JJL
3 years ago
Flint
8:00 AM ET 7/20/21 | GlobeNewswire
Flint & Embers Enters Canada's Largest Recreational Cannabis Market, Recreational Product Line Now Available in Ontario
TORONTO, July 20, 2021 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (CSE: MJAR) (the "Company" or "MJardin"), a leader in premium cannabis production is pleased to announce that its flagship brand, Flint & Embers, has successfully shipped its first orders of cannabis to the Ontario Cannabis Store ("OCS") for retail sale. The OCS is Ontario's only legal online retailer and is responsible for the wholesale distribution of recreational cannabis products to private retailers in the province. MJardin expects its Flint & Embers products to be available for purchase from private cannabis retailers throughout Ontario as well as online through the OCS at www.ocs.ca prior to the end of July 2021.
The Flint & Embers brand provides high quality, small-batch cannabis made with MJardin's best-in-class facilities. Flint & Embers differentiates itself from other brands by using purpose-built modular systems and sought-after genetics.
MJardin remains committed and focused on targeted consumer segments and differentiating the Company during the rapid growth of retail cannabis stores in Ontario. The Alcohol and Gaming Commission of Ontario, which regulates the cannabis industry, aims to approve dozens of cannabis retail outlets each week with the goal of hitting 1,000 stores across the province by October 2021. In addition, the OCS has focused on dropping prices to draw in customers who would typically purchase cannabis illicitly. With two state-of-the-art facilities across Canada, and a new look for the brand that features bold hues and a clean design highlighting Flint & Embers unique and dynamic strains, the Company is confident in its ability to service the growing needs of Ontario consumers with Flint & Embers' top shelf cannabis products.
"We are delighted that our cannabis collection will now be available to consumers in Ontario, one of the key growth centres for the cannabis industry at large," said Pat Witcher, Chief Executive Officer of MJardin. "These shipments mark a major milestone for the brand. Together with our previously announced supply agreements in Alberta and British Columbia, we now have access to over 70% of Canada's established retail cannabis network. This brings a fundamental change as we now begin to exhibit our true strengths, allowing the brand to grow organically."
MJardin continues to pursue additional licensing opportunities across Canada and has secured additional opportunities for launching new products in the province of Ontario in the near future.
About MJardin Group
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. MJardin is publicly listed on the CSE (MJAR) 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.
Forward-Looking Information
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, the approval by the Nevada regulatory authorities of the license transfer to Harvest with respect to the Cheyenne facility, the use of proceeds from the Cheyenne facility sale, the suspension and potential shutdown of the Warman facility, the Sales and Investment Solicitation Process and any potential outcomes thereof, and statements regarding the potential, timing, and examples of any strategic alternatives, 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, general market conditions, 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.
Investor Contact
Pat Witcher
Chief Executive Officer
pat.witcher@mjardin.com
Media Contact
Terra Kimery
Director of Marketing & Brand
terra.kimery@mjardin.com
Related Links
www.mjardin.com
www.flintandembers.com
www.ocs.ca
> Dow Jones Newswires
July 20, 2021 08:00 ET (12:00 GMT)
Pennyes
4 years ago
MJARF- Stock Performance!?
Cash in Hand, Revues & Profits pouring in, ultra thin A/S, O/S, Float & Debt Free!?............ WTF, you can't get any better OTC stock than MJARF, but yet, the stock price is shitty, fucked up!?
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It is simply perplexing as to why a "solid revenue/profit" making company like Mjardin stock cratered and falling all day and every day?... the drop in stock price Must stop!.
here are some financial highlights, the co made more than 13M revenues for Dec 31 2020. That is a solid performance, far better than most cannabis stocks trading in dollars?.
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WILL" - Cultivation Facility in Brampton, Ontario: During Q4 2020, the WILL Facility made its first sale through retail channels, selling approximately 266 kg in total, generating total revenue of $0.8 million. Total sales for 2020 were approximately 474 kg generating total revenue of $1.6 million (2019 - 413 kg, $2.0 million). Sales are expected to increase as the Company sells through additional retail channels. On March 29, 2021, the Company made its first shipment of recreational cannabis to the province of Alberta.
The WILL Facility was operating at full capacity during Q4 2020 with approximately 487 kg of dried flower harvested. Total dried flower harvested for the full year 2020 was approximately 934 kg. On October 20, 2020, the Company finished all hiring activities. The WILL Facility is now fully staffed and split shifts have been implemented for COVID-19 mitigation procedures; however, this is not expected to impact production.
"AMI" - Cultivation Facility in Lower Sackville, Nova Scotia: Retail sales were first made during Q2 2020 and have continued to expand as a percentage of total sales in 2020. The products have been well received in Ontario and Nova Scotia, and AMI is expected to sell 100% of its product through retail channels going forward. The higher margin retail sales led to an overall increase in the net earnings from AMI for the year ended December 31, 2020 of $4.2 million compared to $2.8 million for the same period in 2019. As at December 31, 2020, AMI's cash position was $6.3 million. For the year ended December 31, 2020, AMI's revenues earned was $13.3 million (2019 - $6.3 million).
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