TransCanna Holdings (CSE: TCAN) (FSE: TH8) this
morning announced the execution of a non-binding Letter of Intent (“LOI”) dated
April 30th, 2019 to acquire the branding asset package Biovelle (www.Biovelle.com). Biovelle
is an organic, non-GMO, vegan and gluten free hemp infused CBD coconut oil. The
completion of the acquisition is subject to the conclusion of due diligence and
the execution of final binding definitive asset purchase documentation. “With
the passing of the Farm Bill and the explosive growth of the hemp sector we
decided to expedite our formation of our hemp related division. Acquiring
Biovelle is the perfect fit. It represents a clean, natural healthy way to
experience hemp derived CBD combined with the benefits of coconut oil, and it’s
also an excellent catalyst to create a complete line of Biovelle products,”
TransCanna CEO Jim Pakulis stated in the news release. “The value add with the
hemp division is significant; we’re immediately able to expand our sales
footprint worldwide subsequent to the acquisition begin to sell to boutique
outlets such as gyms, nutritional stores, and convenient stores, as well as
large supermarkets. And obviously we’ll sell to the dispensaries as we begin to
build up our portfolio of both cannabis and hemp-based brands.”
To view the full press release, visit http://ibn.fm/EZhIf
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian-based company focused
on providing integrated branding, transportation and distribution services,
through its wholly-owned California subsidiaries, to a range of industries
including the cannabis marketplace. For more information, visit the company’s
website at www.TransCanna.com.
NOTE TO INVESTORS: The latest news and updates
relating to TCAN are available in the company’s newsroom at http://ibn.fm/TCAN
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