TransCanna Holdings Inc. (CSE:TCAN, FSE:TH8) (“TransCanna” or the “Company”) is pleased to announce that its subsidiary, Dalvi, LLC (“Dalvi”), has entered into an amendment agreement with Cool Swang, LLC (“Cool Swang”) to further extend the maturity date for the promissory note issued by Dalvi in favour of Cool Swang to April of 2022. The promissory note evidences a loan in the principal amount of US$6,750,000, which was advanced by Cool Swang, as seller, to fund a portion of the purchase price for the Company’s Daly facility in Modesto, California, which was acquired by Dalvi in April 2019. The maturity date of the promissory note had been previously extended to April 2020 as announced on October 17, 2019, and the current amendment therefore extends the maturity date by an additional two years. Under the terms of the agreement, Dalvi agreed to pay an extension fee of US$135,000 to Cool Swang on January 15, 2020, and the interest rate will increase from 7% to 12% effective January 1, 2020. All or any of the principal amount of the promissory note may be pre-paid at the option of the Company without penalty.
“This debt extension is very positive for TransCanna,” commented Steve Giblin, TransCanna’s President and CEO. “It reduces our 2020 debt by over 60% and puts our short-term debt in a very manageable position. With our current growth trajectory, we expect to be in a strong cash position as we move through the year. The extended maturity date will also provide us with flexibility with respect to re-financing options on the Daly building.”
“We have a good business relationship with TransCanna,” commented Chad Swan, one of the principals of Cool Swang. “The TransCanna team in Modesto is committed to working closely with the city, county and state to build a successful organization and make a strong contribution to the community.”
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a California based, Canadian listed, company building Cannabis focused brands for the California lifestyle, through its wholly owned California subsidiaries.
On behalf of the Board of Directors
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements, including statements in respect of expectations relating to the Company’s business prospects and options relating to the indebtedness owing in respect of the Daly facility. These statements are based upon assumptions that are subject to significant risks and uncertainties, including assumptions relating to the Company’s ability to service the indebtedness evidenced by the promissory note and repay or refinance such indebtedness on acceptable terms, and are subject to risks as disclosed in the Company’s public filings. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).