Vancouver, British Columbia--(Newsfile Corp. - June 1, 2021) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (the "Company") is pleased to announce that it has filed its Audited Financial Statements and Management Discussion and Analysis (MD&A) for the year ended November 30, 2020.
"In 2020 our focus and top priority for the Company was to lay the groundwork for expansion," said Alan Applonie, general Manager for TransCanna. "Significant resources and attention were dedicated towards capital improvements to the Company's existing facility at Jerusalem Court in Modesto, California, and to its new 196,000 square foot Daly Facility. There were significant revenues in the year, however, they were offset by overhead and capital improvements needed to better position the company for growth in 2021."
First plants went into Daly on May 15, 2021, and are due for harvest in August 2021. Phase 1 construction includes the build out of five equally sized cultivation rooms that could produce $4M in revenue each annually. In addition to the cultivation rooms, Phase 1 involves the construction of a 16,000 square foot distribution and inventory room and a 12,000 square foot packing facility which will create additional revenue streams.
"The Company is in the best position it's ever been," said Mr. Blink. "Expenses have been trimmed, and productivity is up. Most importantly, I'm incredibly proud of the entire team for working so hard and keeping morale so high during a key transitional year for the Company and an uncertain time for the world during COVID-19."
The Audited Financial Statements and MD&A are public documents, freely available for reading on SEDAR (sedar.com).
MCTO Update
The Company was issued a Management Cease Trade Order ("MCTO") on April 1, 2021 in connection with the delay in the filing of the Audited Financial Statements, which were originally due March 31, 2021. The Company explained that the delay was due to turnover of key personnel and the British Columbia Securities Commission granted a filing extension to May 31, 2021. TransCanna will remain subject to the MCTO until it has filed the 1st quarter Interim Financial Statements and Management Discussion & Analysis for the quarter ended February 28, 2021, which the Company intends to file by June 3rd, 2021. |