matt Lamers
Quick Hits
- Edibles makers bemoaned the timing of 2.0 legalization that will prevent their products from making the holidays more endurable.
Canada.com
