MJ Holdings 2019 Grow Results Exceeding Expectations
Las Vegas, NV, March 02, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — MJ Holdings, Inc. (OTCPK: MJNE) (the “Company”), a leader in the Nevada cannabis market, completed our second annual managed grow and harvest in November 2019. The initial test grow was completed in late 2018 and yielded just over 5,500 lbs. of dried and tested marijuana trim.
In late December of 2019 the first 80 lbs. of flower was sold under our Highland Brothers brand for over $118,000, a more than 1,500% increase in revenue over December of 2018. In 2019 we planted less marijuana in an effort to more closely monitor the cultivation of the plants and concentrate on the curing process. The preliminary results from our 2019 managed grow are even better than we expected with nearly 1,700 lbs. of marijuana flower and popcorn bud tested at between 16% and 26% total THC with excellent terpene profiles that has been selling to dispensaries in the Las Vegas market for between $1,250 and $1,850 per pound, depending on the particular strain, quantity and THC content. While the Company expected to grow a more robust product in 2019 over 2018, the test results far exceeded our goals for this harvest. As a result of the success of the 2019 grow we intend to increase the number of plants per acre in 2020. “As we fine tune our cultivation to achieve the highest THC levels and increased yields, we will focus on our unique process of sun grown marijuana,” said MJ Holdings CEO Paris Balaouras. “Our growth model indicates that we can achieve total yields in excess of 6,500 lbs. per harvest within the next two cycles, while striving to bring production costs to below $200 per lb.” 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. Our cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. We currently manage a State of Nevada issued cannabis production license and expect to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus, which is currently under development. We additionally provide management consulting services to state licensed dispensaries. We are also active in identifying and acquiring revenue producing assets and licenses within legalized cannabis markets both nationally and internationally.Safe HarborCompany Contact:Terrence Tierney Presidentterry@mjholdingsinc.com