(ACN Newswire) - TransCanna Holdings Inc. (CSE: TCAN) announces that it has executed a sub-lease agreement for 10,000 square feet of a multipurpose facility located in Adelanto, CA. The terms of the sub-lease agreement is four years at US$2.00 per square foot per month. The facility is of superior quality and has existing armed security personnel at all times at the complex.
"As we've represented since the commencement of TransCanna, it's crucial to have a main facility, which we now have with the acquisition of the 196,000 square foot vertically integrated facility in Modesto, and up to five satellite facilities located strategically throughout the state," stated Jim Pakulis, CEO of TransCanna.
"This is in preparation for TransCanna to provide our clients with up to fifteen reliable, consistent branded products in a timely manner. In order to do that to scale, we needed to have a significant size nursery, grow, manufacturing, bottling, baking, extracting, and transportation and distribution facility and satellite offices, which we now have.
Separately but related, we negotiated lease terms that are approximately thirty percent below market rates, with the added benefit of a completely fenced complex and armed security guards present at all times."
The Company has terminated a previously signed LOI for 15,000 square feet for $2.25 per square foot per month. The landlord of that lease has yet to complete the facility as originally expected.
The Company has extended its marketing contract with Rok Marketing (a/k/a Rok Management) on existing terms with the exception of increasing the number of shares issuable per month to 30,000. All securities issuable will be subject to a four month hold period pursuant to the policies of the CSE.
For further information, please visit the Company's website at www.transcanna.com.
About TransCanna Holdings Inc.