MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR)
(OTCQX: MJARF), a global leader in cannabis production, announced
today that, effective immediately, its Board of Directors has
appointed Mr. Adrian T. Montgomery as Chairman of the Board of
Directors and interim Chief Executive Officer, and has appointed
Mr. Lorne Sugarman to the Board of Directors.
The Company and the Board of Directors wish to
thank Mr. Rishi Gautam for his vision, commitment and drive in
building a strong platform for growth in a very dynamic industry,
and wish him the best in his future endeavours. Mr. Gautam
will remain on the Board of Directors and will continue to help
with the vision and direction of the business.
Mr. Montgomery has been a senior officer and
director of several public and private companies in the fields of
media, sports and entertainment, finance and industrial services.
Most recently, he served as president and CEO of one of Canada’s
premier sports and entertainment organizations. He is the former
president of Tuckamore Capital Management, a conglomerate with over
$700 million of annual revenue, and was also the former CEO of QM
Environmental, one of Canada’s largest contracting
companies. Mr. Montgomery has been active in the political
process throughout his career and has served as a political advisor
to Leaders at all levels of government. In the past, he has been a
sought after media personality and panelist on CBC and Global
Television. Mr. Montgomery is also a member of the New York State
Bar Association.
Mr. Sugarman is currently a principal at KES 7
Capital Inc and Executive Chairman of Wellpoint Health. He was
previously the CEO of Wellpoint for a period of six years, and
prior to that, he was a Managing Director, Investment Banking at
GMP Securities, one of Canada’s largest independent investment
banks, where he also served as a member of the firm’s operating
committee and board observer for Edgestone Capital Partners, GMP’s
private equity subsidiary. Mr. Sugarman has experience in a broad
range of corporate finance transactions, including mergers and
acquisitions and public and private financings for many of Canada’s
leading non-resource companies. Mr. Sugarman began his career with
Deloitte & Touche as an audit practitioner and subsequently
worked with Deloitte Consulting providing strategic advice to
international clients in both Canada and the United States. Mr.
Sugarman holds an MBA from the University of Toronto, a Bachelor of
Arts (Economics) from the University of Western Ontario and is a
member of the body of Ontario’s Chartered Professional
Accountants.
Operational Update
MJardin is pleased to provide the following
operational update on its current growth plans. The Company
expects to continue its current growth trajectory and own
facilities throughout North America with total production capacity
in excess of 31,000 kg per year by 2020, as follows:
WILL – Licensed for Cultivation and
Sales - located in Brampton, Ontario, the 32,800 square
foot facility has a current production capacity of 3,000 kg per
year, which is expected to be in full production starting in the
second half of 2019. The Company has commenced selling Flower
to other Licensed Producers from this facility.
WARMAN – Pending Cultivation, Sales and
Extraction Licensing located in Winnipeg, Manitoba, this
is MJardin’s largest facility at 120,000 square feet, with 13,900
kg per year of production capacity. The Company is currently
seeking a cultivation license and will soon begin growing
operations in this facility with the expectation to have its
cultivation license by the end of September 2019. The Company
expects construction to be completed and for the facility to be
fully licensed for sales and extraction by June 2020.
AMI (Phase 1 and 2) – Licensed for
Cultivation - located in Halifax, Nova Scotia, AMI is a
licensed joint venture cultivator with a 48,000 square foot
facility with an additional 20,000 square feet for phase 2
anticipated by the end of 2019, with a production capacity of
6,300 kg per year. AMI is also pursuing its GMP certification
for Phase 1, anticipated for the second half of 2019.
RAMA – Pursuing Cultivation, Sales and
Extraction Licensing – located in Rama, Ontario, this
facility is a joint venture between MJardin and Rama First Nation
which will bring large-scale cannabis cultivation, extraction, and
retail to Rama, Ontario and the surrounding region. The
partnership’s first major project is in the planning and
development stage for the construction of a 75,000 square foot
cannabis production facility with 9,000 kg per year of production
capacity. Through its strong partnership with Bridging Finance and
strong collaboration between the various groups, MJardin is
extremely pleased and honoured to be working with the Rama First
Nation, which will create more than 100 permanent jobs for the
region.
GRAND RIVER ORGANICS – Finalizing
Construction and Application for Cultivation License –
located in Dunnville, Ontario, Grand River Organics is a majority
owned cultivator with a facility size of 10,800 square feet, and
annual production capacity of 1,200 kg per year. The facility
is in final stages of construction, with anticipated completion in
Q1/19 and anticipated receipt of its cultivation license in late
Q1/19.
CHEYENNE – Licensed for Cultivation and
Sales – located in Las Vegas, Nevada is currently
operational with full build-out expected by the first half of
2020. At full capacity, the 30,000 square foot facility will
be able to produce approximately 6,000 kg per year of annual
production.
David Sharpe, CEO of Bridging Finance, Inc.,
commented on the announcement: “Bridging Finance remains committed
as ever to working with MJardin as its primary source of growth
capital, and as a shareholder of the Company. We are excited and
look forward to witnessing the Company’s strategic objectives
unfold in the coming months and quarters.”
About MJardin Group
MJardin is a global cannabis management platform
with extensive experience in cultivation, processing, distribution
and retail. For over 10 years, MJardin has refined cultivation
methodologies, developed state of the art facilities and
implemented vertical integration for and on behalf of license
owners. MJardin continues to pursue strategic expansion and M&A
opportunities across global legal cannabis markets. MJardin is
based in Denver, Colorado, with offices in Toronto, Canada. For
more information, please visit www.mjardin.com.
The CSE has not in any way passed upon the
merits of and has neither approved nor disapproved the contents of
this news release.
This news release does not constitute an offer
to sell or a solicitation of an offer to sell any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Forward-Looking Information
This news release contains forward-looking
information based on current expectations. Statements about, among
other things, future developments and the business and operations
of MJardin, the receipt of any pending licences or certifications,
the growth of or global footprint and our intentions to leverage
our scale for continued organic growth and to pursue strategic
investments are all forward-looking information. These statements
should not be read as guarantees of future performance or results.
Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, performance or
achievements to be materially different from those implied by such
statements. Such factors include, but are not limited to: our
ability to identify and pursue growth, financing and other
strategic objectives, and the regulatory and economic environments
in the jurisdictions we operate or intend to operate or investment
in. Although such statements are based on management’s reasonable
assumptions at the date such statements are made, there can be no
assurance that the proposed acquisition will occur and that such
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly,
readers should not place undue reliance on the forward-looking
information. MJardin assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances
unless required by applicable law.
CONTACT:
Ali Mahdavi, Capital Markets & Investor
Relations, 416-962-3300 Ali.mahdavi@MJardin.com
OR
Frank Knuettel II, Chief Strategy Officer,
720-613-4019 Frank.Knuettel@MJardin.com
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