Acquisition Adds Extraction Capabilities and Consumer Products to the Company’s Nevada Portfolio
DENVER and TORONTO, April 22, 2019 (GLOBE NEWSWIRE) — MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in cannabis production, announced today that it has entered into a definitive agreement (the “Transaction”) to acquire Carson City Agency Solutions, dba Cannabella, an operator of an extraction facility and producer of edibles and topicals in Carson City, Nevada.
The Transaction, which is expected to close in Q3 2019 will add extraction capabilities to MJardin’s current cultivation operations in Nevada, allowing the Company to use a portion of its cultivation output for extracts towards edibles, topicals and other potential product lines. In addition, Cannabella’s products are already in approximately 50 of the 60 retail dispensaries in Nevada, and the Company anticipates to expand its footprint to the new dispensaries being opened pursuant to the grant of approximately 50 additional licenses.
“We are thrilled to welcome Cannabella to the MJardin Group, and very impressed with what Lucinda Mahoney and her team have created in the extraction and edibles market,” noted Pat Witcher, President, NA Central/West of MJardin. “We look forward to integrating the Cannabella business into our operations, and welcome their talented staff to our team.”
“This transaction is a positive step for us in the U.S. market. The addition of extraction capabilities improves MJardin’s market position and allows us to take advantage of diversifying our product portfolio by adding products such as oils and vapes to capture more of the value chain,” noted Adrian Montgomery, Chairman of MJardin.
Cannabella joins the Company’s Nevada portfolio which currently includes “Cheyenne”, a 30,000 square foot cultivation facility in Las Vegas that is expected to reach its full production capacity of 5,779kg flower and 1,733kg trim per year in Q1 2020.
About MJardin Group
MJardin is a cannabis management platform with extensive experience in cultivation, processing, distribution and retail. For over 10 years, MJardin has refined cultivation methodologies, developed state of the art facilities and implemented vertical integration for and on behalf of license owners. MJardin is based in Denver, Colorado and Toronto, Canada. For more information, please visit www.mjardin.com.
Cannabella is a boutique cannabis extraction operator and producer of edibles and topicals located in Carson City, Nevada. Cannabella focuses on providing healthy alternatives for consumable and topical products including handcrafted edibles, culinary ingredients and topical salves. Cannabella prides itself in providing healthier options to their customers and produces vegan, low sugar, gluten free edibles as well as raw, organic culinary ingredients. Cannabella has exclusive licenses in Nevada for topicals and the fruity taffy lines. Cannabella products are available in the majority of dispensaries in Nevada.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.