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TransCanna $TCAN.ca Appoints Construction & Farming Expert to Board of Directors and Provides MCTO Update $VFF.ca $ACB.ca $GTII.ca $TEQ.ca

Posted by AGORACOM-AB at 3:45 PM on Wednesday, April 14th, 2021
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  • Commercial farming and construction expert Josh Baker joins TransCanna’s Board of Directors
  • “I’m extremely excited to join TransCanna, and would not have joined if I didn’t see the tremendous potential here,” said Mr. Baker. “I really see it becoming one of the greatest cannabis companies in California in the next three years.”

Vancouver, British Columbia–(Newsfile Corp. – April 14, 2021) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or the “Company”) is pleased to announce the appointment of commercial farming and construction expert, Josh Baker, to its Board of Directors today.

The appointment comes in conjunction with the Company’s first draw down of its recently secured $2M construction loan. Mr. Baker is the US-based lender’s nominee to the Board, who will provide guidance and stewardship while the loan is deployed to increase production capacity at the Company’s Daly Facility in Modesto, California.

Mr. Baker brings a wealth of relevant experience to the Board. He is a 6th generation farmer local to the Central Valley, with decades of experience building and operating commercial and residential family farms, giving him an intimate understanding of everything that goes into agricultural construction and how to optimally and efficiently grow and market crops.

As the Board Member representing the lender’s interests, Mr. Baker will monitor the construction project and confirm when each phase is complete.

Phase One, currently underway, includes the construction of a 6,000 sq ft vegetative room, and five new cultivation rooms that can produce up to 200 lbs of harvest every two weeks.

“I’m extremely excited to join TransCanna, and would not have joined if I didn’t see the tremendous potential here,” said Mr. Baker. “The $2M construction loan will help bring it to profitability, and I really see it becoming one of the greatest cannabis companies in California in the next three years.”

Bob Blink, Company CEO, said, “Everyone has hit the ground running with this new loan. As of today, we already have new construction workers at the facility, and expect to have plants in the new cultivation rooms within the next three weeks.”

MCTO Update

The Company wishes to provide an update with respect to the previously announced Management Cease Trade Order (the “MCTO”) issued by the British Columbia Securities Commission on March 31, 2021. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended November 30, 2020 (collectively, the “Required Filings”) before the prescribed deadline of March 30, 2021. The Company continues to work closely with its auditor and expects to file the Required Filings on or before May 31, 2021.

The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases. The Company confirms as of the date of this news release that there has been no material change in the information contained in the announcement issued on April 1, 2021, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.