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TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to announce that the State of California has awarded its Daly Facility a coveted Processor License.
The License is rare - only 152 of its kind were issued last year, compared to 6,083 Cultivation and Nursery Licenses.
"The Processor License opens up a massive new revenue stream - allowing us to trim, dry, cure, grade, package and label cannabis for third-party growers state-wide," said Bob Blink, CEO for TransCanna. The vast majority of growers only hold Cultivation Licenses, which allow processing activities solely for cannabis they produce on-site.
"This License is significant because it opens us up to serve 3rd party growers at the earliest stage of the supply chain - raw cannabis flower. Following processing services we can offer them additional services like white labelling, packaging, storage, and wholesaling and distribution to retailers," said Mr. Blink.
"Coupled with our Distribution License, this Processor License enables us to realize our vision of becoming the largest scale processing and distribution operation in the region," he said.
The Daly Facility is strategically positioned as a hub between the largest cannabis producing regions in the state to the north and the largest consumer population in the world in the Greater Los Angeles Area to the south.
The new License follows the Company's recent announcement of the receipt of a $2M construction loan that is funding the construction of 40,000 square feet of cultivation space, a 16,000 square foot distribution and inventory storage, area and a 12,000 square foot processing and packaging facility.
About TransCanna
TransCanna Holdings Inc. is a California-based, Canadian-listed company building cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
TransCanna's wholly owned subsidiary Lyfted Farms is California's authentic cannabis brand whose pioneering spirit has been continuously providing the finest cannabis flower genetics and cultivation methods since 1984. The Lyfted Farms brand of exclusive cannabis flower is sold at premium retailers throughout the state. With its new cultivation facility in Daly, California, the company is now poised to become one of the largest and most efficient vertically integrated cannabis companies in the California market.
For updated information with respect to our company, please see our filings on SEDAR at www.sedar.com and on the CSE at www.thecse.com, visit the Company's website at www.transcanna.com or email the Company at info@transcanna.com.
On behalf of the Board of Directors
Bob Blink, CEO
Corporate Communications:
investor@transcanna.com
604.200.8853
FORWARD-LOOKING INFORMATION:
Certain information in this release may contain forward-looking statements, such as statements regarding future expansions and cost savings and plans regarding production increases and financings. This information is based on current expectations and assumptions, including assumptions concerning the completion of the expansion of the Daly Facility, government approval of pro-cannabis policies, greater access to financial services and increased cultivation capacity, that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Risks that could cause results to differ from those stated in the forward-looking statements in this release include unexpected increases in operating costs, a continued strain on farmers due to fires and the Coronavirus pandemic and competition from other retailers. All forward-looking statements, including any financial outlook or future-oriented financial information, contained in this release are made as of the date of this release and are included for the purpose of providing information about management's current expectations and plans relating to the future. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82019