MJ Holdings Inc logo

MJNE - MJ Holdings Inc News Story

$0.116 -0.0  -5.8%

Last Trade - 07/08/20

Sector
Financials
Size
Micro Cap
Market Cap £5.79m
Enterprise Value £6.75m
Revenue £924k
Position in Universe 5721st / 6395

Sales Surge as Nevada Cannabis Industry is Deemed Essential

Thu 19th March, 2020 11:44am
Sales Surge as Nevada Cannabis Industry is Deemed Essential

Las Vegas, NV, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCPK: MJNE) (the “Company”), a leader in the Nevada cannabis market, is making every effort and taking all precautions to ensure that our employees and customers remain safe during the current Covid-19 pandemic. Although we already operate in a sterile controlled environment, we have instituted additional sanitation protocols and updated our product handling procedures at our cultivation facility in the Amargosa Valley of Nevada.

With the recent long lines at the majority of Las Vegas cannabis dispensaries we have taken steps to reserve sufficient marijuana product to safely and adequately supply our dispensary customers so that they may continue to provide for their medical marijuana patients. “While Las Vegas is very dependent on tourism, the cannabis industry in the State must continue to be able to serve the needs of the local community,” Company CEO Paris Balaouras stated. 

The Company’s sales have picked up dramatically over the past few weeks as it seems that local dispensaries wanted to have additional inventory on hand in case of any potential shutdown. The Company’s President, Terrence Tierney, stated, “We fully expect to close-out the first quarter with strong sales and we anticipate a significant increase in year-over-year quarterly revenues.” The present increase in demand has required us to adjust our cultivation schedule and we have decided to grow as many as 10,000 marijuana plants beginning in early April. This will be followed by our full three-acre grow in June. We are planning on increasing our 2020 grow by at least 30%.

Lastly, we ask everyone to take the necessary steps to remain safe during this worldwide epidemic and wish all who have been infected with this disease a speedy recovery. We are thankful to our shareholders who continue to support us. We hope that we will remain operational throughout this crisis for the benefit of our employees and so that our products can continue to provide relief and a sense of calm to both medical and recreational cannabis users.  

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. Our cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. 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 and cultivators as part of our production campus, which is currently under development. We additionally provide management consulting services to state licensed dispensaries. We are also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets both nationally and internationally.

Safe Harbor

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.

Company Contact:

Terrence Tierney 

President

terry@mjholdingsinc.com

Primary Logo

© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.