TransCanna has received a highly coveted cultivation license from the State of California that will accelerate the Company's cultivation capacity almost immediately.
The State of California has granted a cultivation license to Lyfted Farms - a TransCanna wholly owned subsidiary - for its flagship Daly facility in Modesto, California. Bob Blink, TransCanna CEO states "Such cultivation licenses in the region are notoriously difficult to obtain. Current applications are back-logged and not even being considered for processing by the county until the end of 2021."
"Obtaining this license is a significant turning point for TransCanna and opens up the door to the explosive growth we've been positioning ourselves for," said Bob Blink. "Demand has been consistently outstripping supply for our exotic indoor cannabis strains, and now with this new massive facility receiving approval for cultivation, we can finally meet that demand and continue to scale. This will make us one of the largest licensed facilities of its kind in the State of California."
The Daly facility will anchor other TransCanna operations and serve as a supply chain hub for third-party farms across Northern California, offering secure storage, concentrate manufacturing, wholesale market-making, white label services, and State-wide distribution.
Prior to achieving its cultivation license, the facility gained its distribution license in June 2020. Next, TransCanna is eagerly anticipating its processing license (pending approval by the State of California mid to late March) which will qualify the company to dry, cure, trim, grade, and package cannabis onsite. In addition to saving time and money for in-house brands with on-site processing, the processing license will enable TransCanna to open up new revenue streams servicing third-party growers.
"California's cannabis market is $5 billion in sales and growing, and we are well on our way to establishing ourselves at the epicenter of this category with our cultivation, processing, wholesaling, and distribution arms of the entire California supply chain," said Bob Blink, TransCanna CEO.