- TransCanna's (TCAN) subsidiary, Lyfted Farms, has been granted a Type 11 Distributor license by the California Bureau of Cannabis Control
- The license pertains to its 196,000 square foot Daly Avenue Facility, and marks the completion of all required state and local licenses to begin operations
- Lyfted Farms is currently completing upgrades to its Daly Facility, with commercial cannabis activities expected to begin in August
- Once operational, the company anticipated hiring 250 new staff members at the facility
- TransCanna (TCAN) is currently up 27.45 per cent and is trading at C$1.30 per share
TransCanna's (TCAN) subsidiary, Lyfted Farms, has been granted a Type 11 Distributor license by the California Bureau of Cannabis Control.
The license applies to Lyfted's 196,000 square foot Daly Avenue Facility in Modesto, California, and marks the completion of all necessary state and local permits required to begin processing cannabis.
Applicable California-wide, the license signifies Lyfted's ability to meet distribution and production demands in what is widely regarded as the largest cannabis market in the world.
It comes after three levels of prior approval at the county and state level, and will allow the company to begin packaging, transport, wholesale, pre-roll assembly, testing, white-labelling and distribution to licensed retailers across the state.
Bob Blink, CEO of TransCanna, said receipt of the license is the most exciting development in the company's history.
"Being granted a license at the state level is a long, costly, and complex process, and one that requires navigating and understanding a complex regulatory process.
"It's a significant barrier to entry for most companies, so this marks a huge turning point for us," he said.
Lyfted is currently completing upgrades to the Daly Avenue Facility, after which commercial cannabis activities are expected to begin in August.
To date, the company has managed to process more than C$1.36 million per month in wholesale cannabis sales out of a 1,000 square metre distribution space but will soon have the luxury of a 16,000 square foot site.
Once operational, Lyfted anticipates hiring up to 250 full-time employees at the Daly Avenue Facility.
TransCanna (TCAN) is up 27.45 per cent and is trading at $1.30 per share at 1:38pm EDT.