DENVER, Colorado, and TORONTO, Canada, July 23, 2019 -- MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced it has successfully closed and received the ownership transfer of license for its Cheyenne Ave., Las Vegas, Nevada cultivation facility (the “Facility”) from GreenMart of Nevada, LLC (“GreenMart”), providing the Company with its first 100% owned and operated cultivation facility in Nevada.
As a result of this transaction MJardin now owns the license to cultivate medical and recreational cannabis at its Las Vegas facility. This transfer agreement marks a big step in the Company’s 2019 strategy as it continues to successfully develop across the cannabis value chain in the Nevada market. The cultivation within this facility lends itself to future value-add opportunities with MJardin’s sister asset, Cannabella, an edible and topical production facility with extraction capabilities, that currently has products in 50 out of 65 retail locations in Nevada. The transfer of ownership from Cannabella to MJardin is expected to close third quarter 2019.
“The successful transfer of the license is excellent news for MJardin,” commented Pat Witcher, Chief Operating Officer at MJardin Group. “This provides us with complete control over our facility in Las Vegas. Our skilled team will continue to focus on providing the Nevada market with premium, high-end product while we continue our growth strategy and look to the future.”
The 30,000 sq. ft. facility is expected to have 16,000 sq. ft. of bench space with 5,700 kg product/year at full capacity by early Q3 2020.
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 Adrian T. Montgomery
Capital Markets & Investor Relations Chairman/Interim Chief Executive Officer