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Company Announces Its Second Cultivation Management Agreement at its 260 Acre Farm in Amargosa Valley
Las Vegas, NV, April 13, 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 initiative to activate its proprietary farm land, it has entered into a cultivation management agreement with Natural Green, LLC a Nevada limited liability corporation.
The Las Vegas Review Journal (April 8, 2021 at reviewjournal.com) reports that “Experts expected Las Vegas would recover, but not this quickly.” It’s good to see that “… resort traffic and occupancy rates are quickly closing in on pre-pandemic levels”. Paris Balaouras, Founder and Chief Cultivation Officer at the Company stated: “I’m tracking the strength in Las Vegas as that is our core market and we’re delighted to see that the weekend occupancy rates are approaching 95%. Of course, our business will continue to grow as tourism rebounds in Las Vegas. We’re confident that this is a primary driver for qualified companies such as Natural Green to desire to work with us at our Amargosa Farm. Their specialized style of management is sure to produce unique product on their allocated 8 acres.” The agreement’s initial term is for 10 years with 5-year extensions, provides for a substantial deposit and minimum revenue requirements beginning in the third year.
Roger Bloss, Interim-CEO commented that “The addition of Natural Green complements our previous management agreement (10 acres) with MKC Development Group, LLC and is further confirmation that our business model on our 260-acre Farm: organic, outdoor grow with ample water rights, perfect sunshine and just the right amount of breeze, in Amargosa Valley is highly desirable for cannabis cultivation. In addition, this agreement enhances our balance sheet and our overall financial stability because as these projects come on line our utilization for cultivation will increase from 3 acres to in excess of 15 acres.”
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.
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.
Roger Bloss, Interim Chief executive Officer