December 23rd, 2020
Major milestone for MJardin as facilities ramp up domestic output through end of 2020 and into early 2021
TORONTO, Dec. 22, 2020 (GLOBE NEWSWIRE) — MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) (the “Company” or “MJardin”), a leader in premium cannabis production, today announced that its partner Robes Inc. BLLRDR, brand has shipped its first cannabis dried flower products. Shipments will initially be to the Ontario Cannabis Store (“OCS”), with shipments to other provinces planned to begin shortly.
MJardin expects the first shipment to be available for purchase before December 31, 2020. The initial shipment includes 6.3kg of BLLRDR Afghani Bullrider and 9.5kg of Wedding Cake, which will be available in 3.5 gram jars. A subsequent order of 7.7kg and 8.2kg of the BLLRDR Afghani Bullrider and Wedding Cake, respectively, is scheduled for January 4, 2021. Robes’ BLLRDR has been able to build a great following across Canada, with their highly acclaimed Afghani Bullrider strain garnering strong media, retailer and customer attention. The products will be priced competitively in the premium segment of the Ontario market and MJardin expects significant demand for this high quality dried cannabis product.
MJardin is a proud cultivation partner with Robes Inc., whose BLLRDR brand is a collaboration that includes Grammy award-winning producer Noah ‘40’ Shebib and legendary grower of the Afghani Bullrider strain, Jef Tek. MJardin develops the genetics and manages the cultivation operations for the brand.
“This is a significant milestone for MJardin as we ramp up our capacity to serve Canadian markets and generate revenue from our brands and partnerships through the end of 2020, and vigorously into 2021,” said MJardin CEO Pat Witcher. “We are strong in our belief that our new state-of-the-art cultivation and processing facilities are important differentiators, which will enable us to increase margins and reduce costs in this growing market.”
“At MJardin, quality cannabis is at the core of what we do which is why this partnership is such a good fit for us,” said Eric Gattoni, SVP Business Development. “These are exciting times at MJardin. We are extremely happy for our partners at Robes and are very proud to use the cultivation methods we have developed over the last decade to support them in achieving this goal. This launch, with the upcoming launch of our very own Flint & Embers retail brand, has given us a lot to be excited about.”
MJardin announces a re-structure of the Omnibus Long-Term Equity Program to align with our leadership framework and operational goals.
On November 5, 2020, the Company announced that certain officers, directors, employees and consultants (the “Option Holders”) agreed to cancel an aggregate of 1,646,800 stock options that were outstanding prior to August 5, 2020. The stock options were voluntarily surrendered by the Option Holders for no consideration. On September 30, 2020, the MJardin board of directors reissued the options (the “Reissued Options”) in accordance with applicable regulatory requirements, the grant agreements between the Company and the Option Holders and the terms and conditions of the Company’s equity incentive plan. The strike price of the Reissued Options is the 5-day weighted average price of the Company’s common shares calculated from the date of issuance.
In addition to the Reissued Options, on September 30, 2020, the Company issued an aggregate of 4,069,965 new stock options (the “New Options”) to certain officers, directors, employees and consultants of the Company and converted an aggregate of 902,860 restricted share units (the “RSUs”), which were outstanding prior to August 5, 2020 and held by certain officers, directors, employees and consultants of the Company, into stock options (the “Converted Options”). The New Options and Converted Options were issued or converted, as applicable, in accordance with applicable regulatory requirements, the grant agreements between the Company and the holders of the RSUs and the terms and conditions of the Company’s equity incentive plan. The strike price of the New Options and the Converted Options is the 5-day weighted average price of the Company’s common shares calculated from the date of issuance.
The issuance of the Reissued Options, the New Options and the Converted Options will affect all option grants to the Company’s CEO, CFO and certain grants to other members of the executive management team.
MJardin’s mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin owns multiple operations in Canada, supplying the market with premium products. We are committed to our Canadian First Nation joint ventures and all our strategic partnerships across the cannabis supply chain. MJardin is publicly listed on the CSE (MJAR) and the QXOTC (MJARF) and headquartered in Toronto, Ontario and Denver, Colorado.
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.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may’, ‘will’, ‘should’, ‘could’, ‘would’, ‘expects’, ‘intends’, ‘plans’, ‘anticipates’, ‘believes’, ‘estimates’, ‘projects’, ‘predicts’, ‘potential’, ‘outlook’ or ‘continue’ or the negative of those forms or other comparable terms. Statements about, among other things, future developments in the business and operations of MJardin, contain forward-looking information. These statements should not be read as guarantees of future performance or results. The Company’s forward-looking information and forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and forward-looking statements, including but not limited to: our ability to identify and pursue growth, financing and other strategic objectives, and the regulatory and economic environments in the jurisdictions we operate or intend to operate or invest in. Reference should also be made to the risks and uncertainties which are discussed in greater detail in the “Risk Factors” section of the Company’s Annual Management’s Discussion and Analysis filed on SEDAR and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that any proposed transactions will occur or that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information and forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information and forward-looking statements. No assurances are given as to the future trading price or trading volumes of MJardin’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking information and forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise. MJardin assumes no responsibility to update or revise forward-looking information and forward-looking statements to reflect new events or circumstances unless required by applicable law.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.
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Chief Executive Officer
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