MJ Holdings, Inc. Announces the Execution of a Letter of Intent to Acquire Cultivation and Production Licenses – GlobeNewswire

Company moving forward with owned licenses and cultivation on proprietary land
Las Vegas, NV, Jan. 28, 2021 (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 inform shareholders that it has executed a Letter of Intent (LOI) to purchase two cultivation licenses (medical and recreational) and two production licenses (medical and recreational).The LOI with MJ Distributing, Inc. and affiliates (not related to MJ Holdings, Inc) provides for a closing to occur on or before April 30, 2021. This transaction replaces the previously announced license acquisition with the same seller that was sidetracked and didn’t close due to Company’s reallocation of resources at that time. For purposes of expediting the transactions, Paris Balaouras, Founder and Chief Cultivation Officer, has been listed as a Managing Member of the selling entities. Roger Bloss, Interim CEO of MJ Holdings noted that, “The acquisition of these licenses will allow us to fully activate our cultivation capacity on our 260 acres of land in Armargosa (The Farm) and will allow us to amicably exit our existing cultivation management agreement with Curaleaf. Additionally, the production licenses will allow us to extract our own cultivated material and take advantage of keeping this resource in-house. The acquisition of these licenses will be beneficial to our long-term growth and our ability to continue to control our processes and our costs.”Paris Balaouras added: “In addition to allowing us to engage a proprietary grow (our land, our water, our licenses), this will also allow us to pursue and engage in third party management agreements whereby the Company will partner with qualified companies to activate additional acreage at The Farm. This transition will diversify our revenue

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