MJ Holdings Set to Move Forward With Plans to Lock in 1 Million Square Feet of Indoor Cultivation and Processing Space

LAS VEGAS, Nov. 02, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (“MJ Holdings” or the “Company”)(OTCQB: MJNE) is on pace to become one of the largest indoor, outdoor and hybrid cannabis cultivation facilities in the United States. As a result of the latest meeting on October 28, 2021, with the Town of Amargosa Valley, NV officials, MJ Holdings (via its Farm ownership subsidiary and cannabis license subsidiary) has had its 5-year plan approved to develop The Farm, including a comprehensive network of specialized pods for cannabis cultivation. The 100 acres covered by this approval is expected to result in one million square feet of indoor cultivation and processing space perfectly aligned with the Company’s burgeoning management agreements.

On October 29, the Company met with the Nye County, NV planning department and the County concurred with the overall infrastructure and construction concepts contemplated under the Company’s management agreements. Each agreement anticipates growing one cannabis plant per three square feet of cultivation space. The agreements are also estimated to produce three harvests per year, with an average of three ounces of sellable product per plant.

Further details will be made available as the cultivation commences under the agreements. Presently, MJ Holdings has executed multiple management agreements (all previously disclosed in 8-K and 10-K filings):

  • MKC Development Group, LLC entered an agreement with the Company to develop an indoor 200,000 sq ft greenhouse.
  • RK Grow, LLC is anticipated to develop 40-acres of indoor cultivation. The project is estimated to cost approximately $75 million to complete and will include up to 800 indoor grow pods, double stacked with 2 cultivation levels totaling approximately 500,000 square feet of indoor cultivation.
  • Natural Green, LLC will construct an operations building and an 8-acre indoor cultivation site, utilizing indoor grow pods.
  • Green Grow, LLC anticipates 40 acres for indoor cultivation. Green Grow plans to construct 10 warehouses and 10 greenhouses.

While all of the build-outs discussed above are subject to individual County approvals, MJ Holdings is excited about the current government approvals of the overall development at The Farm. The overall site will be equipped with special features to meet or exceed safety and security concerns in and around the facility.

“We are thrilled to be a part of something this major. Collaborating with these experienced groups to take the cultivation and production of cannabis to the next level is essential in our aim to become one of the largest grow facilities in the U.S.,” Roger Bloss, CEO of MJ Holdings stated. “This status will allow us to provide abundant job opportunities to the Amargosa Valley region. In conjunction with the Farm, we plan to help support the community by providing reduced-rate housing to our employees at the Tiny Home Community (THC) RV Park. The park will be fully equipped with a clubhouse and pool and offer convenient living options. We anticipate about 100 employees and have nearly 100 available spots at the park equipped with electricity, gas and plumbing hookups. We are excited to afford our employees and the greater community with an affordable, quality living experience.”

For additional details, please contact MJ Holdings directly at (702) 879-4440. For media inquiries, contact Raquel Heras at raquel@nisonco.com.

About MJ Holdings:
MJ Holdings Inc. (MJ Holding) (OTCQB: MJNE) is a highly diversified, publicly-traded, cannabis holding company headquartered in the greater Las Vegas area. MJ Holdings currently provides cultivation management, licensing support, production management and asset and infrastructure development. Additionally, MJ Holdings is one of the largest sun-grown cannabis cultivators in the state of Nevada and is on pace to become one of the largest cultivators in the U.S.

***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.

Media Contact: Raquel Heras