MJ Holdings continues to grow its presence in Nye County, NV by purchasing a 50-acre facility to house its hemp seed genetics lab
Las Vegas, NV, April 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCQB: MJNE) (“MJNE” or “Company”), a leader in the Nevada cannabis market, has finalized the purchase of a nearly fifty-acre property, with 71-acre feet of water rights, in the Amargosa Valley of Nevada to provide: (1) necessary housing for the employees of its growing farm operations and (2) house the Company’s planned 60,000 sq. ft. state-of-the-art hemp seed lab, which is readily adaptable to grow larger as demand for high quality hemp seed genetics increases. MJNE purchased the property for $650,000.00 in cash and stock.
In addition to being home to the Company’s growing farm-related employee base and housing the Company’s planned 60,000 sq. ft. hemp seed genetics lab, the Company will also plant five-acres of hemp to study hemp genetics and provide product for its upcoming line of hemp-based products, including hemp cigarettes and CBD infused beverages and edibles. With the fast-paced expansion of hemp farming in the state of Nevada, it is crucial that we develop strains of hemp that will thrive in the harsh desert conditions.
Like many other hemp growing states, farmers in Nevada have been struggling with sourcing high quality hemp seeds with guaranteed germination rates. “The flower required to extract high quality CBD only comes from the female plant, so it is vitally important that growers have access to seeds that are at least 95% feminized,” noted MJNE’s CEO Paris Balaouras. The Company expects the seed lab to be operational in mid Q3 of 2019 and when fully operational will be able to produce up to ten million feminized hemp seeds annually for sale and distribution to the growing number of active hemp farms in Nevada.
The Company has been transporting its farmhands and cultivation personnel from North Las Vegas to their Amargosa facility on an almost three hour daily round trip. With the expansion of the Company’s cultivation capabilities and the additional personnel required, the Company sought a solution to its housing challenges. The housing facility is less than nine miles from the Company’s present 120,000 sq. ft. facility and its recently acquired 260-acre farm.
“We looked at rental options in Amargosa and we couldn’t find sufficient inventory to fulfill our needs,” said MJNE’s CEO, Paris Balaouras. “This facility provides a long-term solution and has the capacity to house more than 200 workers and should also help support the Amargosa Valley community.”
The Company estimates that it will generate about $20,000 of monthly rental income, making the property completely self-sufficient. This purchase brings the Company’s total land ownership in Nye County to over 300 acres.
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCQB: MJNE) is a diversified, publicly-traded holding company providing cultivation, production management and infrastructure development services. Our management operations currently include: a three-acre, outdoor, marijuana cultivation facility in the Amargosa Valley of Nevada and a fully-licensed, indoor, agritourism facility located in the city of Las Vegas - known as the Highland Show-Grow. We also are 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.