Wayland Group, formerly known as Maricann, has agreed to make an initial payment of $5.5 million ($4.8 million Canadian dollars), followed by a second payment of $27.5 million following certain milestones being achieved, including Tropicann obtaining a license to cultivate cannabis in Australia.

Wayland CEO Ben Ward said in a statement that the Northern Territory was "the ideal location for our new Asia Pacific hub".

"The location provides Wayland with ideal climate conditions in a globally respected and sovereign country with a large and fast emerging market of over 250 million people just four hours north," he said.

"This acquisition accelerates Wayland's growth strategy in becoming a truly global cannabis company."

Wayland's statement said the payments were "conditional on receipt of applicable stock exchange approval, approval of holders of at least two-thirds of the company's outstanding debentures and any other applicable approvals".

NT Government excited by marijuana development

Northern Territory Chief Minister Michael Gunner said the NT Government was working to give Wayland's proposal Major Project Status.

"We're very excited to see a potential new industry in the Northern Territory," he told the ABC.

"We are working with [Wayland Group] around Major Project Status, they are looking to purchase private sector land.

"So this is incredibly exciting, we know this is a growth market for Australia and we're working with them [Wayland] on that investment for local jobs."

The ABC has requested an interview with Wayland Group and also Tropicann, which is believed to be a new company, formed in October this year by members of the Canaris family.

On its website, Wayland describes itself as "a vertically integrated producer and distributor of cannabis for medical purposes".

The company was founded in 2013 and has headquarters in Canada and Germany, with production facilities in Ontario (Canada) where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada.

The company also has production operations in Dresden in Germany and Regensdorf in Switzerland.