TORONTO and DENVER, Jan. 15, 2020 (GLOBE NEWSWIRE) — MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, announced today the closing of a non-brokered private placement and share issuance of 4,716,982 common shares at a price of C$0.212 for an aggregate subscription amount of C$1,000,000. Robes Inc., a luxury cannabis brand house focused on bringing exotic and rare strains to Canadian consumers, subscribed for the full amount of the private placement.
MJardin has previously announced that it will dedicate a portion of its cultivation canopy space to grow Robes’ exclusive strains as part of their November 2019 contract. MJardin will also use a portion of the proceeds to construct a packaging line at its “WILL” facility in Ontario in order to satisfy anticipated demand for packaged Cannabis products for retail distribution.“We are proud that Robes has entrusted MJardin’s cultivation expertise to grow its unique and rare strains, including the coveted Afghani Bullrider strain,” said Pat Witcher, CEO of MJardin. “In addition, the implementation of a packaging line will allow MJardin to enjoy the economic benefits of selling directly into the retail marketplace. We look forward to taking the next step and are excited to supply BLLRDR as well as other MJardin proprietary strains to the Canadian market.”Robes Inc. owns brands such as BLLRDR and Robes Cannabis, and has an extensive catalogue of market-leading cannabis genetics including the Afghani Bullrider. BLLRDR is a cannabis brand collaboration with Noah “40” Shebib, and legendary grower and breeder of the Afghani Bullrider, Jeff Tek.About MJardin GroupMJardin 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.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 InformationThis news release contains forward-looking information based on current expectations. Statements about, among other things, future developments and the business and operations of MJardin, our production capacity, our production results, the receipt of any pending regulatory approvals or licenses, the growth of our global footprint and our intentions to leverage our scale for continued organic growth and to pursue strategic investments are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include, but are 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. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that the proposed acquisition will occur and 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. Accordingly, readers should not place undue reliance on the forward-looking information. MJardin assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
Bay Street News