- TransCanna (CSE:TCAN) subsidiary, Lyfted Farms, has entered an inventory and product agreement with cannabis delivery service, Cali Plug
- Cali Plug will feature Lyfted Farms’ products in its inaugural retail store, and promote the brand via social media
- This agreement will allow TransCanna and Lyfted to expand their cannabis distribution in the greater Los Angeles area
- Cali Plug has scheduled the grand opening for its first dispensary in July 2020
- TransCanna (TCAN) is down 0.86 per cent and is currently trading at C$1.15 per share
TransCanna (CSE:TCAN) subsidiary, Lyfted Farms, has entered an inventory and product Agreement with cannabis delivery service, Cali Plug.
Cali Plug UHCC was founded in 2006, and has grown to become a significant influencer in the Californian cannabis space. The company currently has approximately 200,000 Instagram followers.
TransCanna’s agreement has to do with Cali Plug’s inaugural retail store location, which is set to open soon.
Under the agreement, Cali Plug will feature Lyfted Farms’ cannabis products in its new store. The company will also promote the Lyfted brand using its various social media platforms.
The Cali Plug dispensary will have a prominent place in downtown Los Angeles, on South Alameda Street. Based on estimates, the store could see over 1,000 customers a day.
TransCanna considers the agreement as an opportunity to expand its distribution in the greater Los Angeles area. That region accounts for more than half of cannabis sales in the state of California.
Southern California is currently the largest cannabis consumer market in the world, with 2020 sales exceeding C$6.9 billion.
TransCanna’s CEO and Lyfted Farms’ founder, Bob Blink, commented on the agreement with Cali Plug UHCC.
“This agreement helps us realise our broader strategy of aligning with authentic, long-term California cannabis innovators, while staying true to our end consumer.
“We continue to build out the go-to-market strategy in anticipation of imminently receiving our Daly Building license,” he said.
Cali Plug’s founder, Michael Myers, explained why TransCanna’s subsidiary was a logical choice for collaboration.
“Lyfted Farms is a powerhouse for premium indoor cultivation flower. Moving into the So-Cal market with Cali Plus flagship retail is going to be an incredible collaborative force.
“The flower is going to fly off the shelves. The So-Cal consumers demand the quality that Lyfted Farms can produce,” he said.
Cali Plug has scheduled the grand opening of its first dispensary for July, 2020.
TransCanna (TCAN) is down 0.86 per cent and trading at $1.15 per share at 10:54am EDT.
