TORONTO, Canada and DENVER, Colorado, June 26th, 2019 -- MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), is pleased to announce its AtlantiCann Medical Inc. (“AMI”) facility has reached full production capacity at 3 harvests per month with consistent yields and is ahead of schedule for reaching its annual target rates. “AMI” is a three-way partnership consisting of Nova Scotia Mi’kmaq First Nations (51%), MJardin Group, Inc. (39%) and the Halef Group (10%).
The 48,000 square foot cultivation facility has successfully reached three harvests per month and is ahead of schedule to meet its annual target rate of 3,500kg production capacity per year. May’s total output of three harvests resulted in 418 kg of dry untrimmed flower in 4,875 square feet of bench space and June is on pace to result in similar yields of over 400 kg. THC rates are averaging close to 20% with some varieties as high as 25%.
Phase 2 of the facility is on schedule with the foundation complete and steel framing underway. This expansion will include an additional 20,000 square feet allowing for an additional 2,800 kg/year of production capacity. The expansion is expected to be complete in Q1 2020.
“We couldn’t be more pleased with the progress and pace at which our partners are accomplishing our intended milestones,” noted Chief Terrance Paul, Co-Chair of the Assembly of Nova Scotia Mi’kmaq Chiefs. “We are proud to be aligned on this endeavour and look forward to our next major milestones of receiving our sales license and adding more capacity to our overall project.”
“Our highly skilled production team continues to demonstrate what MJardin is known for, growing high yield premium product based on real experience and data,” said Christine Halef, SVP of Atlantic Canada Operations at MJardin Group. “We are confident in our proven methodologies and look forward to introducing our product to the market once we receive our sales license.”
“AMI” is currently licensed by Health Canada for cultivation and processing and has applied for its sales license earlier this month. In addition, the facility is in process to receive its GMP certification, which would allow for the opportunity to export product to international markets.
About MJardin Group
MJardin is a cannabis management platform with extensive experience in cultivation, processing, distribution and retail. For over 10 years, MJardin has refined cultivation methodologies, developed state of the art facilities and implemented vertical integration for and on behalf of license owners. MJardin is based in Denver, Colorado and Toronto, Canada. 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.
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.
Ali Mahdavi Chris Seto
Capital Markets & Investor Relations Chief Financial Officer