Las Vegas, NV, April 28, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCPK: MJNE) (the “Company”), a leader in the Nevada cannabis market, in response to the COVID-19 pandemic and its current impact on the Nevada tourism market, will continue to pursue our spring grow consisting of around 7,000 plants in order to be ready for the anticipated increase in demand for legal marijuana products in Nevada once the State begins reopening. We will continue to implement best practices COVID-19 mitigation procedures, including social distancing at our cultivation facility and utilization of proper PPE in the handling of all marijuana products. The Company, in compliance with Nevada marijuana cultivation and production facility guidelines, has always required the utilization of hair nets, masks, gloves and other protective clothing upon entering our facility.
The Company has started transferring the seedlings on to a one-acre portion of our cultivation facility located in the Amargosa Valley of Nevada. This grow is scheduled to be harvested in late June of this year and the expected yield is about 1300 lbs. of flower and trim.
We completed all testing and weighting of our 2019 harvest and yielded 1997 lbs. of dried marijuana flower and 1435 lbs. of trim. Our overall test passing rate for all of our marijuana products was close to 90%, with more than 99% being suitable for sale to the consumer or extraction to distillate.
Our full three-acre summer grow, consisting of up to 8,000 plants, is on schedule to be planted in early July. Our cultivation team is presently bringing in hearty mature plants to be utilized as “mother plants” from which we will derive clones that should maintain consistent THC potency and terpene profiles. We expect to commence the fall harvest in October of 2020 and we could see yields approaching 6,000 lbs. of marijuana flower and trim. Our 130,000 sq.ft. custom hybrid-mesh cultivation facility maximizes our plants’ exposure to natural sunlight while protecting them from dust, wind damage, insects and other pests. Paris Balaouras, the Company’s CEO, stated, “We continue to prove and improve on our unique style of growing. With every crop we evolve and improve upon our previous successes by adjusting key indicators such as strain selection and nutrient profiles to give us the best possible results and useable data. We are extremely excited about the future of our naturally grown products.”
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:
Al Reasonover
Al@mjholdingsinc.com