TransCanna Holdings (CSE: TCAN) (OTC: TCNAF) (FSE: TH8) 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 Lfyted 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.
On behalf of the Board of Directors
About TransCanna Holdings
TransCanna Holdings Inc. is a California based, Canadian listed, company building Cannabis-focused brands for the California lifestyle, through its wholly-owned subsidiaries.
Today’s TCAN Price Action
Shares of TransCanna’s CSE listed stock closed trading today at $0.79 per share, up 27.42% on the day.
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