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MJardin Group Announces Fourth Quarter and Full Year 2018 Financial Results
MJardin Group Announces Fourth Quarter and Full Year 2018 Financial Results.
About this update from Mjardin Group Inc
[{"type":"text","content":"\nDENVER and TORONTO, May 07, 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 year ending December 31, 2018. All amounts are expressed in Canadian dollars unless otherwise indicated.\n Revenue increased 38% Y-o-Y to $27.5 million;Completed the acquisition of GrowForce Holdings Inc. (“GrowForce”), a Canadian LP with a footprint in 3 Canadian provinces, estimated run rate production of 24,400 KG and strong strategic relationships with several First Nations; Completed the acquisition of the assets of F&L Investments LLC (“Cheyenne”), a facility located in Las Vegas, Nevada, with expected production capacity of approximately 5,800 KG;Received Cultivation and Sale licenses for the Company’s facility located in Brampton, ON (“WILL”) and completed first sale of product;From the first harvest in May 2018, MJardin’s WILL facility has produced average yields of 87 grams of flower and extractable trim per square foot of bench space, which management believes to be amongst the top yields in the industry. Subsequent Events January 6, 2019, the Company announced a definitive agreement with Rama First Nation to construct and operate a cultivation and retail complex. This joint venture, 51% owned by Rama First Nation and 49% owned by MJardin, is strategically located across from Rama Casino with 3 million visitors annually. On April 1, 2019, MJardin announced the sale of 11% of its position in AtlantiCann Medical Inc. to the 13 Mi’kmaq Nova Scotia First Nations. In connection with this agreement, MJardin continues to explore potential retail partnerships between the Company and  the Mi’kmaq First Nations in Nova Scotia.  The proceeds of this transaction were utilized to pay-down existing debt.   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.  Cannabella’s capabilities position MJardin to drive stronger margins from its existing Cheyenne facility as products are transferred into more value-add segments of the ...