via NEWMEDIAWIRE — MJ Holdings, Inc. (OTCQB:MJNE) (the “Company”), a leader in the Nevada cannabis market, is pleased to announce that it will begin harvesting its three acre outdoor marijuana crop next week. The Company, which became public in December of 2017, has been working closely with top growers and the State of Nevada to establish the viability of outdoor cultivation. This initial test grow is expected to yield approximately 8,000 to 10,000 pounds of marijuana grown under its high-tech mesh canopies.
The three acre mesh canopy grow was completed this summer on one of the agricultural sites managed by the Company’s wholly owned subsidiary, Prescott Management, LLC. The Company projects that this harvest could generate over $10,000,000 in gross revenues on an initial investment of approximately $2,200,000. Our projections are based on our lead grower’s estimates that each plant could provide over a pound of marijuana and we have planted approximately 8,000 Marijuana plants. It is our intention to utilize most of this crop to sell as “trim” to produce THC/CBD oil. The highest quality flower from this harvest will be used for bud to be wholesaled to Nevada dispensaries. The current market value in Nevada for marijuana trim is about $1000 per pound for THC content over 20% and wholesale flower starts at around $1800 per pound. The THC/CBD oil derived through processing is the primary active ingredient for all marijuana based products such as edibles, concentrates and vaporizers. Las Vegas, as a leading tourist destination, is the fastest growing adult use marijuana market in the U.S.
“We have worked hard to procure approvals for this first-of-its-kind agricultural opportunity in Nevada and we have also identified a grow plan and appropriate strains that have proved successful and demonstrated resilience to the type of severe summer climate we experience in Nevada,” said MJ Holdings CEO Paris Balaouras. “As we continue to prove this lower cost cultivation and speed to market model, we will be expanding this type of growing to enhance and compliment our other grow styles.”
MJ Holdings is in contract to purchase 260 acres of land with water rights in the Amargosa Valley to increase its outdoor grow capabilities. The Company will start preparing a ten acre site next month for a spring planting. MJ Holdings plans to cultivate specific marijuana strains to supply the needs of the largest brands in Nevada. In 2019, the Company will cultivate approximately 20,000 plants making it the largest marijuana grower in Nevada. Anticipated 2019 yields will approach 40,000 pounds of marijuana.
About MJ Holdings, Inc.
MJ Holdings Inc. (OTC:MJNE) is a diversified holding company providing management and consulting services to the regulated cannabis industry. Through our subsidiaries we provide cultivation and production management services and infrastructure development. Our cultivation operations include Nevada cultivation facility, as well as a fully licensed indoor agritourism facility located in the city of Las Vegas known as the Highland Show-Grow. We are also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets internationally .
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:Andrew BoutsikakisPresidentinfo@mjholdingsinc.com
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