TransCanna Holdings (CSE: TCAN) (FSE: TH8), through its affiliate TCM Distribution Inc. (“TCMD”), has secured local licenses in Adelanto, California, and recently secured a California temporary distribution license. In addition, TransCanna also completed its initial public offering (“IPO”) for total gross proceeds of C$2.2 million, which will be used to fund its general working capital for the next 12 months including its entry into California’s cannabis transportation and branding market, per a prospectus filed on SEDAR in December (http://cnw.fm/jvZ7A). A recent article discussing the company reads, “Transporting cannabis products in California remains challenging in the months following full legalization because of a patchwork variety of local and state regulations. Companies regulated by the U.S. Department of Transportation are barred from transporting the material, because cannabis sales remain illegal under federal law. . . . ‘Cannabis distribution and transportation is a relatively new sector of the overall cannabis industry in California, as a result of the state of California regulating all cannabis related activities effective January 1, 2018,’ the prospectus reads. ‘There are various types of licenses issued by the state of California in the cannabis industry, of which TCMD is applying for a cannabis distributor and transportation license. Currently there is a limited pool of distribution and transportation companies operating in this area.’”
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About TransCanna Holdings Inc.
TransCanna Holdings is a Canadian-based company providing branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace. For further information, please visit the company’s website at www.TransCanna.com.
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