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MJardin Provides Update on Reporting its Q4 and Full Year 2019 Financial Results and Q1 2020 Financial Results

TORONTO and DENVER, June 05, 2020 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or the “Company”) (MJAR.CN) (MJARF), a leader in premium cannabis production, today provided an update with respect to the filing of its annual financial statements and related management’s discussion and analysis for the year ended December 31, 2019 and the filing of its interim financial statements and related MD&A for the three month period ended March 31, 2020.

On March 18, 2020, the Canadian Securities Administrators (CSA) issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. As such, the Ontario Securities Commission ("OSC") has enacted Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements ("OSC 51-502"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.

The Company will be relying on the temporary exemption pursuant to OSC 51-102 in respect to the following provisions:

  • the requirement to file audited financial statements for the year ended December 31, 2019 (the "Annual Financial Statements") within 120 days of the Company’s financial year end as required by section 4.2(b) of NI 51-102;
  • the requirement to file interim financial statements for the 3-month period ended March 31, 2020 (the "Interim Financial Statements") within 60 days of the Company’s first quarter as required by section 4.4(b) of NI 51-102;
  • the requirement to file management discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102;
  • the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company’s first quarter as required by section 5.1(2) of NI 51-102;
  • the requirement to file certifications of the Annual Financial Statements (together with the Annual Financial Statements and Annual MD&A, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109.Section 4.2(b) [filing deadline for annual financial statements] National Instrument 51-102; and
  • the requirement to file certifications of the Interim Financial Statements (together with the Interim Financial Statements and Interim MD&A, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109. Section 4.2(b) [filing deadline for interim financial statements] National Instrument 51-102.

The Company is continuing to work diligently and expeditiously to file the Annual Filings and Interim Filings and currently expects to have them filed on or prior to the extended filing deadlines of June 13, 2020 and July 16, 2020, respectively.

Management and other insiders of the Company remain subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Business Developments

Since reporting its last interim results for the third quarter of 2019 on November 25, 2019, Mjardin has made the following announcements:

May 29, 2020 – the Company announced the termination of its previously announced acquisition of Carson City Agency Solutions, dba Cannabella

April 30, 2020 – the Company announced an amendment to its borrowing obligations with its senior lender

April 21, 2020 – the Company announced the delay in reporting the Fourth Quarter and Full Year 2019 Financial Results

March 31, 2020 – the Company provided a corporate update and announced the next phase of Strategic Planning

February 24, 2020 – Mjardin announced Health Canada Approval for the Amendment of its Ontario Facility

February 19, 2020 – Mjardin receives Cultivation and Processing License at its Second Ontario Facility

January 15, 2020 – Mjardin Completes Non-Brokered Private Placement and Share Issuance to Robes Inc.

January 8, 2020 – Mjardin’s Atlantic Canada Cultivation & Extraction Faciltiy Receives Sales Licence

January 2, 2020 – Mjardin Enters into Definitive Agreement for the Sale of its Cheyenne Cultivation Facility

December 16, 2019 – Mjardin is awarded a Cultivation & Processing License from Health Canada for its Largest Facility

All of the above Business Development announcements are available on the Company’s website http://investors.mjardin.com/Press-Releases and with SEDAR https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00008101.

About MJardin Group

MJardin Group’s mission is to set the standard for successful ownership and management of assets in the cannabis industry. Our Colorado founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin owns or manages multiple operations in two US states and three Canadian provinces, supplying the market with premium products. We are committed to our Canadian First Nation joint ventures and all our partnerships across the cannabis supply chain. MJardin is publicly listed on the CSE (MJAR) and the QXOTC (MJARF) with offices in Denver, Colorado and Toronto, Ontario. For more information, please visit www.mjardin.com

The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information

This news release contains forward-looking information based on current expectations. Statements about, among other things, future developments and the business and operations of MJardin, our production capacity, our production results, trading of MJardin’s shares on the OTCQX Best Market, the closing of the Transaction, the receipt of any pending regulatory approvals or licenses, the growth of our global footprint and our intentions to leverage our scale for continued organic growth and to pursue strategic investments are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include, but are not limited to: our ability to identify and pursue growth, financing and other strategic objectives, and the regulatory and economic environments in the jurisdictions we operate or intend to operate or invest in. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that the proposed acquisition will occur and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. MJardin assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

INVESTOR CONTACT: 
Ali Mahdavi Pat Witcher
Capital Markets & Investor Relations Chief Executive Officer
416-962-3300 720-613-4019
Ali.mahdavi@MJardin.com