- TransCanna recently acquired a 196,000 sq. ft cannabis-concentrated hub in Stanislaus County, California, in keeping with its expansion plans to develop a global cannabis marketplace
- It also received gross aggregate proceeds of more than C$10 million in private placement funding, which is being used for equipment purchase, acquisitions and other business activities
- The company has hired a new general manager, Alan R. Applonie, who has decades of infrastructure experience working with Amazon, Starbucks, Walmart, 7-Eleven and Kroger
- TransCanna is aiming to buy and develop 15 premium cannabis brands in California
TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) is a Canadian company engaged in developing, integrating, scaling and channelizing cannabis- and hemp-related marketing activities in a closed-loop ecosystem. The company currently owns arguably the largest expanse of vertically integrated cannabis concentrated workplace in California.
Recently, TransCanna successfully closed its second round of private placement funding since its IPO on January 9, 2019, which fetched the company gross aggregate proceeds of C$10 million (http://cnw.fm/1taBW). The proceeds of this funding are being used by the company in acquiring equipment and developing its existing 196,000 sq. ft cannabis unit in Modesto, Stanislaus County, California. The proceeds will also be used for additional acquisitions, and for further strengthening its company resources.
In addition, TransCanna has appointed Alan R. Applonie as the general manager of its Modesto facility (http://cnw.fm/Rp1oX). The appointment was made after screening of top-tier talent from the industry for a period of six months. Applonie most recently oversaw a major consumer goods facility that generated approximately $300 million in annual gross revenues. He will be overseeing all of the manufacturing and related activities at the 196,000 sq. ft hub, as well as other units being acquired in Stanislaus County.
With this one single move, TransCanna has instilled years of experience, knowledge and expertise into the management of the company. Applonie’s forte lies in managing supply-chain operations and processes related to agricultural-based CPG products. He has also been associated with consumer goods giants like Amazon, 7-Eleven, Kroger, Walmart and Starbucks.
The need for a seasoned organization that effectively synchronizes all cannabis-related business activities is at its peak right now. TransCanna aspires to build 15 top-notch cannabis brands that will enter the retail marketplace in the next two years. The company has non-binding LOIs with four separate brands and is performing due diligence on each company. From hemp-based coconut oil to cannabis-infused fruits snacks, TransCanna is making its foray into the mainstream marketplace and looking to become the largest revenue-generating publicly traded company in California cannabis.
The company recently released a video tour of its facility, which provides more information about the vertically integrated cannabis industry (http://cnw.fm/5MF0m).
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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