Las Vegas, NV – MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides cultivation and production services to the regulated cannabis industry is pleased to inform shareholders that, in furtherance of its goal to be the largest Cannabis cultivation facility in Nevada, it has sold its 1.5 Billion shares of Healthier Choices Management Corp stock 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,” for the benefit of its proprietary grow and for the several large-scale management agreements on The Farm.
Paris Balaouras, Founder and Chief Cultivation Officer commented: “Over the past few years, we have made select investments in third party entities and this one has really paid off well. With the proceeds from our sale of Healthier Choices Management Corp stock we are now able to reduce our balance sheet obligations, secure a new set of Nevada cultivation and production licenses and proceed with the development of The Farm. We intend to invest our proceeds wisely to ensure we are the biggest cannabis company in Nevada with the best risk return profile in the entire industry.”
Roger Bloss, Interim-CEO added: “With an additional $6,400,000 on our balance sheet our Company is not only stable for the foreseeable future, but with our latest management agreements we are positioned to grow at a rapid pace. Our plans are to continue to attract amazing, innovative growers that will invest in our Farm and further enhance the value of our infrastructure and, of course, our revenue stream. In essence, we are on track with our risk adverse plan to create significant revenue that will enhance our net operating profit as we are contracted with our managers/growers to collect 10% of post-tax proceeds plus expenses. We expect our cash position as a result of operations to climb from here while we consider our options for additional management agreements to enhance our growth.”
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCPK: MJNE) is a diversified holding company providing services to the regulated cannabis industry. Through our subsidiaries we provide cultivation and production management services as well as infrastructure sales and development. The Company is in the process of acquiring State of Nevada issued cannabis cultivation and production licenses. In addition to its proprietary cultivation and production, the Company plans to engage with third party management service entities to cultivate cannabis on land owned by the Company at The Farm in the Amargosa Valley, NV.