- Proceeds of the Convertible Loan are to be used exclusively for capital expenditures at the Company’s Daly Facility located in Modesto, California
- Loan to Increase Production Capacity by 400% & Shift Company into a Cashflow Positive Status Once Daly Facility Opened
Vancouver, British Columbia–(February 3, 2021) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or the “Company“) is pleased to announce that it has entered into a binding term sheet (the “Term Sheet“) with Wild Horse Properties L.P. (the “Lender” or “Wild Horse“) for a secured convertible loan (the “Convertible Loan“) in the aggregate principal amount of US$2 million (the “Principal Amount.“).
The proceeds of the Convertible Loan are to be used exclusively for capital expenditures at the Company’s Daly Facility located in Modesto, California (the “Facility.“).
“We are excited to finally unlock the production capacity of the Daly Facility with this direct investment. We believe that scaling our cultivation capacity precipitates industrial level distribution, manufacturing and processing rewarding shareholders with significant revenue growth. We have been in the planning stage for several months,” stated Alan Applonie, Company General Manager, “and are very happy to have secured the necessary funding required to realize this vision.” A reminder to shareholders, Mr. Applonie comes from Taylor Farms an organic produce grower in the central valley where Alan was part of the original founding management team and responsible for annual gross revenues exceeding US$1 Billion.
The Facility build out consists of four phases; with receipt of the Company’s occupancy permit for Phase One, the Company will be shifting its distribution business from the Jerusalem property. Cultivation will continue at full capacity at the Jerusalem facility.
Read More: https://agoracom.com/ir/TranscannaHoldings/forums/discussion/topics/754587-transcanna-announces-binding-term-sheet-for-us-2-million-secured-convertible-loan/messages/2301895#message
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