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Vancouver, British Columbia--(Newsfile Corp. - January 29, 2019) - TransCanna Holdings Inc. (CSE: TCAN) (XETR: TH8) ("TransCanna" or the "Company") is pleased to announce that it has signed a non-binding Letter of Intent to acquire Goodfellas Group, LLC, ("Goodfellas") a full service advertising and marketing agency for the cannabis and hemp industries, from which the Company is already acquiring 23 branding agreements. The acquisition price will be derived from two times the previous 12 months revenues, at the time of execution of definitive agreements, as set forth in the audited financial statements of Goodfellas. 60% of acquisition price will be paid at closing, of which ½ will be payable in cash and ½ will be payable through the issuance of the Company's common shares, and the remaining 40% of the acquisition price will be paid 12 months following the closing. The Company also anticipates retaining key members of the Goodfellas staff.
Formed in 2017, Goodfellas includes a team of design, marketing and retail experts who are driven to assist their clients find success in the marketplace. The company currently works with twenty five clients at various stages of their business development.
"It's critically important that in order for our future brands to be successful in the cannabis and hemp space, we have to have relationships with the dispensaries and retailers, who in turn have the relationships with the end users. Through GoodFellas, we'll have immediate access to many of the most successful dispensaries in California, and retailers throughout the US. In addition, we'll be examining GoodFellas clientele to determine if there are potential acquisition candidates that fit our extremely critical vetting process," states Jim Pakulis, CEO of TransCanna.
"We watched first hand how Jim took TransCanna go from the inception stage in 2017 to overseeing a successful IPO. We believe TransCanna long term vision aligns with ours which is to build a portfolio of extremely successful brands, and have the distribution and sales teams already in place as the brands come online," said Nam Tran, president of Goodfellas.
About Transcanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian based company providing branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace.
On behalf of the Board of Directors
President and Chief Executive Officer
Telephone: (604) 609-6199
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. These statements are based upon assumptions that are subject to significant risks and uncertainties. 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. Forward-looking statements in this news release include, but are not limited to the future leasing plans of the company. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42517