IRW-PRESS: TransCanna Holdings Inc .: California grants cannabis cultivation license to TransCanna
Groundbreaking success for the emerging cannabis company
Canadian Securities Exchange: TCAN
Frankfurt Stock Exchange: TH8
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Vancouver, British Columbia, February 20, 2021 – TransCanna Holdings Inc. (CSE: TCAN: XETR: TH8) (TransCanna or the Company) is pleased to announce that the company has received a highly coveted cultivation license from the State of California with the the company can ramp up its cultivation capacities almost immediately.
The State of California has granted Lyfted Farms, a wholly owned subsidiary of TransCanna, a license to grow its flagship Daly facility in Modesto, California. Commenting on this, Bob Blink, CEO of TransCanna: It is notoriously difficult to obtain a cultivation license in this region. Current applications are backlogged and the county will not consider processing them until the end of 2021.
The license marks an important milestone for TransCanna in its endeavor to become California’s leading fully integrated cannabis cultivation, processing, manufacturing, wholesale and distribution company.
The demand for our exotic indoor cannabis strains is consistently exceeding supply and now that this new huge facility has received approval to grow, we can finally meet that demand and continue our expansion. This will make us one of the largest licensed facilities of its kind in the California state.
In addition to cultivation, the new Daly facility will also allow TransCanna to expand its product range and establish its dominant position in the Californian cannabis supply chain.
The Daly facility will serve as an anchor for the other TransCanna operations, as well as a supply chain hub for third party operations throughout Northern California, providing safe storage, concentrate manufacturing, wholesale marketing, white label service and state-wide distribution.
Before receiving the cultivation license, the plant received its distribution license in June 2020. Next, TransCanna is eagerly awaiting the granting of the processing license (approval from the State of California expected in mid to late March), which will enable the company to obtain approval to dry, harden, cut, sort, and package cannabis on site receives. In addition to the time and cost savings for house brands through on-site processing, TransCanna also opens up new sources of income with the processing license, as it can offer services to external growers.
The California cannabis market has a sales volume of $ 5 billion and is growing, and we are well on our way to becoming the epicenter of the entire supply chain in California with our cultivation, processing, wholesale and distribution branches, said TransCanna CEO Bob Blink .
TransCanna Holdings Inc. is a Canada-listed company based in California, USA, that develops cannabis brands for the California lifestyle through its wholly-owned California subsidiaries.
TransCanna’s wholly owned subsidiary, Lyfted Farms, is California’s authentic cannabis brand with a pioneering spirit that has consistently offered the best cannabis flower genes and growing methods since 1984. Lyfted Farms’ exclusive cannabis flowers are available from high quality retailers across California. With its new grow facility in Daly, California, the company is now positioned to become one of the largest and most efficient vertically integrated cannabis companies in the California market.
For the most current information about our company, please refer to our corporate disclosure records on SEDAR (www.sedar.com) or the CSE website (www.thecse.com).
Certain information in this press release may contain forward-looking statements, such as statements about future expansion and cost savings, as well as plans to increase production and financing. This information is based on current expectations and assumptions, including assumptions regarding the completion of the Daly facility expansion, government approval of a pro-cannabis policy, better access to financial services and increased growing capacity, which are subject to significant risks and uncertainties that are severe are to be predicted. Actual results could differ materially from the results implied in the forward-looking statements. Risks that could cause results to differ from those set forth in the forward-looking statements in this release include unexpected increases in operating costs, continued exposure to farmers from fire and the coronavirus pandemic, and competition from other retailers . All forward-looking statements contained in this release, including any financial projections or forward-looking financial information, speak only as of the date of this release and serve the purpose of providing information about management’s current expectations and plans for the future.
The company assumes no obligation to update the forward-looking statements or update the reasons why actual results may differ from those reflected in the forward-looking statements, unless and until this is required by the securities laws applicable to the company. Additional information highlighting risks and uncertainties is contained in filings the company has filed with the Canadian Securities and Exchange Commission.
The se documents are available at www.sedar.com.
The Canadian Securities Exchange (the CSE) and its regulatory bodies (referred to as the Regulation Services Provider in the CSE’s articles of association) assume no responsibility for the adequacy or accuracy of this release.
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