In a May 15, 2019 press release, Transcanna Holdings announced that it has acquired the SolDaze asset branding package. SolDaze is a limited liability company based in Santa, Cruz California, that does not appear to sell hemp-CBD products. The acquisition was executed by a non-binding Letter of Intent. SolDaze operates in California, which has legalized adult-use of marijuana. However, despite state laws, marijuana remains illegal under federal law.
According to Jim Pakulis, who is the CEO of TransCanna, “Having reviewed over 100 branded products in California, we’ve been extremely selective in our acquisition vetting process. Our three mandatory acquisition criteria include SKU velocity, upward trending revenues and products that differentiate themselves in the marketplace.”
He also added that the acquisition is a beneficial move for SolDaze, stating “TransCanna’s platform, including the 196,000-square-foot facility; their commitment to supplying the necessary capital for our immediate growth; and their adherence to compliance will provide SolDaze the tools and guidance that are mandatory in order to be successful and scale in California.”
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