Vancouver, BC, Dec 7, 2019 - (ACN Newswire) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to announce that the company has increased its revenues from October by 90% to CAD $473,000.00. The company had recurring revenue in flower and edibles however the majority of the increase is attributed to the initiation of the manufacturing and distribution units of the company.
"We are very pleased with the November results," said Steve Giblin, president and CEO of TransCanna. "In addition to the ongoing sales of flower from Lyfted Farms, we exceeded revenue expectations from the commencement of our manufacturing and distribution divisions. These new business units have the greatest margins and will continue to expand as we refine our model."
"With the expanded facilities opening in December we look for continued revenue growth in all segments of our business as the company continues to build out its infrastructure," founder of Lyfted Farms Bob Blink comments. "The expanded facilities are part of the strategy we developed for Lyfted Farms while we were being acquired by TransCanna. With the capital investment into the expansion, we will be growing more flower and have the space to expand our distribution and manufacturing capacity enabling us to contract with third parties".
The company continues to look for additional opportunities to expand the distribution network for its Lyfted Farms, Soldaze, and Daily brands. The Company also announces that it has granted incentive stock options to purchase a total of 400,000 common shares at an exercise price of $0.60 per share for a period of one year to consultants in accordance with the provisions of its stock option plan.
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 subsidiaries. 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) 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/50531