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MJardin Group (CSE: MJAR) has announced an extension of the final bid deadline for its sale and investment solicitation process (SISP) concerning its US financial assets. The new timeline includes: submission of non-binding indicative bids by October 29, 2021, a shortlist of qualified bidders by November 1, 2021, and final bids from selected qualified bidders by November 15, 2021. The Company aims to set standards in the cannabis industry while navigating the complex regulatory landscape.
MJardin Group has announced an extension to the bidding timeline for its sale and investment solicitation process (SISP). The new deadlines include:
- Submission of Non-Binding Indicative Bids: September 28, 2021
- Short-list of Qualified Bidders: October 1, 2021
- Final Bids: October 15, 2021
This process is part of MJardin's strategic review aimed at optimizing its operations in the cannabis sector. The company is focused on its partnerships and assets in Canada while navigating regulatory challenges in the U.S.
MJardin Group announces key executive changes. Pat Witcher has resigned as CEO to pursue other interests but will continue as a director during the ongoing restructuring process. Anthony Dutton, a current board member, has been appointed as interim CEO while the company completes its Sales and Investment Solicitation Process (SISP). MJardin aims to set the industry standard in cannabis asset ownership, operating multiple facilities in Canada.
MJardin Group (CSE: MJAR) announced the successful shipment of its Flint & Embers cannabis brand to the Ontario Cannabis Store (OCS). This marks a significant milestone as Flint & Embers products are set to be available in retail stores and online by the end of July 2021. The company aims to capitalize on the growing demand in Ontario, where cannabis retail is rapidly expanding. With operations in Alberta and British Columbia, MJardin now has access to over 70% of Canada's cannabis retail network, positioning itself for organic growth and further licensing opportunities.
MJardin Group has suspended construction and certain activities at its Warman facility as of July 12, 2021, due to adverse market conditions. The company is implementing a Sales and Investment Solicitation Process (SISP) to identify strategic options and preserve cash flow while reducing headcount by 17 employees. The SISP aims to maximize stakeholder value and is expected to conclude by August 12, 2021. The company retains its Health Canada licensing and has not ruled out a future reopening of the facility.
MJardin Group, Inc. (MJARF) provides an update on its Special Committee, now chaired by Anthony Dutton, following changes in Board membership. The Committee has engaged Restructur Advisors for strategic restructuring advice amid significant debt of approximately $155.8 million owed to Bridging Finance Inc., which is under receivership. The timeline for the strategic review remains undefined, and outcomes are uncertain. The company emphasizes a focus on addressing its indebtedness and exploring strategic alternatives to benefit stakeholders.
MJardin Group, Inc. (CSE: MJAR) announces the appointment of Blair Jordan and Anthony Dutton to its Board of Directors, effective May 26, 2021. This move is expected to bring enhanced perspectives and diverse expertise in restructuring, strategic planning, and corporate development. Jordan is a turnaround consultant with extensive experience in the cannabis sector, while Dutton has a strong background in early-stage investments and business leadership. MJardin aims to set new standards in cannabis asset management, owning multiple operations across Canada.
MJardin Group (CSE: MJAR, OTCQX: MJARF) announced awareness of Bridging Finance's appointment of PricewaterhouseCoopers as receiver on April 30, 2021, due to an Ontario Securities Commission application. Bridging Finance, a secured lender to MJardin, has approximately $155.8 million owed by the company, with repayment due in May 2022. MJardin has received waivers for repayment from Bridging Finance and is actively monitoring the situation as it unfolds.
MJardin Group has successfully secured approval and executed a master service agreement with the Ontario Cannabis Store to market its premium cannabis products under the Flint and Embers brand in Ontario. This strategic move facilitates MJardin's transition from a wholesale operation to a consumer-centric brand. The company anticipates increased revenues per gram, enhancing market recognition and consumer awareness.
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