TransCanna Holdings Inc. (CSE: TCAN) Completes IPO, Receives Temporary Distribution License and Gains Approval to Trade on Frankfurt Exchange

January 22, 2019 11:25:41
  • TransCanna Holdings, through affiliate TCM Distribution Inc. (“TCMD”), has secured local licenses in Adelanto, California, and recently received a California temporary distribution license
  • The company closed an IPO funding share sale on January 8 to bring in aggregate gross proceeds of C$2.2 million
  • TransCanna’s affiliate, TCMD, is leasing a small permitted facility and negotiating with its landlord to lease a new 20,000 sq. ft. facility when construction is completed
  • TransCanna received approval to commence trading on the Frankfurt Exchange using ticker symbol ‘TH8’

TransCanna Holdings Inc. (CSE: TCAN) recently completed its initial public offering (“IPO”) of 4.4 million units at a price of C$0.50 per unit, for total gross proceeds of C$2.2 million. The funds are expected to help finance the company’s entry into California’s cannabis transportation and branding market.

Each unit sold in the IPO consisted of one common share of the company and one share purchase warrant entitling the holder to purchase one additional common share at a price of C$1.00 per warrant share for a period ending one year from the date of issuance. The company may accelerate the expiration date of the warrants if the…

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