Wayland Group Corp (OTCMKTS: MRRCF) Primed For Gains After Double Bottom - Insider Financial
Wayland Group

Wayland Group Corp (OTCMKTS: MRRCF) Primed For Gains After Double Bottom

Does Wayland Group Corp (OTCMKTS: MRRCF) have what it takes to bounce back after shedding more than 70% in market value in 2018? That appears to be the case as the stock has registered strong performance following the formation of a double bottom in price action.

A 20% surge from all-time lows could as well signal that the stock has reached a bottom and due for a correction higher.

MRRCF Share Price Analysis

Recent developments also support a bounce back if a spike in trading volumes is anything to go by. The company achieving significant milestones key among them being selected for a cannabis license approval in Germany should continue to fuel the upside action.

Wayland is in the process of expanding its footprint into Europe in pursuit of opportunities for growth. The company has already secured good manufacturing practice and good distribution practice certification, paving the way for it to launch European operations.

In addition, the company is on course to enjoy material synergies on the completion of a definitive purchase agreement with International cannabis Corp.

Investors have reacted to the wave of positive developments by pushing the stock up, after a harrowing crash over the past 12 months. A spike to the $0.74 mark could as well have opened the door for the stock to make a run for the $1 technical level.

MRRCF Daily Chart

Wayland Corp might have to rise and stabilize above the $1 technical level to avert further slides. Above the critical resistance level, bulls who have been on the fence could be swayed to come back and continue pushing the stock higher.

Below the $1, technical level Wayland Corp remains vulnerable to further drops given the underlying descending bear trend.

About Wayland Group

Wayland is an integrated cultivator and processor of cannabis. The company operates cannabis production facilities in Langton Ontario whereby it cultivates, extracts and manufactures cannabis products for distribution. It also boasts of production operations in Germany, Switzerland, and Italy.

German Opportunity

Wayland Corp price action and market activity has picked some pace in recent weeks on the confirmation that Germany has selected the company as one of three, for cannabis production licenses. License approval should pave the way for the company to commence domestic cannabis production for medical use, through its German joint venture DEMECAN GmbH.

Germany presents a unique opportunity as part of the company’s global growth strategy. Wayland has set sights on the country’s burgeoning cannabis marketplace given the progressive cannabis regulation as well as expanding patient population in dire need of medical cannabis products.

“This is a watershed moment for our operations in Germany as it validates the early entry by our company into that market. I congratulate Ben and his team on the ground in Germany and our partner DEMECAN and thank them for their hard work. We hope and expect to see similar successes in other international markets where Wayland has made similar early entries,” explained Wayland chair Paul Pathak.

Wayland has already entered into agreements in pursuit of additional funding to support its expansion into new markets. The company is in the process of inking deals with investment funds managed by Alpha Bile Ocean Inc. Additional financing will also go towards the construction of the company’s flagship Langton facility.

International Cannabis Joint Venture

Expanding into German comes at a time when Wayland is in the process of completing a Definitive Purchase Agreement, as part of a letter of intent signed with International Cannabis Corp. Completion of the transaction will result in the transfer of international assets and licenses belonging to Wayland to a newly formed joint venture.

Wayland and International Cannabis remain confident of capitalizing on economies of scale to develop optimized production and distribution strategies with the new subsidiary. Dubbed as International Subsidiary, the joint venture will boast of operations in 18 distinct geographies.

The joint venture will also leverage distribution and supply agreements with over 39,000 pharmacies and retail outlets.

What Next For Wayland Group

Wayland has had its fair share of controversies if a 70% plus plunge over the past 12 months is anything to go by. After succumbing to short selling pressure, the stock might as well bounce back on reaching a bottom.

Expansion into Germany is a development that affirms the company’s push for new revenue streams which points to a bright future when it comes to the generation of shareholder value.

The stock is likely to continue its resurgence from the dead as investor and market sentiments continue to inch higher.

We will be updating our subscribers as soon as we know more. For the latest updates on MRRCF, sign up below!

Disclosure: We have no position in MRRCF and have not been compensated for this article.

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Wayland Group Corp (OTCMKTS: MRRCF) Primed For Gains After Double Bottom
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