MJardin Announces Demand by Secured Lenders and Notice of Intention to Enforce Security

TORONTO, Ontario, March 15, 2022 – MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”) a leader in premium cannabis producer, announces today announces that PricewaterhouseCoopers Inc. (“PwC”) as court-appointed receiver and manager (the “Receiver”) of all of the assets, properties, and undertakings of Bridging Finance Inc. (“BFI”), Bridging Income Fund LP and certain related entities and investment funds (collectively, “Bridging”), today on behalf of BFI in its capacity as agent (the “Agent”) of Bridging Income Fund LP and the related investment funds acting as lender (collectively, the “Lenders”) pursuant to the Company’s credit agreements dated June 13, 2018 and December 29, 2017 (as amended, supplemented or otherwise modified from time to time, collectively the “Credit Agreement”), provided the Company with notice of default under the Credit Agreement, and certain guarantees related to the Credit Agreement issued by the Company, and demand for immediate payment of the amount of $177,393,579.38 plus any additional interest, fees and expenses (the “Demand Notice”). The Receiver concurrently provided the Company with a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada) (the “BIA Notice”). The Receiver will not have the right to enforce its security over the Company and its assets until the expiry of the 10-day period after the BIA Notice was sent unless the Company consents to an earlier enforcement.

MJardin Provides Update on Strategic Alternatives Review Process

TORONTO, Ontario, November 29, 2021 – MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”) a leader in premium cannabis production, announced that it has decided to terminate its previously announced, and subsequently extended, Sales and Investment Solicitation Process (“SISP”) relating to the Company’s Canadian assets.

As disclosed in the Company’s news release dated April 30, 2021, MJardin’s special committee of the board of directors (the “SC” or “Special Committee”) initiated the SISP to explore, review and evaluate a broad range of strategic alternatives for the Company due to its limited capital resources. The Special Committee, supported by its strategic advisor, Restructur Advisors (“RA”), completed the review of a range of strategic alternatives for the Company’s Canadian assets. After an extensive review and consultation process, the SC recommended to the Company’s board of directors, and the board of directors concluded, to terminate the SISP as it relates to the Company’s Canadian assets. This decision is effective November 24, 2021.

MJardin Group, Inc. Announces Revised Timeline for US SISP

DENVER, Colorado, and TORONTO, Ontario, October 13, 2021 – MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”) announces that the final bid deadline in connection with the previously announced sale and investment solicitation process (the "SISP") has been extended with regards to the Company’s US financial assets.

The new timeline under the SISP will be as follows:

  • Submission of Non-Binding Indicative Bids: October 29, 2021

  • Short-list of Qualified Bidders: to be provided on or about November 1, 2021

  • Final Bids (for selected Qualified Bidders): on or about November 15, 2021

MJardin Group, Inc. Announces Revised Timeline for SISP

DENVER, Colorado, and TORONTO, September 21, 2021 – MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”) announces that the final bid deadline has been extended under the sale and investment solicitation process ("SISP") being conducted in conjunction with Company’s previously announced strategic review process.

MJardin Announces Executive Team Changes

TORONTO, Sept. 02, 2021 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) (the “Company” or “MJardin”), a leader in premium curated cannabis production and distribution announces the following executive changes.

Effective immediately, Pat Witcher has resigned as the Company's Chief Executive Officer to pursue other interests. The board of directors (the “Board”) and management of the Company thank Pat for his years of service to MJardin during the Company’s formative years, and the many initiatives he led on behalf of the Company. Pat will remain as a director of MJardin where he will continue to support the Company during its previously announced restructuring process.

The Board has appointed Mr. Anthony Dutton, a current MJardin board member, as interim Chief Executive Officer of the Company while it completes its previously announced Sales and Investment Solicitation Process (the “SISP”).

Flint & Embers Enters Canada's Largest Recreational Cannabis Market, Recreational Product Line Now Available in Ontario

TORONTO, Ontario, July 20, 2021 - MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”), a leader in premium cannabis production is pleased to announce that its flagship brand, Flint & Embers, has successfully shipped its first orders of cannabis to the Ontario Cannabis Store ("OCS") for retail sale. The OCS is Ontario’s only legal online retailer and is responsible for the wholesale distribution of recreational cannabis products to private retailers in the province. MJardin expects its Flint & Embers products to be available for purchase from private cannabis retailers throughout Ontario as well as online through the OCS at www.ocs.ca prior to the end of July 2021.

MJardin Group Announces Suspension of Activities at Warman Facility and Launches Sales and Investment Solicitation Process for both Canadian and US Assets

DENVER, Colorado, and TORONTO, Canada, July 12, 2021 -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced that it has decided to suspend construction and certain business activities at the Company’s Warman facility (“Warman” or the “Facility”), effective July 12, 2021. Additionally, the Company has announced that, as a part of its previously announced restructuring engagement with Restructur Advisors (“RA”), it has launched a Sales and Investment Solicitation Process (“SISP”) relating to the Company, and all its Canadian and US assets.

MJardin Group, Inc. Provides a Special Committee Update

DENVER, Colorado, and TORONTO, Canada, June 11, 2021 – MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF) is providing an update on the status of the Special Committee of the Board of Directors (the “Special Committee”) originally announced on April 30, 2021. The Special Committee is now comprised of Anthony Dutton (Chair), Blair Jordan and James Lowe, with Mr. Dutton and Mr. Jordan joining the Special Committee upon being appointed as Directors of the Company on May 26, 2021. Adrian Montgomery will not be standing for re-election to the board of directors at the annual general meeting of shareholders to be held on June 30, 2021 and, accordingly, has stepped down from the Special Committee.

MJardin Group, Inc. Announces two new Board Members

DENVER, Colorado, and TORONTO, Canada, May 26, 2021 -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced that Blair Jordan and Anthony Dutton are joining the Board of Directors, effective May 26, 2021, filling the two vacant positions.

MJardin expects the following independent board members to strengthen its Board with refreshed perspectives and diverse expertise in executive advisory, strategic planning, restructuring, marketing, corporate development, and finance:

MJardin Group, Inc. issues statement regarding Bridging Finance Inc.

DENVER, Colorado, and TORONTO, Canada, May 3, 2021 -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, announced today that it is aware that on April 30, 2021, the Ontario Superior Court of Justice appointed PricewaterhouseCoopers Inc. as receiver and manager over the affairs of Bridging Finance Inc. (“Bridging Finance”), and investment vehicles managed and controlled by Bridging Finance, as a result of an application brought by the Ontario Securities Commission. Bridging Finance is a significant secured lender to the Company, with approximately $155.8 million outstanding in indebtedness due in May 2022. The Company has previously sought and received waivers from Bridging Finance with respect to the repayment of the indebtedness and interest thereon as disclosed in its financial statements. The Company has been in contact with the receiver and will continue to monitor the situation with Bridging Finance as it develops.