TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to announce that the company has reached its initial revenue target for the month of October.
In September and October, the Company built out its infrastructure by doubling the production capacity for SolDaze and Lyfted Farms business units. The first monthly revenue numbers for October exceeded CAD $250,000 and the company will continue to scale the production and revenues in the comimg months.
Of the revenue generated in October, 90% came from recurring revenue streams. For the last week of October revenues from the SolDaze edibles brands hit CAD $65,000 and the company anticipates that weekly revenue amount to continue. As the build out of Lyfted Farms operations continues, there will be a commensurate increase in sales.
"When setting up our initial forecasts, we wanted to be realistic about our ability to start generating revenues, keeping in mind we are not yet in our main facility" stated CEO of TransCanna, Steve Giblin. "With that in mind, our October target of $150,000 was a conservative number, set with the goal of demonstrating that we can create and move products through our system. To exceed that number proves our model is working."
The Company has greater production capability and as each individual sku (stock keeping unit) undergoes independent testing and approvals, each business unit will manage production levels accordingly. The Company has set up systems to pass regulatory and compliance testing, and has organized their distribution for increased efficiencies. The revenues achieved included sales from the acquired brands Lyfted Farms, SolDaze and Daily. The Company will continue to expand all lines of business including pre-rolls, flower, concentrates, SolDaze edibles and the Daily brand.
"We are very excited to have achieved lab certification on our initial sku's, meaning that these products have been approved to be sold in the California marketplace," said Shawn Shelvin, Director of Brand Development and Founder of SolDaze. "After achieving this milestone, we can now green light mass production of products."
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian based company providing branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace.
For further information, please visit the Company's website at www.transcanna.com or email the Company at [email protected].
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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