The company completed the planting of its second marijuana crop on its three-acre, hybrid mesh-canopy grow facility in the Amargosa Valley of Nevada.
Las Vegas, NV, Aug. 20, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — MJ Holdings, Inc. (OTC Pink: MJNE) (the “Company”), a leader in the Nevada cannabis market, is pleased to announce that we recently completed the planting of our second marijuana crop on our three-acre, hybrid mesh-canopy grow facility in the Amargosa Valley of Nevada. Our 2018 test grow on this property yielded approximately 5,400 pounds of marijuana bud and trim. We expect to surpass these yields with our 2019 harvest.
In June and July, we planted more than 5,000 plants, utilizing eight different strains of marijuana, planting only the best performers from our 2018 crop. Our ability to get our plants into our grow facility a full month earlier than last year should facilitate higher yields and greater THC concentrations.
The Company anticipates beginning our harvest in mid-October with a planned completion of the entire harvest by late November. Company CEO Paris Balaouras commented: “Our 2018 test crop was an excellent experience for our cultivation team; we learned how to more efficiently use our three-acre grow for this year and how we can better utilize the harvested flower and trim. The strains that performed well in last year’s harvest were utilized again and we made some other adjustments, but we continue to search for better and stronger genetics that can be optimized for our style of sun grown cultivation.”Added Balaouras: “We will use the remaining inventory from our prior harvest to produce THC/CBD oil in our soon-to-be operating processing facility and for our popular LV Sluggers pre-rolls. The current wholesale market value in Nevada is about $600 per pound for high THC content marijuana trim and around $2,000 per pound for premium flower.”
The THC/CBD oil derived through processing is the primary active ingredient for all marijuana-based products, Including edibles, concentrates and vapes. Las Vegas, as a leading tourist destination, is one of the fastest growing adult-use marijuana markets in the U.S.
About MJ Holdings Inc.
(OTC Pink: MJNE) 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 and 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 Company has raised almost $14,000,000 from the sale of its common stock during the past eighteen months allowing us to significantly increase our asset base.
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.
Paris Balaouras, CEO