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Transcanna Holdings Inc
Symbol TCAN
Shares Issued 31,765,526
Close 2019-06-03 C$ 5.55
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Transcanna unit receives weed permits in Adelanto

2019-06-03 07:52 ET - News Release

Mr. James Pakulis reports


Transcanna Holdings Inc.'s wholly owned subsidiary, TCM Distribution Inc., has received an adult-use cannabis manufacturing permit and an adult-use cannabis distribution permit from the City of Adelanto, Calif.

As previously reported on April 18, 2019, TCM Distribution subleased 10,000 square feet of warehouse space in Adelanto. Thereafter, TCM Distribution applied for the above two referenced permits with the City of Adelanto which were received on May 28, 2019. TCM Distribution has applied for its State of California adult-use permanent manufacturing licence and distribution licences, which are pending.

"The purpose of the Adelanto facility is twofold; first, it'll be used as one of our Southern California satellite facilities for goods being transported from our 196,000-square-foot vertically integrated, cannabis-focused facility in Modesto. Second, with the non-volatility manufacturing licence we'll be able to accommodate the production and packaging of prerolled cannabis products and other products of similar nature, then distribute them accordingly," stated Jim Pakulis, chief executive officer of Transcanna.

"GoodFellas, one of the entities the company is preparing to acquire, will be transferring all revenue-generating distribution and manufacturing processes to Adelanto once the facility receives its certificate of occupancy from the city, and state distribution and manufacturing permits. We anticipate this being completed by the end of June."

In addition, the TCM Distribution recently purchased and upgraded its state-mandated transportation vehicle. The vehicle was purchased in March and received the state-required alterations in order to assure state compliance.

In other news, the company is pleased that the Adelanto City counsel in May approved reducing the tax on transportation, distribution, manufacturing and cannabis testing lab services from 5 per cent down to 1 per cent. The counsel also voted to reduce the cultivation tax from $5 per month per square foot to 42 cents per month per square foot. The dispensaries tax was also reduced from 5 per cent down to 3 per cent. For further information, please visit the company's website.

About Transcanna Holdings Inc.

Transcanna Holdings is a Canada-based company focused on providing integrated branding, transportation and distribution services, through its wholly owned California subsidiaries, to a range of industries including the cannabis marketplace.

We seek Safe Harbor.

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