MJ Holdings, Inc. Begins the Process of Building Out its Proprietary Grow Facility on 60 Acre Farm at Amargosa
MJ Holdings, Inc. has initiated construction for its cultivation facility at The Farm in Amargosa Valley, Nevada, pending a successful license transfer. The project will cover 20 acres and includes improvements for both proprietary and third-party cultivation, particularly for MKC Development Group under a management agreement. Initial phases will focus on operational efficiency and product diversity, leveraging proprietary strains developed for arid environments. The company aims to enhance long-term shareholder value through these strategic developments.
- Initiated construction for a cultivation facility at The Farm, enhancing operational capacity.
- Management agreement with MKC Development Group to increase product diversity and quantity.
- Construction and license change contingent on completion of application process and necessary approvals.
In anticipation of successfully securing its cultivation license for The Farm at Amargosa, The Company has begun the process of constructing the necessary facilities to accommodate its proprietary grow as well as that of the MKC Development Group, LLC (MKC) under its Management Agreement.
Las Vegas, NV, March 09, 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 it has begun construction on the necessary improvements to the first phase of its 260 acres of land in Amargosa Valley (The Farm) for the benefit of its proprietary cultivation as well as that of third party management agreements.
Pursuant to the MIPA3 with MJ Distributing, Inc. and affiliates (not related to MJ Holdings, Inc) the Company has commenced the construction process to support the cultivation license change of location to The Farm. The buildout will accommodate the Company’s proprietary grow as well as that of our first management agreement with MKC; covering the first phase of approximately 20 acres. The change of location remains contingent upon completion of the application process and the necessary approvals of both the county and state.
Mr. Balaouras, Founder and Chief Cultivation Officer noted, “The change of location process is fully under way. We have ordered the necessary fence required for security and look forward to completing the build out and commencing cultivation on The Farm this year. We are very excited about our proprietary strains from Greece developed specifically for arid/desert growing. Additionally, we have two existing greenhouses on site where we can cultivate a cycle of Auto flower. Finally, as we expand production under our Management Agreement with MKC both quantity and diversity of product will be expanded. Their facility, once completed, will include approximately 6 acres of cultivation plus the necessary facilities for harvesting, drying, curing, freezing and preparation for production.”
Roger Bloss, Interim CEO added, “We are continuing our focus on cost controls and a commitment to accomplishing our major initiatives as we work to improve operations and increase long term shareholder value. As previously discussed, these initiatives include completing the license acquisitions and activating The Farm. We have our first Management Agreement signed with MKC, and they are engaged with us in the commencement of improvements at The Farm.”
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’s cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. The Company currently manages a State of Nevada issued cannabis production license and expects to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus that is currently under development. The Company also provides management consulting services to state licensed dispensaries.
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 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
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