- TransCanna Holdings closed a recent round of private placement funding with aggregate gross proceeds of more than C$10 million
- TransCanna will use the funding to help grow its statewide vertically integrated cannabis production and distribution efforts in California’s robust marketplace
- Following an extensive search, the company has named a general manager for its 196,000-square-foot hub facility that will serve up to five satellites
- Pending acquisition projects are expected to expand TransCanna’s asset and brand options in the state
TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8), a company aiming to create and buy 15 premium brands in California, garnered aggregate gross proceeds of more than C$10 million during its just-closed round of private placement funding, which will be used to fund further equipment purchases for its vertically integrated cannabis facility in Modesto, California, as well as for additional acquisitions and other corporate purposes (http://cnw.fm/P0tMi).
TransCanna has been building a strong statewide operation in California – the largest marketplace in the global cannabis resurgence as adult lifestyle and wellness consumers drive a variety of plant-based sectors to robust financial activity. The company’s Modesto facility is a 196,000-square-foot cannabis-focused hub for its satellite operations that are expected to include integrated divisions for transportation and distribution, cultivation and nursery, lab extraction, and manufacturing and packaging. All of the activities within what is “arguably (the) largest vertically integrated cannabis focused facility in California” will be to satisfy the company’s own brands.
TransCanna believes that the highest probability of success in the cannabis marketplace centers on owning its own portfolio of premium brands, and it intends to provide all of the servicing for those brands (nursery, cultivation, manufacturing, extraction and distribution) through its self-contained eco-system. These efforts are being completed for scaling, with an aim of becoming one of the largest revenue-generating publicly traded cannabis companies in California.
The private placement round included an aggregate of more than two million units of shares and half-share purchase warrants in the company sold at C$5 per unit. The company has also engaged independent Toronto financial services organization Umbrella Capital Group Ltd. for market-making activities across a three-month term, according to TransCanna’s June 7 announcement.
The company’s plans include the development of 15 premium cannabis brands that will reach store shelves within the next two years. As part of the product-building strategy, TransCanna is working to acquire the asset packages for cannabis-infused fruit snacks producer Soldaze, high-end flower cultivator Lyted Farms and hemp-based CBD coconut oil maker Biovelle, and the new funding is expected to help advance those plans.
TransCanna recently named the general manager for its Modesto hub, which will serve up to five satellites throughout California, advancing the ramp-up of operations (http://cnw.fm/dtPN0). Alan R. Applonie will be responsible for all activities relating to the manufacturing operations of the 196,000-square-foot facility, as well as other facilities and operations that TransCanna may acquire in Stanislaus County, according to the company.
“I’ve spent over six months interviewing for top-tier talent to oversee our operations and I firmly believe Alan is that person,” CEO Jim Pakulis stated in a news release. “Alan’s most recent position was for a multi-billion-dollar enterprise in which his division regularly produced greater than $300 million in annual revenues. We have no doubt he will add significant value to the TransCanna family of brands.”
Pakulis was featured in an eight-minute video tour of the site (http://cnw.fm/6u3Cy) highlighting the company’s pride in its operations core on a 5.5-acre property parcel that the company may develop to about 400,000 square feet of new indoor growing space.
For more information, visit the company’s website at www.TransCanna.com
NOTE TO INVESTORS: The latest news and updates relating to TCAN are available in the company’s newsroom at http://cnw.fm/TCAN
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