TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (the "Company") is pleased to announce that its wholly owned subsidiary, Lyfted Farms, is launching 3rd party crop management services at a greenhouse site in Westley, California.
The client - Central Valley Growers, is a family-run company with over 25 years of history in traditional agriculture that had sought out Lyfted Farms specifically for its cannabis cultivation expertise and award-winning strains.
Lyfted Farms is contributing its premium cannabis genetics and is co-managing the state-of-the-art 22,000 square foot greenhouse with Cannafarms365m, a highly respected 3rd generation cannabis grower.
The fully licensed facility has a plants-in launch date of August 1, 2021, and is permitted for expansion to 80,000 square feet. Contractual revenues from the arrangement begin August 1, 2021.
"We are delighted to launch our first Lyfted Farms-managed crop on behalf of our first client," said Bob Blink, TransCanna CEO. "This contract represents proof-of-concept for our new Crop Management Services division, and will serve as a glowing example of what we can do for other local growers."
There are currently 2637 licensed cannabis greenhouse cultivation sites in the State of California.
In addition to providing crop management services, the agreement with Central Valley Growers also allows for Lyfted Farms to acquire excess biomass produced by the greenhouse for use as a reliable supply chain source for concentrate manufacturing using Lyfted Farms' premium genetics. Third party crop management and manufacturing are just two parts of TransCanna's overall aim to be one of the largest most vertically integrated cannabis companies in California.
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 email@example.com.
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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