MJ Holdings Highlights its Progress in the First Quarter
Reconstituting the C-Suite in 2020 is beginning to show positive results in 2021
Las Vegas, NV, June 02, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (OTC PINK: MJNE) a diversified holding company, which through its subsidiaries, provides cultivation and production services to the regulated cannabis industry with a goal to be the largest cannabis cultivation facility in Nevada, is pleased to provide highlights of the recent 1st quarter 2021 activity.
Early in quarter, MJNE sold its 1.5 billion shares of stock in a third party company (see previous filings for details) netting the Company more than $6,400,000.00. MJ Holdings will use that cash to bolster its balance sheet and to build out a significant portion of its infrastructure on its 260 acres; The Farm.
Q1 2021 Net Income of $7,226,184 is a substantial improvement over same time last year of ($1,210,532).
Q1 2021 Income per Common Share was $.10, a substantial improvement over same time last year of ($.02); with 68,877,240 vs 65,573,114 shares of common stock outstanding, respectively.
MJNE is in the process of transferring Nevada State, Nye County cultivation and production licenses which will be used to cultivate and produce cannabis products on The Farm; including potential for both outdoor, greenhouse grow and indoor grow-pods for premium flower. The projected closing date for the licenses is this summer.
MJNE signed a 10-year contract with MKC Investment Corp (“MKC”) whereby MKC will develop 10 acres including significant greenhouse space plus operations buildings and addition infrastructure on The Farm.
MJNE signed a 10-year contract with Green Grow Development, LLC (“GGD”) whereby GGD will develop 10 acres including significant greenhouse space plus operating buildings and additional infrastructure on The Farm.
MJNE signed a 10-year contract with Natural Green, LLC (“NG”) whereby NG will develop 8 acres including significant greenhouse space and indoor grow-pods plus operating buildings and additional infrastructure on The Farm.
MJNE has already started building out their 100% owned 3 acres of greenhouse cultivation and additional 5-acre outdoor cravo (www.cravo.com) unit at The Farm.
MJNE has completed Nevada State license requirements by fencing the first 50 acres of land as required to house the current 3 management contracts with MKC, GGD and NG as well as its own cultivation.
MJNE has made significant improvements to the employee housing park which is located a few miles from The Farm in order to foster a collaborative cannabis growing community and cut down on lost productivity from a 1-hour commute into Las Vegas.
MJNE is in talks with various groups to place under management agreements an additional 30 to 40 acres on The Farm.
Paris Balaouras, Founder and Chief Cultivation Officer commented: “2021 is proving that all the changes we made over the last years are the right model for our company and investors. Smart investments in third party entities like HCMC have paid off giving us plenty of cash for the future. The first few management deals will provide us with significant revenue.”
Roger Bloss, Interim CEO summarizes: “In addition to our own grow, the MJNE model is to reduce investment risk by attracting skilled cannabis cultivators and production brands who are willing to invest into developing their own plot of land on The Farm’s 260 acres in order to sell great Cannabis products to the Nevada market. Just these 3 deals alone have banked nearly $2 Million in deposits against future royalties and expenses. We expect that throughout 2022 we will be producing approximately 100,000 pounds of cannabis which should realize upwards of $100 Million in gross revenues for MJNE’s investors and because of our 10% royalty fee agreements should net us $10 Million in profit to start.”
About MJ Holdings, Inc.
MJ Holdings Inc. (OTC: 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 holds a State of Nevada cannabis cultivation licenses. In addition to its proprietary cultivation and production, the Company p l a n s t o engage with third party management service entitles to cultivate cannabis on land owned by the Company at The Farm in the Amargosa Valley, NV.
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
Public Relations Contact
Evan Nison, Founder
NisonCo
evan@nisonco.com
877-647-6626
