Maricann Group is No More! Company Rename

Maricann name change

Maricann Group (CSE:MARI) is no more! The company announced a change of name today. Moving forward, its new name will be Wayland Group Corp. So what's going on? Why the Maricann name change?

Let's have a look!

Maricann Name Change

To go along with the new name change, the company will also be changing its ticker symbol on the Canadian Securities Exchange. The new ticker will be WAYL.

But it seems investors aren't thrilled with the news. The soon-to-be WAYL stock is acting a little strange today. It climbed to $2.30 at its height but has since fallen again to $2.24 and is currently down 0.44%. It's not a huge decline, but we've seen the stock market react negatively to name changes before. Back in June, Cannabis Wheaton changed its name to the now Auxly Cannabis Group, and it suffered falling stocks thereafter.

Maricann name change
Source: Google Finance, Auxly Cannabis Group 6 Months Stock Review

But Maricann stock had seen a surge in early August. It has climbed almost 100% between August and September this year, so perhaps this stock is going to heat up again.

Maricann Moving Forward

Maricann subsidiaries will continue operating under the name 'Wayland Group.'

The company is changing to Wayland Group in support of its global expansion and forward-looking plan. The company is further developing both its medical and non-medical consumer brands. 

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According to Ben Ward, CEO of Maricann, the new name "reflects the more expansive portfolio that we’ve built and the direction that we’re heading as a global cannabis company."

Based in Ontario, Canada, and with operations in Germany and Switzerland, Maricann is a vertically integrated cultivator, producer, and distributor of medical cannabis. The company has plans to expand into the recreational market once legalization occurs. To support its expansion to supply the recreational market, the company is also expanding its facilities.

Do you support the Maricann name change? Is it a clever move or not?

Featured Image: Depositphotos/© mindscanner

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