Company finalizing 2019 year-end audit

Las Vegas, NV, Sept. 24, 2020 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides services to the regulated cannabis industry inclusive of cultivation and production management, infrastructure development and sales is pleased to update shareholders on its change in management as well as the addition of David C. Dear as a director.

On September 15, 2020, the Company made a series of management changes including the retention of a new executive. The Company’s Chief Executive Officer, Paris Balaouras, assumed the role of Chief Cultivation Officer, wherein he can focus on the cultivation of cannabis; the core business of MJ Holdings. Roger Bloss, a director of the Company, assumed the role of Interim Chief Executive Officer, and the Company retained Bernard Moyle as its Secretary/Treasurer. The Company kindly advises shareholders to review its Current Report on Form 8-K filed with the Securities and Exchange Commission on September 23, 2020 for the full terms of each employee’s new Employment Agreement.

Bernard Moyle

From 1987 to present, Mr. Moyle served as Founder and Chief Operating Officer of Cal-Vegas, Ltd, a hotel management company and its parent company, Thirty-Eight Street, Inc. The former is focused on hotel management and the latter on providing accounting and bookkeeping services. From 1999 to present, Mr. Moyle served as Founder and Chief Operating Officer of VHGI, Inc., f/k/a Vantage Hospitality Group, Inc (“VHGI”). In late 2016, VHGI along with an affiliate, sold its approximately 1,400 franchisee/member Hotel Brands and operations to Red Lion Hotel Corporation (“RLH Corp”), a publicly traded company. Mr. Moyle became an Executive Vice-President and Chief Operating Officer of RLH Corp through the transition and held this post for approximately two years. Mr. Moyle remains a consultant to RLH Corp. Mr. Moyle also serves as the Managing Partner and President of The Country Club of Coral Springs, an 18-hole, par 71 Championship Golf Course and Country Club located in Coral Springs, FL. Mr. Moyle has held several volunteer posts for the City of Coral Springs, FL, including Chairman of the Board for the Economic Development Foundation, Vice Chair of the Community Redevelopment Authority and twice Chair of the Charter Review Committee. Mr. Moyle has also served as a member of the board of the Florida Restaurant & Lodging Association, both State and Broward County (Fort Lauderdale) and is a past Co-Chair of the Tourism Committee of the Broward Workshop. Prior to founding Cal-Vegas, Mr. Moyle practiced law for 18 years in Fort Lauderdale, FL. Mr. Moyle holds a Bachelor’s degree from Salisbury State University, Salisbury, MD and Juris Doctor from the Shepard Broad School of Law at Nova Southeastern University, FL where he was recognized as a Distinguished Alumni of the Year and is a former treasurer and president of the alumni association. Mr. Moyle also holds a Certified Hotel Administrator accreditation via the American Hotel & Lodging Association, Education Institute.

“I have had the privilege of working with Bernard for the past 4 decades and am confident that he will exceed our expectations on all accounting and administrative tasks,” stated Roger Bloss, Interim Chief Executive Officer. “The addition of Bernard to the Company’s management team will allow for Paris and myself to focus our attention on our core Las Vegas business.”

On September 1, 2020, the Board of Directors of MJ Holdings, Inc. elected a new director, David C. Dear, effective as of October 1, 2020.

David C. Dear

From 2015 to the present, David C. Dear has served as the President of Newgrass Brewing Company as well as the Managing Member for Hudson Phoenix, LLC, a property management company. From 2011-2015, Mr. Dear served as an economic development consultant for Industrial Recruiting. Prior to that, Mr. Dear served in several different roles, such as grant administrator, data processing manager, county finance director and county manager/administrator with local government administrations. Mr. Dear currently serves as the Board Chairman for the local government Federal Credit Union of Raleigh, NC as well as a director on the Board of Trustees of the North Carolina State Retirement Systems. Mr. Dear received his Bachelor of Sciences degree in Accounting with a minor in Finance from the University of North Carolina Charlotte.

“We are excited to add an individual with the experience, integrity and foresight that David brings to our Board,” stated Mr. Bloss. “We look forward to working with David to develop well focused initiatives to drive the success of MJ Holdings.”

Update on Company filings

The Company is in the final stages of its fiscal year 2019 audit and the preparation of its Annual Report on Form 10-K. The Company anticipates its Annual Report will be filed within the next two weeks and the Quarterly Reports for the periods ended March 31, 2020 and June 30, 2020 to be filed during the month of October to bring the Company current in its filings with the Securities and Exchange Commission.

“In addition to adding an outside director to our Board, I am very excited to engage a ‘reset’ of our C-Suite by adding the focused skillsets of both Messrs. Bloss and Moyle,” stated Paris Balaouras, Chief Cultivation Officer. “In just the few short weeks that they have been on board, we have reorganized our operations, clarified our financial reporting processes and improved our shareholder relations.”

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. The Company’s cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. The Company currently manages a State of Nevada issued cannabis production license and expects to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus that is currently under development. The Company also provides management consulting services to state licensed dispensaries.

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:
Roger Bloss, Interim Chief executive Officer
roger@mjholdingsinc.com
(805) 796-6663