TransCanna Settles $39M Lawsuit with Pacific Agriculture LLC
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2020) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to announce that it has entered into a General Release Agreement with Pacific Agriculture LLC, settling the claims in the lawsuit filed by Pacific Agriculture LLC in the New York State Supreme Court, Nassau County on November 25th, 2019.
Pursuant to the terms of the General Release Agreement, TransCanna will pay a sum of US$50,000 to Pacific Agriculture LLC, and the pending litigation will be dismissed with prejudice. Each party is responsible for its own costs, expenses, and attorneys' fees.
"I'm proud of our team for holding our ground and defending our shareholder's interests," stated Bob Blink, CEO of TransCanna. "We are pleased with the outcome and believe that getting this resolved and alleviating any concerns is a huge step in the right direction. The company is firing on all cylinders, and we look forward to announcing more positive news in the coming weeks."
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.
Bob Blink, CEO
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