MJ Holdings, Inc. Enters Agreement to Acquire Medical and Recreational Cultivation and Production Licenses – GlobeNewswire

Company progresses from LOI to MIPA3 to acquire cultivation and production licenses and to begin cultivation on proprietary land
Las Vegas, NV, Feb. 25, 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 progressed from a Letter of Intent (LOI) to a Membership Interest Purchase Agreement (MIPA3) to purchase two cultivation licenses (medical and recreational) and two production licenses (medical and recreational) and transfer the appropriate licenses to proprietary land.The MIPA3 with MJ Distributing, Inc. and affiliates (not related to MJ Holdings, Inc) provides for a closing to occur as soon as all license transfer conditions are approved, and the applicable licenses are transferred to MJ Holdings’ property (260 acres in Armargosa, NV referred to as “The Farm”). A backstop has been included in the MIPA3 to allow MJ Holdings to manage a grow under the licenses until the transaction is completed. For purposes of expediting the transactions, Paris Balaouras, Founder and Chief Cultivation Officer of MJ Holdings, Inc., has been listed as a Managing Member of the selling entities.Mr. Balaouras noted, “In consideration of $1.250M and 200,000 shares of our common stock (Purchase Price), we will soon fully control our own destiny as we have applied to transfer the cultivation licenses to our proprietary land: The Farm. We have arranged an amicable separation under our existing management agreement with Curaleaf/Acres and are developing our cultivation facility on The Farm for our own use. With the enormous Las Vegas tourism industry soon to be on the rebound, we are well positioned to meet or exceed our fair share of demand. With the advantages of The Farm, including

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