TransCanna Holdings Inc. (CSE:TCAN, FSE:TH8) (“TransCanna” or the “Company”) is pleased to announce that the company has increased its revenues from November by 20% to CAD $564,000.00. The net income from operations was CAD $91,000 which is slightly over 16%. The company had recurring revenue in flower, a significant increase in Soldaze edibles with the majority of the increase coming from the continued growth in the manufacturing and distribution units of the company.
“It is very encouraging to see significant growth in our edibles, manufacturing and distribution business units” said Steve Giblin president and CEO of TransCanna. “In addition to the ongoing sales of flower from Lyfted Farms, our Soldaze edibles attracted consumer attention after winning multiple awards at the Emerald Cup. Our plan is to grow all four business units simultaneously so we have steady and balanced revenue growth moving forward.”
In additional news the company opened the last room in the expansion of our Lyfted Farms facilites. With the completion of the construction focus will turn to maximizing the yield from the expanded space.
This will be the last monthly revenue target announced as for 2020 the plan will be to shift to standard Quarterly reporting.
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a California based, Canadian listed, company building Cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
On behalf of the Board of Directors
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to: timing of the completion of the SPA and the satisfaction of closing conditions, and the expected benefits of Lyfted to the Company’s business. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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