TransCanna Holdings (CSE: TCAN) (FRA: TH8) on Thursday announced that it has signed a binding agreement to acquire all the outstanding shares of Lyfted Farms Inc. for a purchase price of $6,300,000. The purchase price will be comprised of $5,550,000 in cash and the issuance of 1,000,000 TransCanna common shares. A deposit of $150,000 has already been advanced and the remainder of the cash portion, totaling $400,000, will be payable on closing in addition to the issuance of a non-interest-bearing promissory note by TransCanna in the amount of $5,000,000. This agreement updates the terms of the previous non-binding letter of intent between the two companies. “With this acquisition we are not only securing a high-quality brand but fulfilling a need in sourcing and stabilizing our upper supply chain which we see as a serious requirement in the California Cannabis marketplace,” TransCanna president & CEO Steve Giblin stated in the news release. “This acquisition represents a significant talent acquisition for the company moving forward.”
To view the full press release, visit http://cnw.fm/zB6CP
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian-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. 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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