Followers | 483 |
Posts | 14183 |
Boards Moderated | 2 |
Alias Born | 06/20/2006 |
Thursday, January 28, 2021 3:29:32 PM
https://www.globenewswire.com/news-release/2021/01/28/2166066/0/en/MJ-Holdings-Inc-Announces-the-Execution-of-a-Letter-of-Intent-to-Acquire-Cultivation-and-Production-Licenses.html
January 28, 2021 10:35 ET | Source: MJ Holdings, Inc.
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.
$MJNE$
Recent MJNE News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 06:45:43 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 07:09:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/19/2023 11:30:18 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM