TCAN Marijuana Stock Up 4.1 Percent For Week

Marijuana stock news for the week was a mixed bag of tricks. Friday's close was a little bit of disappointment compared to Tuesday's high, but TransCanna Inc. was up 4.1 percent for the week. 

Transcanna Holdings Inc. C.TCAN

One of the primary drivers for this Canadian marijuana stock (CSE: TCAN) during the week of March 11, 2019 was an announcement from the company that their $10M Private Placement offer had been substantially exceeded.

TransCanna Holdings Inc. announced on Friday "that as a result of significant demand, the Company’s brokered private placement of 5,000,000 Units at $2.00 (CDN) per Unit is now oversubscribed." Subsequently, TransCanna has increased its Offering by 60 percent – to a maximum of 8,000,000 Units. The total gross proceeds from the company's offering is now anticipated to reach $16,000,000 Canadian dollars.

According to the Cannabis Investor, "The Company intends to use the net proceeds of the Offering to partially fund the acquisition of a 196,000 square foot vertically integrated cannabis facility in Modesto California, as announced on February 4, 2019." 

Per the CI post, "The Company anticipates using debt financing in combination with the capital from this private placement to secure the facility, with any residual funds being used for equipment acquisition and general working capital."

About Transcanna

Currently listed on both the Canadian Securities Exchange (TCAN) and the Frankfurt Stock Exchange (TH8), TransCanna received a temporary distribution license in the state of California in mid-January, signed a Letter of Intent to acquire Goodfellas LLC in late January, and announced their intention to acquire a 196,000 ft.² facility on Feb. 4. Additionally, the company has introduced their proprietary software known as 420 Global. 

420 Global will allow the Company to efficiently operate and fulfill every business aspect within their current and future facilities throughout the California cannabis market.  “By streamlining this incredible amount of data and allowing management teams to pull pertinent reports in a timely manner is a tremendous benefit. 420 Global will be the backbone of our enterprise, the completion was on budget and ahead of schedule.”  Stated Jim Pakulis CEO.

And according to Yahoo! Finance, cannabis stocks will continue to be a smoldering investment opportunity in 2019.

High on Yahoo's list were cannabis stocks like Cronos Group Inc., Canopy Growth Corp, Tilray Inc., Aurora Cannabis Inc., CannTrust Holdings, Aphria Inc., and GW Pharmaceuticals.