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MJardin Group Announces First Quarter 2019 Financial Results and Conference Call
MJardin Group Announces First Quarter 2019 Financial Results and Conference Call.
About this update from Mjardin Group Inc
[{"type":"text","content":"\nDENVER and TORONTO, May 30, 2019 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced its financial and operating results for the quarter ending March 31, 2019. All amounts are expressed in Canadian dollars unless otherwise indicated.\n Generated revenues of $10.9 million;Increased monthly production at the Brampton, Ontario facility “WILL” by 50% to a run-rate of approximately 700 kg of dried flower;Continued retrofit of remaining nine grow rooms at WILL, construction to be completed by the third quarter and revised production estimates to approximately 2,200 kg of dried flower annually;Completed first harvest at Halifax, Nova Scotia facility “AMI”, fully propagated all grow rooms and remain on track to have AMI at full harvest levels by the fourth quarter of 2019;Completed previously announced definitive agreement with Rama First Nation for the development of a cultivation, extraction and retail facility located adjacent to Casino Rama;Company began publicly trading on the OTC under ticker symbol MJARF. Subsequent Events On April 22, 2019 the Company announced the acquisition of Carson City Agency Solutions dba Cannabella (“Cannabella”) a leading Nevada producer of edible products with distribution throughout the state.  On May 28, 2019 MJardin completed construction of the Company’s 76% owned “GRO” cultivation facility in Dunnville, Ontario. Additionally, the Company submitted the Evidence of Readiness (EOR) package to Health Canada for the purposes of receiving a Cultivation and Processing Licence. On May 29, 2019 amended the terms of the Company’s existing loan with the senior lender to remove the callable feature and convert into a term loan, this enables MJardin to simplify the Company’s capital structure and fully focus on executing the operational plan. “Our Q1 results reflect the successful implementation of our operating plans.  We refocused our priorities back to what we do best: grow high yield premium products,” commented Adrian Montgomery, Chairman and Interim CEO. “We made considerable progress towards the completion of our build outs and expansion of our U.S. and Canadian facilities, commit...