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Vancouver, British Columbia--(Newsfile Corp. - March 6, 2020) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") announces the appointment of Mr. Bob Blink, founder of Lyfted Farms, Inc. ("Lyfted") to the Board of Directors. Bob joined the Company with TransCanna's acquisition of Lyfted in November of 2019.
He brings a wealth of experience in the cannabis industry and the California market to the Board.
Bob has been in the medicinal and commercial cannabis markets in California since 1997. He founded and grew Lyfted into one of the premier cannabis producers, distributors and manufacturers in the Central Valley.
"We welcome the Bob to our Board and look forward to the contributions he will make. Bob is one of the most knowledgeable people in the cannabis industry. He is well known as a trusted resource and has in depth experience in everything from cultivation to distribution. Having his level of industry expertise on our board is a huge competitive advantage for TransCanna" said Steve Giblin President and CEO of TransCanna.
"I am truly excited about joining the board and moving the company forward" said Bob Blink "We have significant opportunities for growth, and I know my industry expertise and relationships can help guide board decisions".
Additionally, further to the Company's press release dated February 19, 2020, and in substitution for the awards of restricted share units, performance share units, deferred share units, and bonus shares described therein under TransCanna's long-term incentive plan ("LTIP"), and based on new recommendations of TransCanna's Human Resource and Compensation Committee (the "HRCC"), the Company announces that its board of directors (the "Board") did not proceed with any of the awards under the LTIP, and has instead granted to its directors, key employees and consultants, incentive stock options under the Company's stock option plan to purchase up to 2.0 million common shares of TransCanna at an exercise price of $1.00 per share until March 6, 2025. These new stock options are intended to incentivize and compensate the option holders for their future performance, vest in installments over the next two years, and have predetermined performance-based milestones which must be achieved before they vest and may be exercised.
In addition, after reviewing their past services and performance during 2019 and based on the recommendations of the HRCC, the Board has also granted bonuses as of the 2019 fiscal year end to certain key individuals responsible for the current stage of development of TransCanna and who are directors, key employees, or consultants of TransCanna, totaling $520,000, which indebtedness will be settled by the issuance of 650,000 common shares of the Company. These shares will be subject to a hold period and may not be traded until July 7, 2020.