Las Vegas, NV, March 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCPK: MJNE) (the “Company”), a leader in the Nevada cannabis market, completed our second annual managed grow and harvest in November 2019. The initial test grow was completed in late 2018 and yielded just over 5,500 lbs. of dried and tested marijuana trim.
In late December of 2019 the first 80 lbs. of flower was sold under our Highland Brothers brand for over $118,000, a more than 1,500% increase in revenue over December of 2018. In 2019 we planted less marijuana in an effort to more closely monitor the cultivation of the plants and concentrate on the curing process. The preliminary results from our 2019 managed grow are even better than we expected with nearly 1,700 lbs. of marijuana flower and popcorn bud tested at between 16% and 26% total THC with excellent terpene profiles that has been selling to dispensaries in the Las Vegas market for between $1,250 and $1,850 per pound, depending on the particular strain, quantity and THC content. While the Company expected to grow a more robust product in 2019 over 2018, the test results far exceeded our goals for this harvest. As a result of the success of the 2019 grow we intend to increase the number of plants per acre in 2020.
“As we fine tune our cultivation to achieve the highest THC levels and increased yields, we will focus on our unique process of sun grown marijuana,” said MJ Holdings CEO Paris Balaouras. “Our growth model indicates that we can achieve total yields in excess of 6,500 lbs. per harvest within the next two cycles, while striving to bring production costs to below $200 per lb.”
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCPK: MJNE) is a diversified holding company providing services to the regulated cannabis industry. Through our subsidiaries we provide cultivation and production, management services as well as infrastructure sales and development. Our cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. We currently manage a State of Nevada issued cannabis production license and expect to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus, which is currently under development. We additionally provide management consulting services to state licensed dispensaries. We are also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets both nationally and internationally.
Safe Harbor
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
Company Contact:
Terrence Tierney
President
terry@mjholdingsinc.com