For the Weeks, Months and Years Ahead - Together

The advent of recreational cannabis in Canada is truly a watershed moment in the history of our company. As the sector has changed over the past five years, so have we. At the outset, the company sought to provide “safe, reliable, affordable medical marijuana” with the sole purpose of the company, to gain progressive licences from Health Canada, without much forward thought to the commercialization of the business or what would happen if recreational cannabis ever became a reality.

Our humble beginnings started on a leased parcel of 2.5 acres (~1 hectare) in Norfolk ON, where goats and chickens lived amongst the plants in three retrofitted tobacco greenhouses. The company was headquartered with offices in a farmhouse, a dated shag carpet and extant jacuzzi bathtub featured inside, with processing and distribution operations within the walls of an old implement shed. From this humble start, Wayland (previously Maricann) has gone through a dramatic transformation within five years to become globally diversified, and poised for leadership of the cannabis industry internationally. We continue to make decisions to invest in the long-term success and sustainability of the business, navigating away from pitfalls that may impair long-term growth.

With a presence in four countries, world-leading automated facilities, supply relationships with major territorial and international corporations (some with over 200 billion dollars of revenue) we have truly punched well above our weight in providing a platform unprecedented in the sector for growth. We accomplish this in myriad ways including unique technological differentiation, hiring and retaining an ever increasingly skilled team, exuding passion to become a globally dominant player, with our focus and vision: enhancing life through cannabis.

With rapid growth comes challenge, not only from the sector but from within as we pivot to respond to new opportunities and change rapidly to accommodate. Some practical examples come to mind: I don’t think there is a business anywhere else in the world where, within two months from receiving requirements for packaging and labeling, product format and size requirements (the true definition of a mad scramble), delivery has been made to key customers because people worked around the clock to find solutions and make sacrifices to be away from family to better the company. Another example comes to mind: where we planted 410 acres (~165 hectares) of hemp and then had to create harvesting, drying and sorting technology in less than four months before the crop had to be harvested. This high pressure, fast-paced and often intense operating environment creates stress, which is invariably felt throughout the organization, at all levels. With people working long hours to meet timelines that seem insurmountable, I am proud to see how we have responded and met the challenge. We jumped off the cliff and are building our wings on the way down.

When making decisions that are in the best long-term interest in creating a sustainable business, there can be a feeling that we are being left behind the competition, of whom many have made rash decisions based on capturing investor interest, rather than building a business. We made the decision to invest in differentiated drug delivery technology in Vesisorb and industrial automation with Rockwell, rather than have potentially unsustainable operations when price compression comes, as it most certainly will.

In our oversaturated world of sensationalist sound-bytes, it can be easy to be distracted by those who shout the loudest and are the most bombastic. We need to be cognizant of what others are doing but remain focused on executing our goals, being intentional, understanding why our strategy and long-term value creation thesis is better. Letting others dictate our agenda will lead to distraction and failure to execute on the tasks before us. Our daily share price isn’t our measure of success, our share price two years from now will be.

As Warren Buffett said,

Beware the investment activity that produces applause, the great moves are usually greeted by yawns.

At the end of 2019, there will be clear winners and losers within the sector, and some of those who are presumed to be leaders now will be the failures of tomorrow. We will prevail because we made the right decisions to build the company the right way, sustainably, internationally for long-term shareholder value creation. It’s a joy to work with each of you, and looking forward to the years of growth ahead!

My Best – Ben Ward