MJ Holdings Receives Approval to Transfer Cultivation Licenses to The Farm - a 260 Acre Farm in Amargosa Valley

Rhea-AI Summary

MJ Holdings (OTC Pink: MJNE) has received unanimous approval from the Nye County Board of Commissions to transfer its cannabis cultivation and production license to a new 260-acre farm in Amargosa Valley, Nevada. This move allows the company to start operations on the first 100 acres and is positioned to enhance its cultivation capabilities. The farm aims to utilize local groundwater sustainably and implement natural growing practices that decrease reliance on synthetic inputs. CEO Roger Bloss and Founder Paris Balaouras emphasized the strategic advantages and anticipated partnerships in Nevada's growing cannabis market.

Positive

• Unanimous approval received for license transfer to a 260-acre farm.
• Initial operations to activate 100 acres for cultivation.
• Sustainability goals emphasized with optimized resource utilization from local aquifers.
• Potential partnerships with cannabis businesses due to licensing model.

Negative

• None.

LAS VEGAS, Sept. 08, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (“MJ Holdings” or the “Company”)(OTC Pink: MJNE) is proud to announce the Company has received a unanimous vote approving a Special Use Permit from the Nye County Board of Commissions to transfer its recreational and medical cannabis cultivation and production license from its 3-acre farm located in Pahrump, Nevada to The Farm — a 260-acre farm in Amargosa Valley, Nevada.

This key approval allows MJ Holdings to commence work on The Farm. The Company will begin operations by activating its first 100 acres. The activation process will see the implementation of important features including fencing installation, added security measures, planning field, updated electricity, road construction, utility activation and initial systems aggregation. The license must undergo a transfer process before the Company can officially begin cultivation, but MJ Holdings is scheduled to grow its first succession of crops in 2021.

“We’re pleased to announce to our MJ Holdings shareholders that the appropriate cultivation licenses for The Farm have officially been approved. This milestone marks the beginning of our expansion to becoming one of the largest cultivators in the U.S.,” said Roger Bloss, CEO of MJ Holdings.

The Company’s extension to The Farm follows its license management agreement model, pioneered by Founder and Chairman Paris Balaouras. The model offers a mutually beneficial opportunity for companies looking to expand their footprint into the Nevada market, mitigating overhead costs and granting access to the Company’s cultivation and production license, grow facilities, seed genetics labs, and banking partner. Through these partnerships, MJ Holdings aspires to be the choice cultivation operator for cannabis businesses across Nevada.

MJ Holdings is excited about the license transfer because it aligns with the Company’s sustainability goals. The Farm will utilize the groundwater of Amargosa Valley’s aquifer, rather than the surface water of Lake Mead. The new location also reduces the need for synthetic fertilizers and pesticides, due to the presence of bountiful sunlight and heat, inhibiting parasitic growth. MJ Holdings will harness the advantages of outdoor growing, employing natural airflow and mineral-dense soil to benefit cannabis plants. MJ Holdings is excited to use the ecosystem to its full potential to treat its cannabis plants and promote a sustainable approach to cultivation.

“Coupled with the immense growth of local interest and the enormous Las Vegas tourism industry on the rebound, we are well-positioned to serve companies looking to enter this booming market. The advantages of The Farm, including excellent soils, organic growth, and company-owned water rights as well as key advancements in our core team have brought forth prospective opportunities to forge partnerships with unique companies in the Nevada industry,” said Paris Balaouras, Founder and Chairman of MJ Holdings.

About MJ Holdings:

MJ Holdings Inc. (MJ Holding) (OTC Pink: MJNE) is a highly diversified, publicly-traded, cannabis holding company headquartered in the greater Las Vegas area. MJ Holdings currently provides cultivation management, licensing support, production management and asset and infrastructure development. Additionally, MJ Holdings is the largest sun-grown cannabis cultivator in the state of Nevada, and is on pace to become one of the largest cultivators in the U.S.

Media Contact: Raquel Heras
Raquel@nisonco.com
315-235-9673

FAQ

What recent approval did MJ Holdings receive regarding its cultivation license?

MJ Holdings received unanimous approval from the Nye County Board of Commissions to transfer its cannabis cultivation and production license to a new 260-acre farm in Amargosa Valley, Nevada.

How will MJ Holdings' license transfer impact its cultivation operations?

The license transfer allows MJ Holdings to start operations on the first 100 acres of the new farm and begin cultivation in 2021.

What are the sustainability goals of MJ Holdings at the new farm?

MJ Holdings aims to utilize local groundwater and promote outdoor cultivation, reducing reliance on synthetic fertilizers and pesticides.

How is MJ Holdings positioned in the Nevada cannabis market?

MJ Holdings aspires to be one of the largest cultivators in the U.S. and is well-positioned to attract partnerships in the growing Nevada cannabis industry.

What is the significance of the 100 acres activation for MJ Holdings?

Activating the first 100 acres marks the commencement of MJ Holdings' operations at the new farm, integral to its expansion strategy.