MJ Holdings Inc (OTCMKTS: MJNE) has come back to where it started after some significant movement in October of last year. MJNE has a long history of big moves running to a high of $8.50 the last time the sector heated up!
MJNE has been putting out some big press lately;
On February 6 MJNE announced it 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.
MJNE 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.
MJ Holdings Inc (OTCMKTS: MJNE) bills itself as a diversified holding company providing management and consulting services to the regulated cannabis industry. Through their subsidiaries MJNE provides cultivation and production management services and infrastructure development.
MJNE cultivation operations include management of the largest outdoor 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. The Company is also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets internationally.
The Company owns a provisional Medical Marijuana Establishment Registration Certificate. The Certificate, when perfected, will allow the Company to commence legal marijuana cultivation activities in the State of Nevada. MJNE subsidiary HDGLV, LLC holds a triple-net leasehold, with an option to buy, on a 17,298 square-foot building, which will be home to MJNE cultivation facility.
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In January MJNE annunced the preliminary results of its first harvest at its three-acre hybrid outdoor-mesh cultivation facility in Amargosa, Nevada. On November 30, 2018, the Company began harvesting more than 7,700 marijuana plants representing thirteen different strains, including the very popular Blue Dream, Chem Dog and Sour Diesel. Having completed the harvest on December 24, 2018, the drying of trim, curing of flower and testing of product is continuing. Initial test results on over 4,000 lbs. of marijuana plant trim have returned a 95% passing rate, among the highest of any grower in Nevada.
In the first two weeks of January the Company sold about 1,000 lbs. of trim to a number of leading local Las Vegas brands and dispensaries. Mr. Balaouras stated, “We are most encouraged by our returning customers who have been impressed by the overall quality of our products.”
The Company will utilize some of the remaining trim to produce high potency THC distillate for use in its Highland Brothers Titan Q-Cup quartz based vaping system and will also manufacture Highland Brothers Premium Pre-rolls, which are very popular with visitors to Las Vegas. We will also market our high-end flower products to Las Vegas dispensaries under the Highland Brothers brand. Overall, we expect to sell more than 6,000 pounds of marijuana products with gross revenues exceeding $6,000,000 during over the next 90 to 120 days.
On the recent land purchase CEO Paris Balaouras stated “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.”
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Currently trading at a $35 million market valuation MJNE has $934k in the treasury, little debt and no revenues to date. MJNE is an exciting story in small caps; focused on becoming a leader in the Nevada Cannabis market. The Company recently announced its first harvest at its three-acre hybrid outdoor-mesh cultivation facility in Amargosa, Nevada. Initial test results on over 4,000 lbs. of marijuana plant trim have returned a 95% passing rate, among the highest of any grower in Nevada.The Company will utilize some of the remaining trim to produce high potency THC distillate for use in its Highland Brothers Titan Q-Cup quartz based vaping system and will also manufacture Highland Brothers Premium Pre-rolls, which are very popular with visitors to Las Vegas. We will be updating on MJNE when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJNE.
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Disclosure: we hold no position in MJNE either long or short and we have not been compensated for this article.