Las Vegas, NV, May 13, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — MJ Holdings, Inc. (OTCPK: MJNE) (the “Company”): While the Covid-19 pandemic has caused the Nevada cannabis industry to face many challenges over the past seven weeks, most Las Vegas dispensaries have reopened under new social distancing rules. We are starting to see increased demand for product at the retail level and hope that our dispensary customers will start placing orders from us in the next few weeks.
The Company has received approximately $200,000 in short term financing from loans made by Pyyros One, LLC (“Pyyros”). The Company’s Chairman and CEO, Paris Balaouras, is the sole beneficiary of the trust that manages Pyyros. The principal, of the interest only loans, is due in February and March of 2021 and is being utilized to cover a portion of lost income due to Covid-19. “We are grateful that our CEO was willing to lend funds from his trust assets to the Company during these difficult times; this has helped us to weather the storm until our revenues return to pre-pandemic levels,” stated Terrence Tierney, the Company’s President. Mr. Tierney also said, “Mr. Balaouras and I have waived our April and May base compensation and are working closely with our customers as we collectively begin to recover from the almost two month shutdown of the Nevada cannabis industry.” The Company’s senior executives will continue to closely monitor the Company’s short-term cash requirements and will seek additional capital as necessary. In light of a recent federal court ruling, the Company will apply for additional economic relief under the Small Business Administration’s Payroll Protection Program and the Economic Injury Disaster Loan program for agricultural businesses.
The Company is moving forward with our existing 2020 cultivation schedule, including a first in Nevada springtime grow, but