TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (the "Company") is pleased to announce that a team of dedicated cultivators are placing plants into its second new state-of-the-art cultivation room at its Daly Facility today.
The master cultivators from Lyfted Farms, a wholly owned TransCanna subsidiary, have expertly nurtured the 1,000 plants of four strains from a vegetative state to the flowering state necessary for them to be installed in the cultivation room. The plants will continue to flower for 8 weeks until they are ready for harvest later this fall.
The new 4,500 square foot cultivation room is the 2nd of the five new rooms recently constructed at TransCanna's multipurpose Daly Facility in Modesto, California. The Company's first cultivation room came online in May, and is set to harvest this month.
"Now with our first Daly crop poised to harvest, and a new one underway, we are on-track to achieving cash-flow positive operating results in our current fiscal year," said Bob Blink, TransCanna CEO. "This is that exciting time that we can see the fruits of our labor paying off."
Once fully operational, the five cultivation rooms will produce approximately 4,800 lbs of harvest annually, generating a potential of over $15M USD in gross sales each year. And cultivation is merely one of multiple business segments all now coming online at the 196,000 square foot Daly facility. The recent completion of Phase 1 construction built out industrial scale distribution, processing, packaging, storage and transportation capabilities to empower TransCanna to serve all aspects of the $9 billion California cannabis market.
"The vision of a massive, multipurpose, fully vertically integrated facility has become a reality," said Mr. Blink, "And our ambitious California expansion plan is coinciding perfectly with exciting changes in cannabis regulation and legalization at the federal level. We are perfectly positioned at the perfect time for a historical boom in the cannabis industry."
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 Modesto, 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 firstname.lastname@example.org.
On behalf of the Board of Directors
Bob Blink, CEO
Certain information in this release may contain forward-looking statements, such as statements regarding financial statement filing timelines, 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.
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