TransCanna Holdings Inc. (CNSX:TCAN) signed a non-binding letter of intent to acquire Goodfellas Group, LLC on January 28, 2019. As on July 6, 2019, TransCanna Holdings Inc. entered into a definitive agreement to acquire Goodfellas Group, LLC. Under the terms of the non-binding letter of intent, 60% of acquisition price will be paid at closing, of which half will be payable in cash and half will be payable through the issuance of TransCanna's common shares, and the remaining 40% of the acquisition price will be paid 12 months following the closing. Pursuant to the terms of agreement, TCAN has previously advanced $0.358 million in short term loans, and the remaining $0.162 million is due at closing. The purchase price represents 2 times Goodfella’s revenues FY ended December 31, 2018. TransCanna will, in addition to the branding and marketing business of Goodfellas, acquire its existing in-house brand "Simple". TransCanna anticipates retaining key members of the Goodfellas’ staff. The transaction is expected to close on July 9, 2019.