MJ Holdings Nets in Excess of $6,400,000 on Sale of Healthier Choices Management Corp.

Rhea-AI Summary

MJ Holdings, Inc. (OTC Pink: MJNE) has announced the successful sale of its 1.5 billion shares in Healthier Choices Management Corp, generating over $6.4 million. This capital will be used to enhance its infrastructure at The Farm in Amargosa Valley, Nevada. The company aims to solidify its position as the largest cannabis cultivation facility in Nevada. Key executives expressed confidence that these funds will bolster their balance sheet and expand cultivation licenses, driving future growth and enhancing revenue streams through management agreements.

Positive

• Generated over $6.4 million from the sale of Healthier Choices Management Corp stock.
• Plans to enhance infrastructure on 260 acres at The Farm to increase cannabis cultivation capabilities.
• Confident outlook for growth with additional management agreements and plans to secure new cultivation licenses.

Negative

• None.

Significant upside on disposition of Healthier Choices Management Corp stock positions MJ Holdings to build out its infrastructure on The Farm at Amargosa Valley.

Las Vegas, NV, May 24, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides cultivation and production services to the regulated cannabis industry is pleased to inform shareholders that, in furtherance of its goal to be the largest Cannabis cultivation facility in Nevada, it has sold its 1.5 Billion shares of Healthier Choices Management Corp stock netting the Company more than $6,400,000.00. MJ Holdings will use that cash to bolster its balance sheet and to build out a significant portion of its infrastructure on its 260 acres; “The Farm,” for the benefit of its proprietary grow and for the several large-scale management agreements on The Farm.

Paris Balaouras, Founder and Chief Cultivation Officer commented: “Over the past few years, we have made select investments in third party entities and this one has really paid off well. With the proceeds from our sale of Healthier Choices Management Corp stock we are now able to reduce our balance sheet obligations, secure a new set of Nevada cultivation and production licenses and proceed with the development of The Farm. We intend to invest our proceeds wisely to ensure we are the biggest cannabis company in Nevada with the best risk return profile in the entire industry.”

Roger Bloss, Interim-CEO added: “With an additional $6,400,000 on our balance sheet our Company is not only stable for the foreseeable future, but with our latest management agreements we are positioned to grow at a rapid pace. Our plans are to continue to attract amazing, innovative growers that will invest in our Farm and further enhance the value of our infrastructure and, of course, our revenue stream. In essence, we are on track with our risk adverse plan to create significant revenue that will enhance our net operating profit as we are contracted with our managers/growers to collect 10% of post-tax proceeds plus expenses. We expect our cash position as a result of operations to climb from here while we consider our options for additional management agreements to enhance our growth.”

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 is in the process of acquiring State of Nevada issued cannabis cultivation and production licenses. In addition to its proprietary cultivation and production, the Company plans to engage with third party management service entities to cultivate cannabis on land owned by the Company at The Farm in the Amargosa Valley, NV.

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-CEO
roger@mjholdingsinc.com
(805) 796-6663

Media Contact:
Raquel Heras, NisonCo PR
raquel@nisonco.com
(877) 647-6626

FAQ

What is the recent press release about MJ Holdings (MJNE)?

MJ Holdings announced the sale of 1.5 billion shares of Healthier Choices Management Corp, raising over $6.4 million to enhance its infrastructure at The Farm in Amargosa Valley.

How much money did MJ Holdings generate from the sale of Healthier Choices Management Corp stock?

MJ Holdings generated over $6.4 million from the sale.

What will MJ Holdings do with the funds from the stock sale?

The funds will be used to improve infrastructure at The Farm and to support its plans for future growth, including securing new cultivation licenses.

What is the goal of MJ Holdings in Nevada's cannabis industry?

MJ Holdings aims to become the largest cannabis cultivation facility in Nevada.

What is the significance of the management agreements mentioned in the MJNE press release?

The management agreements are expected to enhance revenue streams, as MJ Holdings will collect a percentage of post-tax proceeds from growers.