Las Vegas, NV, Jan. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTCQB: MJNE) (the “Company”), a leader in the Nevada cannabis market, announces the preliminary results of its first harvest at its three-acre hybrid outdoor-mesh cultivation facility in Amargosa, Nevada.
On November 30, 2018, the Company began harvesting more than 7,700 marijuana plants representing thirteen different strains, including the very popular Blue Dream, Chem Dog and Sour Diesel. Having completed the harvest on December 24, 2018, the drying of trim, curing of flower and testing of product is continuing. Initial test results on over 4,000 lbs. of marijuana plant trim have returned a 95% passing rate, among the highest of any grower in Nevada.
“We could not be happier with the results of this initial grow,” Paris Balaouras, the Company’s CEO said. He further stated, “Our hybrid-mesh growing system performed as we expected and firmly established our ability to grow marijuana in the Nevada desert.”
In the first two weeks of January the Company sold about 1,000 lbs. of trim to a number of leading local Las Vegas brands and dispensaries. Mr. Balaouras stated, “We are most encouraged by our returning customers who have been impressed by the overall quality of our products.”
The Company will utilize some of the remaining trim to produce high potency THC distillate for use in its Highland Brothers Titan Q-Cup quartz based vaping system and will also manufacture Highland Brothers Premium Pre-rolls, which are very popular with visitors to Las Vegas. We will also market our high-end flower products to Las Vegas dispensaries under the Highland Brothers brand.
Overall, we expect to sell more than 6,000 pounds of marijuana products with gross revenues exceeding $6,000,000 during over the next 90 to 120 days.
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCQB: MJNE) is a diversified publicly traded holding company providing management and consulting services to the regulated cannabis industry. Through our subsidiaries we provide cultivation and production management services and infrastructure development. Our management operations include a three-acre outdoor marijuana cultivation facility in the Amargosa Valley of Nevada, as well as a fully licensed indoor agritourism facility located in the city of Las Vegas known as the Highland Show-Grow. We are also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets both nationally and internationally.
Safe Harbor
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.
Company Contact: Sabrina Mahmud info@mjholdingsinc.com
