Las Vegas, NV, Oct. 17, 2019 — via NEWMEDIAWIRE — MJ Holdings, Inc. (OTC Pink: MJNE) (the “Company”), a leader in the Nevada cannabis market, announces that, on Wednesday, October 16, 2019, we have filed our 2018 audited financial statements on Form 10-K with the U.S. Securities and Exchange Commission. The Company’s management is now diligently working on preparing and filing our quarterly financial reports for the first half of 2019.
Company CFO Laurence Ruhe commented, “While the task of preparing and filing our financial statements has been a long and challenging process, we appreciate the thorough manner in which our independent accountants conducted their audit.”
The Company’s fixed assets increased by more than $2.5 million over the prior year, mainly attributable to the investment in our three-acre cultivation facility. In late December of last year, the Company completed the harvest of the first ever outdoor marijuana grow in Nevada history. We are preparing to harvest our second crop at the end of this month as we continue to test different marijuana strains to determine which will perform best in the unique Nevada desert environment. We will report a significant increase in revenues during the first half of 2019 and a marked increase to our balance sheet due primarily to our acquisition of an additional 260 acres of farmland in the Amargosa Valley of Nevada.
The continuing support of our shareholders and investors has allowed us to raise more than $13.5 million since December of 2017, which has been utilized towards increasing our cultivation capacity and acquiring related assets, including an additional cultivation license and a production license. We have commenced construction of a five acre Cravo® cultivation system on a portion of our 260-acre farm. Upon completion, this project will bring our 2020 outdoor grow capacity to over 300,000 sq.ft. Additionally, we will be investing more than $3.5 million to construct a state-of-the-art indoor grow facility at our 17,000 sq.ft. Las Vegas location. It is our intention to continue to make infrastructure investments to increase our production capabilities, thereby generating higher revenues on our path to profitability.
About MJ Holdings Inc.
The Company is a highly-diversified, publicly-traded, cannabis holding company providing cultivation and production management; licensing support and consulting services, and asset and infrastructure development. It is our intention to grow our business by acquiring long-lived assets to provide a 360-degree spectrum of products and services through the acquisition of existing companies; joint ventures with companies possessing synergistic expertise, and through the development of new opportunities.
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.
Terrence Tierney, CAO