Company moving forward with owned licenses and cultivation on proprietary land
Las Vegas, NV, Jan. 28, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides services to the regulated cannabis industry inclusive of cultivation and production management, infrastructure development and sales is pleased to inform shareholders that it has executed a Letter of Intent (LOI) to purchase two cultivation licenses (medical and recreational) and two production licenses (medical and recreational).
The LOI with MJ Distributing, Inc. and affiliates (not related to MJ Holdings, Inc) provides for a closing to occur on or before April 30, 2021. This transaction replaces the previously announced license acquisition with the same seller that was sidetracked and didn’t close due to Company’s reallocation of resources at that time. For purposes of expediting the transactions, Paris Balaouras, Founder and Chief Cultivation Officer, has been listed as a Managing Member of the selling entities. Roger Bloss, Interim CEO of MJ Holdings noted that, “The acquisition of these licenses will allow us to fully activate our cultivation capacity on our 260 acres of land in Armargosa (The Farm) and will allow us to amicably exit our existing cultivation management agreement with Curaleaf. Additionally, the production licenses will allow us to extract our own cultivated material and take advantage of keeping this resource in-house. The acquisition of these licenses will be beneficial to our long-term growth and our ability to continue to control our processes and our costs.”
Paris Balaouras added: “In addition to allowing us to engage a proprietary grow (our land, our water, our licenses), this will also allow us to pursue and engage in third party management agreements whereby the Company will partner with qualified companies to activate additional acreage at The Farm. This transition will diversify our revenue sources and, subject to negotiated terms, will provide for substantial long term monthly revenue streams without the need for extensive capital investment.
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. The Company’s cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. The Company currently manages a State of Nevada issued cannabis production license and expects to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus that is currently under development. The Company also provides management consulting services to state licensed dispensaries.
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:
Roger Bloss, Interim Chief executive Officer
roger@mjholdingsinc.com
(805) 796-6663