TransCanna Holdings (CSE: TCAN) (FSE: TH8) this morning announced the execution of a non-binding Letter of Intent (“LOI”) dated April 30th, 2019 to acquire the branding asset package Biovelle (www.Biovelle.com). Biovelle is an organic, non-GMO, vegan and gluten free hemp infused CBD coconut oil. The completion of the acquisition is subject to the conclusion of due diligence and the execution of final binding definitive asset purchase documentation. “With the passing of the Farm Bill and the explosive growth of the hemp sector we decided to expedite our formation of our hemp related division. Acquiring Biovelle is the perfect fit. It represents a clean, natural healthy way to experience hemp derived CBD combined with the benefits of coconut oil, and it’s also an excellent catalyst to create a complete line of Biovelle products,” TransCanna CEO Jim Pakulis stated in the news release. “The value add with the hemp division is significant; we’re immediately able to expand our sales footprint worldwide subsequent to the acquisition begin to sell to boutique outlets such as gyms, nutritional stores, and convenient stores, as well as large supermarkets. And obviously we’ll sell to the dispensaries as we begin to build up our portfolio of both cannabis and hemp-based brands.”
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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.
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