MJardin Group Receives Transfer of License Agreement Resulting in Full Ownership Status of Nevada Cultivation Facility
July 23 2019 - 8:00AM
MJardin Group, Inc. (
“MJardin” or “the
Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in
premium cannabis production, today announced it has successfully
closed and received the ownership transfer of license for its
Cheyenne Ave., Las Vegas, Nevada cultivation facility (the
“
Facility”) from GreenMart of Nevada, LLC
(“
GreenMart”), providing the Company with its
first 100% owned and operated cultivation facility in Nevada.
As a result of this transaction MJardin now owns the license to
cultivate medical and recreational cannabis at its Las Vegas
facility. This transfer agreement marks a big step in the Company’s
2019 strategy as it continues to successfully develop across the
cannabis value chain in the Nevada market. The cultivation within
this facility lends itself to future value-add opportunities with
MJardin’s sister asset, Cannabella, an edible and topical
production facility with extraction capabilities, that currently
has products in 50 out of 65 retail locations in Nevada. The
transfer of ownership from Cannabella to MJardin is expected to
close third quarter 2019.
“The successful transfer of the license is excellent news for
MJardin,” commented Pat Witcher, Chief Operating Officer at MJardin
Group. “This provides us with complete control over our facility in
Las Vegas. Our skilled team will continue to focus on providing the
Nevada market with premium, high-end product while we continue our
growth strategy and look to the future.”
The 30,000 sq. ft. facility is expected to have 16,000 sq. ft.
of bench space with 5,700 kg product/year at full capacity by early
Q3 2020.
About MJardin GroupMJardin is a 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 is based in Denver, Colorado and
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 InformationThis news release contains
forward-looking information based on current expectations.
Statements about, among other things, future developments and the
business and operations of MJardin, our production capacity, our
production results, trading of MJardin’s shares on the OTCQX Best
Market, the closing of the Transaction, the receipt of any pending
regulatory approvals or licenses, the growth of our 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 invest 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.
INVESTOR CONTACT: |
|
Ali MahdaviCapital Markets & Investor
Relations 416-962-3300Ali.mahdavi@MJardin.com |
Adrian T. MontgomeryChairman/Interim Chief Executive
Officer416-309-2077Adrian.Montgomery@Mjardin.com |
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