LAS VEGAS, April 4, 2018 /PRNewswire/ -- MJ Holdings, Inc. (OTC: MJNE) (the "Company") is providing this update to shareholdersfrom its Chairman and CEO, Paris Balaouras.
I wanted to take this opportunity to thank you for your vote of confidence in our company as evidenced by your ownership of our common stock.
In three and a half short months, we have accomplished a lot, and are excited about what the future holds. We generated sales in our first full quarter as a public company under our new management and with our current business plan.
As it relates to our 2017 annual report, we expect our Form 10-K to be filed late as we work diligently to finalize and complete our consolidated financial statements and work with auditors to complete the audit. Additionally, as a result of the delay in filing current financial statements, we will as soon as practicable, after the 2017 Form 10-K is filed, resubmit our Form 10-12g with the U.S. Securities and Exchange Commission, which requires current financials as of the date of effectiveness, in accordance with 17 CFR 210.3-12.
Since the acquisition, we have reorganized the company into 5 operating segments, that will generate revenues from servicing, managing and operating various assets in the growing Nevada legal cannabis market.
Since my appointment, I am pleased to share with you the following accomplishments as well as our plans for the remainder of 2018.
- Red Earth has received our special use permit and our building permit during Q1, on our "Highland Show Grow" Las Vegas Cultivation facility. We expect to receive our Certificate of Occupancy this week and finish the final phase of our buildout by the end of the year. When fully operational this facility should produce roughly 5,000 pounds per year.
- Through Top Rank we offer licensed construction and general contractor services in Nevada; which will allow us to provide greenhouse and cultivation construction and infrastructure buildout and development. We expect to have some announcements in Q2 through Q4; and to begin completing projects by Q4.
- We have already started delivering high-quality competitively priced greenhouses, fine-tuned for the cannabis community; we expect to continue taking orders and delivering greenhouses throughout 2018 and beyond.
- We expect to deliver our first 32,600 sq. ft. of greenhouses in April 2018 on orders booked in Q1.
- Condo High Rise Management has already started working with Acres Cannabis, LLC to place investors and growers on its 37 acre tract of land in Amargosa county, and through Top Rank, we have taken deposits for 100,000 Sq. Ft of a total 160,000 Sq. Ft of greenhouse sales and installation services.
- We are developing plans and working towards the financing and staffing of the first outdoor approved grow in Nevada.
- We are continuing to develop plans around Production Campus Studio, (our MIP campus) and plan to begin signing tenants/brands in Q2 through Q4. Design phase will occur Q2-Q3; we expect to receive our building Permit between Q3 or Q4, and hope to receive our Certificate of Occupancy between Q1 or Q2 of 2019.
- Unique Sales Opportunities plans to apply for a Nevada dispensary license during the next established application window, which we expect will be in Q2 or Q3 of 2018, with the expectation that winners of licenses will be announced in Q4.
And finally, I invite you to meet with us and or follow our progress in the next couple of weeks:
MJ Holdings, will be a featured company at the Planet MicroCap Showcase, April 24 to the 26th, at the Planet Hollywood hotel in Las Vegas, Nevada.
MJ Holdings, will be featured in the next few weeks in MicroCap Review.
And, we invite you to join us, on April 26, 2018, as we will be hosting a 4:20pm Investor Meet-Up at Acre's Dispensary for the opening of its new "Underground" wing.
About MJ Holdings, Inc.
MJ Holdings, Inc. (OTC: MJNE) is a diversified holding company providing services to the regulated cannabis industry. Through our subsidiaries we provide cultivation, production, management services and infrastructure sales and development. Our cultivation operations include management of a 37 acre cultivation co-operative, and a state of Nevada issued cultivation licensed 17,000 sq. ft. agritourism destination, in Las Vegas; the Highland Show Grow. We currently manage a State of Nevada issued cannabis production license and expect to provide manufacturing and production facilities and resources to third party manufacturers as part of our production campus, currently under development; where third party brands will be able to develop and market their products through our license, and distribution program. We provide management services for distribution and consulting services for access to state licensed dispensaries. We operate a Nevada licensed general contractor, through which we provide complete turn-key infrastructure and construction services, including greenhouse design, sales and installation.
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.
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SOURCE MJ Holdings, Inc.
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