TransCanna Holdings Inc. announced that construction of phase 2 has begun at the company's 196,000-square-foot Daly Facility in Modesto, California.
- TransCanna initiates the first drawdown of USD $962,000 from the USD $4,000,000 construction budget to begin work at the Daly facility.
- Contractors work to complete the final components of phase 1.
- Construction begins on phase 2 build out of indoor cultivation rooms:
- Increasing canopy by 29,200 sq. ft
- Total annual production will exceed 10,000 pounds
- TransCanna defines a wholesale business model.
Following the successful refinancing of the Daly Facility through a USD $15,800,000 loan from Pelorus Equity Group, TransCanna is pleased to announce construction is again underway at its flagship Daly Facility in Modesto, California. Through the refinancing with the top lender in the cannabis space, Pelorus Equity Group, TransCanna unlocks USD $4,000,000 construction budget. Work commences this week with trades in the building.
After near completion with delays due to Covid, the company is pleased to announce construction work on phase 1 will be finished in short order. The company will provide material updates as work progresses. Completion of phase 1 will allow the company to have all five approximately 4500 sq. foot cultivation rooms aka "phase 1" of the Daly Facility operational - a very significant milestone for the company.
Concurrently construction crews will commence work on phase 2, adding:
- Four more, approximately 4,700 sq. ft cultivation rooms.
- Three new curing rooms to accommodate scaled-up production of all 9 - large cultivation rooms, giving the advantage of cutting the time in between cycles and rooms being replanted.
- Climate and Humidity control to aid the cultivation of different genetics, furthering the company's ability to consistently stay ahead of trends and produce top-quality exotic indoor stains.
- New Vegetative rooms to support the increased scale of production rooms at the facility and the ability to house and test more genetics and produce larger amounts of high-quality clone stock in-house
The construction of phase 2 is expected to take 4 to 5 months.
A fundamental shift for the company will be to focus on selling its premium, high-quality products via a wholesale model. This decision was made to ensure not only immediate payment as opposed to the 90 days plus retail route but also to work with the bigger brands that now have effective distribution into the California market.
'We have many strengths - from our people to our building, to our location, and most important, to our ability to grow a great product. Focusing on these strengths gives us the ability to adapt in this very challenging environment and to work with the larger brands to ensure a more stable business plan," comments Bob Blink, CEO.
The company would like to thank all of their shareholders for their support and encourages all interested parties to stay tuned as they begin this new and exciting chapter.
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