Benjamin Ward (Wayland Group Corp.)

CUSIP: 944204 and 566724100

ISIN: CA5667241007

Status: Settled, Receiving claims administration forms from class members

TORONTO – March 26, 2026 – The Court has approved a Settlement Agreement between investors and Wayland Group Corp., certain former directors and officers, and Wayland’s investment banks (March 19, 2026). Benjamin Ward is not part of this settlement; further details are available here.

Separately, the Court granted leave to proceed under Part XXIII.1 of the Securities Act, certified the claims as a class action, and issued a default judgment against Benjamin Ward in the amount of $53 million (March 26, 2026). Class Counsel will now shift focus from litigation to asset recovery efforts to enforce this judgment against Ward.

Claims for Settlement due August 20, 2026

Case Background

Wayland was a Canadian cannabis producer that was in the process of expanding its main production facility in Langton, Ontario, at the time relevant to this action. This class action alleges that Wayland raised tens of millions of dollars from investors through multiple public offerings while making misrepresentations about:

• How the proceeds from those offerings would be used;
• The timeline and cost of each phase of the Langton Facility expansion;
• Claims that the expansion was fully funded by prior offerings; and
• Expected increases in production output and revenue from the expansion, beginning in 2019.

Investors allege that a series of public disclosures gradually revealed information conflicting with Wayland’s earlier statements. Wayland’s auditor, MNP LLP, ultimately refused to sign off on the company’s 2018 financial statements.

On May 6, 2019, Wayland’s securities were halted from trading by the Securities Commission and never traded again, resulting in a complete loss for investors. On August 2, 2019, Wayland announced that MNP LLP had resigned as auditor and could not complete its 2018 audit (or its subsequent 2019 quarterly financials), alleging that Benjamin Ward had obstructed the audit process.

Wayland subsequently sought and received protection under the Companies’ Creditors Arrangement Act (CCAA), and its securities became worthless.