Vancouver, British Columbia–(Newsfile Corp. – July 8, 2019) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (OTC PINK: TCNAF) (“TransCanna” or the “Company”) announces that it has signed a definitive acquisition agreement dated July 6, 2019 (the “Agreement”) to acquire The Goodfellas Group, LLC (“GoodFellas”).
GoodFellas specializes in branding, sales and marketing in the cannabis and hemp industries. In addition to the sales management team and sales force, the acquisition includes two of GoodFellas existing inhouse brands called Simple Farms and Daily Cannabis Goods. Goodfellas also represents third party cannabis brands, including Biovelle, a CBC infused coconut oil, which the Company proposes to acquire as announced in its press release dated May 3, 2019.
Simple Farms is a brand that is set out to enhance the cannabis experience with simplicity and quality. The brands signature product is the Simple Kit. A user-friendly cannabis kit engineered for the beginner cannabis user in mind.
Daily Cannabis Goods is focused on delivering consumers quality cannabis at a discount compared to competitors pricing. The Daily Classic is the brands leading SKU with three half gram pre-rolls available in their respective Sativa, Hybrid, and Indica blends.
TransCanna intends to devote all of the GoodFellas staff to representing the Company’s own brands as it brings their own brands online.
Pursuant to the Agreement, the Company will pay the holders of the Goodfellas membership interests, an aggregate of US$520,000, of which the Company has previously advanced US$358,000 in short term loans, leaving a balance of US$162,000 due at closing. The purchase price represents two times Goodfella’s revenues for the fiscal year ended December 31, 2018, as demonstrated