Las Vegas, NV, Feb. 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCQB: MJNE) (“MJH” or the “Company”), a leader in the Nevada cannabis market, has acquired land in the Amargosa Valley of Nevada to utilize for expansion of its marijuana cultivation capabilities.
The Company, in conjunction with Let’s Roll Holdings, LLC has acquired 100% of the membership interests of Farm Road, LLC, the owner of two parcels of fertile farmland and the related water rights. MJH will utilize the land to expand its hybrid-mesh cultivation capabilities, initially planting ten additional acres of marijuana in 2019.
MJH recently completed its first harvest of three acres of marijuana plants at a nearby facility that it manages for another cultivator. “Due to the enormous success of our 2018 grow we needed to find additional suitable land to expand our capabilities for 2019,” said Terrence Tierney, MJH’s Chief Administrative Officer. The Company has executed a Letter of Intent to acquire two existing marijuana cultivation and production licenses in Nye County, Nevada. The Company has begun the process of perfecting these licenses in order to commence operations on the newly acquired land in the spring of 2019.
Paris Balaouras, MJH’s CEO, said, “Utilizing our hybrid-mesh system we have proven that we can successfully grow marijuana in the Nevada desert with higher yields per plant and considerably lower costs than in a traditional greenhouse or indoor setting.” Mr. Balaouras further stated, “We are confident that we can considerably increase our 2019 production of marijuana flower and trim on the 13 acres we will be cultivating this year.”
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCQB: MJNE) is a diversified publicly traded 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 management operations include a three-acre outdoor marijuana cultivation facility in the Amargosa Valley of Nevada, 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 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.