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TransCanna's Acquisition Of Lyfted Farms: 'The Greatest Asset Is Talent'

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TransCanna's Acquisition Of Lyfted Farms: 'The Greatest Asset Is Talent'

TransCanna Holdings Inc (OTC: TCNAF) (CSE: TCAN) announced this week it acquired California-based cannabis cultivator and distributor, Lyfted Farms.

With the acquisition, TransCanna will scale the production and distribution of Lyfted by integrating the company into their 196,000 square foot facility in the city of Modesto, California.

At the facility, Lyfted will work in concert with TransCanna’s previously acquired companies, edibles brand SolDaze, and pre-roll brand Daily Cannabis Goods, allowing all three brands to substantially scale their operations through combined expertise and management.

“The greatest asset we are acquiring is the talent of Lyfted's management team," TransCanna CEO Steve Gibbons told Benzinga. "The Lyfted team is working in concert with the SolDaze and Daily teams from previous acquisitions, which has provided an immediate opportunity to substantially increase the scale of our operations. We welcome Bob Blink and his team to TransCanna and we appreciate their vote of confidence by significantly increasing their share position in our company.”

Adding to these comments, Lyfted founder Bob Blink said, “Our team is committed to TransCanna and is very excited about the next steps. As most investors have seen sentiment cool in the cannabis space recently, we feel this is the perfect opportunity to build a brand focused company. TransCanna's business model addresses the problem of cannabis market fragmentation. It is with that in mind that Lyfted shareholders, myself included, have committed to significantly increasing our investment stake in TransCanna.”

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Posted-In: Lyfted FarmsCannabis M&A News Markets General Best of Benzinga

 

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