MJ Holdings Announces 10 Acre Greenhouse Management Agreement Project
MJ Holdings (OTC Pink: MJNE) has entered a cultivation management agreement with Green Grow Investments Corporation to develop 10 acres at the Amargosa Valley Farm. This agreement marks the third collaboration for MJNE, which aims to build the largest cannabis cultivation facility in Nevada. Green Grow plans to construct 260,000 sq ft of greenhouses, with the first phase expected to yield 100,000 sq ft of premium flower by fall 2021. The initiative could lead to significant revenue growth through multiple management agreements.
- Entered a cultivation management agreement with Green Grow Investments for 10 acres.
- Third collaboration, reinforcing MJNE's expansion strategy in Nevada's cannabis market.
- Construction of 260,000 sq ft of greenhouses expected, enhancing production capacity.
- Projected yield of over 30,000 lbs per year for the Nevada market.
- None.
Green Grow Investments Corporation becomes the third collaborative grower to engage with MJ Holdings at the Amargosa Valley Farm
Las Vegas, NV, May 18, 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, in furtherance of its goal to be the largest Cannabis cultivation facility in Nevada, it has entered into a cultivation management agreement to develop 10 acres with Green Grow Investments Corporation.
This marks the third management agreement for MJNE. Green Grow Investments Corporation expects to build an estimated 260,000 sq ft of greenhouses. The first phase is to be completed in the fall of 2021 and is targeted to include cultivation of 100,000 sq ft of premium flower.
Paris Balaouras, Founder and Chief Cultivation Officer at the Company stated: “I’m excited to work with Green Grow Investments Corporation to help them achieve their goal of producing over 30,000 lbs per year for the Nevada market. As a grower, I get to work with some of the best growers in the world in a collaborative campus environment where we all learn and grow together. We are collecting more than 100 different strains of the most interesting cultivars to have seasonal sales contests that will ‘WoW’ the consumer.”
Roger Bloss, CEO commented that “Our model for the 260 acre Farm at Amargosa Valley, in addition to our own cultivation program, is to provide our licensing and land to amazing brands and companies like Green Grow Investments Corporation so that they can fund and build state-of-the-art infrastructure to enable them to manage, grow and provide the best cannabis. I will be updating shareholders with an executive report this month announcing our goals and specifically highlighting our financial expectations from all these management agreements we have entered, so far. An estimated eight to ten management agreements between both cultivation and production is expected produce a revenue stream that will allow the Company to grow and expand more quickly than the competition.”
As a highlight, the last two land management agreements have their greenhouses/pods already shipped. MKC Development Group expects to be under construction by early summer of 2021 with their build of 200,000 sq ft of greenhouses. This may yield 20,000 lbs of flower by 2022. Also, Natural Green LLC is expected to build 5 acres of growing pods on 8 acres of land, which should be online in 2022 with anticipated yields of 25,000 lbs of cannabis flower.
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 currently manages a State of Nevada issued cannabis cultivation and production license and provides management services and resources to third party manufacturers and cultivators who build and rent MJ Holdings land, as part of our production campus in the Amargosa Valley.
Safe Harbor
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
Company Contact:
Roger Bloss, Interim Chief executive Officer
roger@mjholdingsinc.com
(805) 796-6663
Media Contact:
Raquel Heras, NisonCo PR
raquel@nisonco.com
877-647-6626
FAQ
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