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Las Vegas, NV, June 02, 2021 (GLOBE NEWSWIRE) — MJ Holdings, Inc. (OTC PINK: MJNE) a diversified holding company, which through its subsidiaries, provides cultivation and production services to the regulated cannabis industry with a goal to be the largest cannabis cultivation facility in Nevada, is pleased to provide highlights of the recent 1st quarter 2021 activity.
Early in quarter, MJNE sold its 1.5 billion shares of stock in a third party company (see previous filings for details) netting the Company more than $6,400,000.00. MJ Holdings will use that cash to bolster its balance sheet and to build out a significant portion of its infrastructure on its 260 acres; The Farm.Q1 2021 Net Income of $7,226,184 is a substantial improvement over same time last year of ($1,210,532).Q1 2021 Income per Common Share was $.10, a substantial improvement over same time last year of ($.02); with 68,877,240 vs 65,573,114 shares of common stock outstanding, respectively.MJNE is in the process of transferring Nevada State, Nye County cultivation and production licenses which will be used to cultivate and produce cannabis products on The Farm; including potential for both outdoor, greenhouse grow and indoor grow-pods for premium flower. The projected closing date for the licenses is this summer.MJNE signed a 10-year contract with MKC Investment Corp (“MKC”) whereby MKC will develop 10 acres including significant greenhouse space plus operations buildings and addition infrastructure on The Farm.MJNE signed a 10-year contract with Green Grow Development, LLC (“GGD”) whereby GGD will develop 10 acres including significant greenhouse space plus operating buildings and additional infrastructure on The Farm.MJNE signed a 10-year contract with Natural Green, LLC (“NG”) whereby NG will develop 8 acres including significant greenhouse space and indoor grow-pods plus operating buildings and