TransCanna Holdings (CSE: TCAN) (OTC: TCNAF) (FSE: TH8) announced this morning that its wholly-owned subsidiary Lyfted Farms received a unanimous recommendation from the Stanislaus County Planning Commission in support of the Board of Supervisors approving its Daly Project.
The Lyfted Farms Daly project is described as a 196,000 sq ft cannabis cultivation, manufacturing and distribution facility and is located in Modesto, California. The county Board of Supervisors appointed the Planning Commission for the purpose of assessing the project and the potential benefits and drawbacks it may have on the overall community.
“We are very pleased with the unanimous vote of approval by the County Planning Commission. Our team in Modesto has worked diligently to meet all the criteria required by the county. Our goal is to operate a successful business that will add jobs and contribute to the local community,” stated TransCanna President and CEO Steve Giblin.
During last night’s hearing, the commission took into consideration the facility’s commercial cannabis Conditional Use Permit Application and the Development Agreement which Lyfted Farms and the county had previously negotiated. The Development Agreement establishes the rights and obligations of both parties.
“This recommendation of approval is a significant milestone for the project as the County Commission has previously voted down several large-scale cannabis projects. We are extremely pleased with the unanimous decision and believe it speaks volumes as to the viability of the Project and validates the diligent efforts of our Modesto team over the last six months. We’re excited to proceed with our next steps, a public hearing before the County Board of Supervisors, and subsequently, anticipating their approval, moving into the State licensing process. Following full local approval by the Board, the State licensing process is very often seamless,” added Zach Drivon, California Company Council.
TCAN Stock Price Action – Shares Jump 19.4% Today
Shares of TransCanna’s CSE listed stock soared 19.4% today on the well-received news regarding the company’s Lyfted Farms Daly project. TCAN stock closed today’s trading session at $0.80 per share.
In the United States, shares of ‘TCNAF’ closed trading today at $0.60 per share, up 15.48% on the day. Over on Germany’s Frankfurt Stock Exchange, the company’s ‘TH8’ shares climbed 8.52% to close the trading day at $0.48 per share.
As we’ve mentioned recently, TransCanna’s stock chart has been growing more bullish by the day and could be on the verge of a major breakout to the upside. Today’s news served as the catalyst to cause TCAN stock to break out of its bull pennant formation and based on our calculations, the near term potential price target is $1. See our previous article for the price target calculations formula (Pole + BP = PT).
With TransCanna’s technicals looking very bullish and the company’s fundamentals strengthening, investors could see a repeat of the 873.75% run TCAN went on during the first 4 months of 2019 ($0.80 – $7.79). Past performance doesn’t always guarantee future performance, but at this current point in time, the future looks bright for TransCanna and its shareholders.
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