- TransCanna Holdings (TCAN) has been granted a Processor License by the State of California
- The license is rare, with only 152 issued last year, compared to 6,083 Cultivation and Nursery Licenses
- The license applies to the company's 196,000 square foot Daly Facility in Modesto California
- The company recently received a US$2 million construction loan
- TransCanna Holdings is up 9.89 per cent on the day, with shares of the company trading at C$1.00 1:49 pm ET
TransCanna Holdings (TCAN) has been granted a Processor License by the State of California.
The license applies to the company's 196,000 square foot Daly Facility in Modesto California.
The license is rare, with only 152 of its kind issued last year, compared to 6,083 Cultivation and Nursery Licenses.
The Daly Facility is positioned as a hub between the largest cannabis producing regions in the state to the north and the largest consumer population in the world in the Greater Los Angeles Area to the south.
"The Processor License opens up a massive new revenue stream - allowing us to trim, dry, cure, grade, package and label cannabis for third-party growers state-wide. The vast majority of growers only hold Cultivation Licenses, which allow processing activities solely for cannabis they produce on-site. This License is significant because it opens us up to serve 3rd party growers at the earliest stage of the supply chain - raw cannabis flower. Following processing services we can offer them additional services like white labelling, packaging, storage, and wholesaling and distribution to retailers. Coupled with our Distribution License, this Processor License enables us to realize our vision of becoming the largest scale processing and distribution operation in the region," said TransCanna CEO Bob Blink.
The new license follows the company's recent announcement of the receipt of a US$2 million construction loan that is funding the construction of 40,000 square feet of cultivation space, a 16,000 square foot distribution and inventory storage, area and a 12,000 square foot processing and packaging facility.
TransCanna Holdings is a California-based, Canadian-listed company building cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.
TransCanna Holdings is up 9.89 per cent on the day, with shares of the company trading at C$1.00 1:49 pm ET.