MJ Holdings Inc. (MJNE)

[UglyAmerican]

The Company’s fixed assets increased by more than $2.5 million over the prior year, mainly attributable to the investment in our three-acre cultivation facility. In late December of last year, the Company completed the harvest of the first ever outdoor marijuana grow in Nevada history. We are preparing to harvest our second crop at the end of this month as we continue to test different marijuana strains to determine which will perform best in the unique Nevada desert environment. We will report a significant increase in revenues during the first half of 2019 and a marked increase to our balance sheet due primarily to our acquisition of an additional 260 acres of farmland in the Amargosa Valley of Nevada.
The continuing support of our shareholders and investors has allowed us to raise more than $13.5 million since December of 2017, which has been utilized towards increasing our cultivation capacity and acquiring related assets, including an additional cultivation license and a production license. We have commenced construction of a five acre Cravo® cultivation system on a portion of our 260-acre farm. Upon completion, this project will bring our 2020 outdoor grow capacity to over 300,000 sq.ft. Additionally, we will be investing more than $3.5 million to construct a state-of-the-art indoor grow facility at our 17,000 sq.ft. Las Vegas location. It is our intention to continue to make infrastructure investments to increase our production capabilities, thereby generating higher revenues on our path to profitability.