Vancouver, British Columbia--(Newsfile Corp. - July 10, 2021) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (the "Company") is pleased to announce that its wholly-owned subsidiary Lyfted Farms has entered into a Producer-Distributor Agreement with Green Rocket Design and Technology LLC ("Green Rocket") to facilitate the brand's rapid expansion into the Southern California cannabis retail market.
Lyfted Farms' products are currently sold in 100 retail locations throughout California, but the Company has yet to maximize its distribution potential in the massive Southern California market, including the most populous and cannabis-friendly cities of Los Angeles and San Diego.
"Prior to growing our cultivation capacity this year, we were not equipped to meet and serve market demand in Southern California," said Bob Blink, CEO for TransCanna. "But now with cultivation already underway at our new facility, four additional cultivation rooms scheduled to come online next month, and our largest harvest ever expected this fall, the time has come to set our sights on SoCal."
To facilitate rapid Southern California expansion, Lyfted Farms has entered a multi-year, renewable Producer-Distributor Agreement with Green Rocket, which has demonstrated expertise in efficient, large scale cannabis distribution. Green Rocket will help fulfill Lyfted's largest SoCal accounts, including the Cookies retail chain, in addition to landing new accounts.
The Agreement grants Green Rocket the right to distribute Lyfted Farms cannabis flower and concentrates throughout the State of California with a primary focus on Los Angeles, Orange County, San Diego and surrounding areas.
This strategic partnership will allow for rapid growth of the Lyfted Farms brand in Southern California as cultivation capacity at scale comes online at the Company's Daly Ave facility.
"I am so excited to finally get our flower into the hands of consumers in SoCal," said Mr. Blink. "Our proprietary genetics offer a superior cannabis experience in taste and flavor and it's been a lifelong dream to have Lyfted Farms' products enjoyed across the entire State on a massive scale."
California continues to be the largest cannabis market in the United States, with $4.4 billion in sales in 2020, up 57% from the year prior.
"The Company also announces that it will be granting an aggregate of 2,248,334 stock options to directors, officers, employees and consultants of the Company, exercisable for a period of 5 years at an exercise price of $1.00. The stock options are being granted pursuant to the terms of the Company's stock option plan and are subject to regulatory approval."
About Green Rocket
Green Rocket Design and Technology Corp, LLC is a privately held distribution, logistics and supply chain company headquartered in Long Beach, California. With roots in corporate large-scale liquor distribution, Green Rocket leverages strategic data and metrics to serve retailers and wholesalers efficiently and at scale.
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 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 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 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.
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/89925
