TransCanna Holdings Inc. Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2019) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to provide a corporate update.
Growth in Distribution: As part of the strategic plan and with the build-out of our facilities at Lyfted Farms, the company has now expanded the geographic reach of its distribution into the San Francisco and Sacramento markets. For the first time dispensaries in those markets will have access to all TransCanna brands.
Crop Management Services: With the depth of management talent now in the organization we will initiate a new Crop Management Services division in 2020. We have been in touch with several cannabis growers in the area and there is interest in hiring TransCanna management to oversee the process of managing crops and bringing product to market.
Daly building re-finance: The Company engaged Jones Lang LaSalle to work on the re-financing of the Daly facility in Modesto. Jones Lang LaSalle has initiated their marketing campaign and have targeted early first quarter of 2020 for completion.
"We are pleased to give an update on some key initiatives as we move towards the end of the year. With the completion of the Lyfted acquisition we have identified several new business opportunities for our new management team," said Steve Giblin President and CEO of TransCanna. "We expect these new opportunities to be a substantial part of our 2020 strategy".
Litigation: The Company was served with a nuisance lawsuit on December 9, 2019 from Pacific Agriculture LLC alleging breach of contract and claiming approximately US$39 million in damages. The suit was filed in the Nassau County Court in the State of New York, USA. The Company believes the claim is without merit. The Company will aggressively defend itself, and seek all available remedies under the law.
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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