The Conversation (0)
TransCanna Holdings Inc. (CSE: TCAN) (XETR: TH8) ("the Company") is pleased to announce that it has achieved a major milestone: the completion of Phase 1 Construction at its 196,000 square foot facility on Daly Avenue in Modesto, California.
The massive facility serves as the platform from which TransCanna has begun servicing all aspects of the $9B California cannabis market from seed to sale.
"This achievement is the game changing milestone that our shareholders have been waiting for since we first purchased the facility in April 2019," said Bob Blink, Company CEO. "Today marks the beginning of an exciting new era for TransCanna - we have increased our cultivation capacity by 400% and laid the ground-work to serve larger customers and new markets throughout the state."
Major achievements of Phase 1 included: the completion of five cultivation rooms spanning 22,500 square feet; 8,000 square feet of processing space for drying, curing and semi-automated trimming; a 6,000 square foot packaging area with space for automated scaling, pouching, and sealing activities; 11,000 square feet of climate-controlled storage space for bulk and retail-ready finished goods; and 7,000 square feet of a secure, enclosed transportation vehicle loading bay area.
The Company launched in-house indoor cultivation, 3rd party distribution services and crop management services out of the Daly Facility while the final stretches of construction were being carried out. Nursery and cultivation activities at TransCanna's smaller Jerusalem Facility continued for the duration of the Daly Facility build-out and it will continue to operate at full capacity into the future.
Plants are scheduled to go into the remaining cultivation rooms starting next weekend, and each of the five rooms are on target to bear harvest this fiscal year.
"Getting Daly up and running has been an ambitious and incredibly worthwhile undertaking," said Mr. Blink. "We are now equipped to significantly scale our cultivation output and service other growers with our processing, packaging and distribution capabilities."
Phase 2 Construction, which will begin in Q4, and will include the build-out of four more cultivation rooms (for a total of nine cultivation rooms at Daly) a manufacturing area, and enhancements to the processing and distribution areas.
"Completing Phase 1 is the triumph we have all been working towards, and I want to acknowledge our entire team for working so tirelessly and diligently for continuing to build our business during this intense transition period," said Mr. Blink. "The completion of Phase 1 means we now have the robust infrastructure in place to serve our industry across multiple verticals."
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, or visit the Company's website at www.transcanna.com. To contact the Company, please email info@transcanna.com.
On behalf of the Board of Directors
Bob Blink, CEO
Corporate Communications:
info@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/90656