- TransCanna recently executed an LOI to acquire premier indoor cultivator Lyfted Farms
- Lyfted Farms also offers an SAAS (software-as-a-service) platform for cannabis
- TransCanna released a video tour of its 196,000 sq. ft facility in Modesto, California
With its proposed acquisition of Lyfted Farms Inc. of Modesto, California, TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) is showing that its search for synergies continues. The company, based in Vancouver, Canada, announced the execution of a non-binding letter of intent dated May 17, 2019, to acquire the business and assets of Lyfted (http://ibn.fm/wEN1P). The acquisition, when competed, will follow a raft of others as TransCanna continues to pursue its add-on strategy of building a branding and distribution network in California, America’s largest cannabis market. In other news, the company has made available to investors an eight-minute video, in which its CEO, Jim Pakulis, describes the features and benefits of the company’s recently acquired 196,000-square-foot cannabis facility (http://ibn.fm/EeXki).
The acquisition of Lyfted Farms would give TransCanna a finger in many pies. Lyfted Farms holds licenses from the state of California for nursery cultivation, commercial cultivation and distribution. The fast-growing company is well known in the California market. Presently, it offers a range of high-end flower that includes about 50 exotic and unique genetic strains, with cultivation managed by a team with over 20 years’ experience.
Lyfted Farms, in operation since 2015, appears to be the first outfit to have offered an SAAS (software-as-a-service) platform for cannabis. The Lyfted Mobile App (“LAAS”) connects users to cannabis shops and dispensaries, allowing them to order and manage purchases. Suppliers must be California-licensed distributors, distributor transporters or delivery services with approved Lyfted accounts.
In April 2019, TransCanna announced that it had completed the purchase of a 196,000-square-foot vertically integrated cannabis facility located in Modesto, California. The facility is a state-of-the-art installation that has just undergone a two-year, $8 million upgrade to the highest USDA food processing standards. About 30,000 square feet will be devoted to nursery cultivation, with most of the space being used for commercial cultivation, warehousing and related activities.
The facility’s USDA R40 wall paneling will provide better temperature and humidity control so that, while the outside temperature may be 100 degrees Fahrenheit, the inside temperature could be a pleasant 70 degrees, even without the air conditioning units on. The controlled environment means that there is no air flow between the facility and outside, while the DuctSox system provides even airflow distribution within the facility, which is crucial for growing healthy plants, as well as smell mediation. All lights in the cultivation rooms are LED and Title 24 compliant, and with a height of 18 feet, plants can be set three-high, increasing space utilization. These features contribute to a substantial differentiating factor for TransCanna, according to Pakulis.
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://ibn.fm/TCAN
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