MJ Holdings Inc. (OTCMKTS:MJNE) headquartered in the Las Vegas area, is a diverse holding company. Through its several subsidiaries, it provides services to the regulated cannabis industry inclusive of cultivation and production management, infrastructure development, and sales.
On Friday, MJNE stock ended flat at $0.2695 with 1K shares, compared to its average volume of 23K shares. The stock moved within a range of $0.2405 – 0.2695 after opening trade at $0.2405.
MJ Holdings, Inc. Acquires MJH Research, Inc. to Expand Cultivation Operations
MJ Holdings, Inc. announced on July 14, 2022, to its shareholders about acquiring MJH Research, Inc, a Florida corporation, to expand its cultivation operations. About a week back, on July 8, the company signed a Common Stock Purchase Agreement with MJH Research, Inc. and Sunstate Futures, LLC, a Florida limited liability company.
As per the terms of the agreement, Sunstate Futures has agreed to sell all issued and outstanding shares of common stock – 100,000 shares, of MJH Research, to MJ Holdings. In consideration of the purchase of the shares of Common Stock, MJ Holdings agreed to issue Sunstate Futures 7,000,000 shares of its common stock. The transaction closed on July 11, 2022.
MJ Holdings Set to Move Forward With Plans to Lock in 1 Million Square Feet of Indoor Cultivation and Processing Space
Back in 2021, MJ Holdings had held a meeting with the Town of Amargosa Valley, NV officials, via its Farm ownership subsidiary and cannabis license subsidiary. It had got a 5-year plan approved to develop The Farm, including a comprehensive network of specialized pods for cannabis cultivation.
The 100 acres covered by this approval is expected to result in one million square feet of indoor cultivation and processing space that is totally aligned with the company’s burgeoning management agreements.
In October 2021, the company met with the Nye County, NV planning department. The County agreed with the overall infrastructure and construction concepts contemplated under the company’s management agreements. As per the agreement, one cannabis plant would be grown per three square feet of cultivation space. Three harvests per year are expected to be produced, with an average of three ounces of sellable product per plant.
As of now, MJ Holdings has executed numerous management agreements, such as:
MKC Development Group, LLC signed an agreement with MJ Holdings to develop an indoor 200,000 sq ft greenhouse.
RK Grow, LLC is anticipated to develop 40-acres of indoor cultivation. The project is estimated to include up to 800 indoor grow pods, double stacked with 2 cultivation levels totaling approximately 500,000 square feet of indoor cultivation.
Natural Green, LLC will construct an operations building and an 8-acre indoor cultivation site, utilizing indoor grow pods.
Green Grow, LLC anticipates 40 acres for indoor cultivation. Green Grow plans to construct 10 warehouses and 10 greenhouses.
The build-outs discussed above are pending individual County approvals, but MJ Holdings is hopeful about the current government approvals of the overall development at The Farm. The overall site will have special features to meet or exceed safety and security concerns in and around the facility.
MJNE stock is trading above the 20-Day and 50-Day Moving averages of $0.25 and $0.23 respectively. However, the stock is trading below the 200-Day moving average of $0.30.