DENVER and TORONTO – MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, these days announced it has finalized the style for its Warman Road project in Winnipeg, Manitoba (“Warman”), a hybrid facility encompassing indoor and greenhouse production along with complete EU GMP certified extraction, processing and packaging capabilities. The Corporation also announced the signing of a non-binding Letter of Intent (“LOI”) with Peguis Very first Nation (“Peguis”) for a Joint Venture (“JV”) in connection with the operation and ownership of Warman.
Crucial facts of the proposed JV are as follows:
Peguis to acquire current land and buildings from MJardin for C$11 million and execute a concurrent lengthy term lease back to the JV
Peguis to moreover fund the Capital Expenditures needed to comprehensive Phase two of the facility for around C$20.five million
MJardin and Peguis to personal 49.% and 51.% of the JV, respectively
MJardin will hold or nominate a majority of seats on the JV Board of Directors and will handle the new Facility below a lengthy term, renewable Managed Solutions Agreement (“MSA”)
Phase two of the create-out will see the facility accomplish Q2 2020 production capacity of around four,500 kg of higher-high-quality dried flower and 800 litres of bulk oil for use in refined items
The website has the infrastructure to help additional expansions in the future.
“We are extremely pleased to announce this transaction and are hunting forward to developing our current retail partnership with Peguis Very first Nation in a material way. Our enhanced Warman strategy is extremely scalable and will give Canadian and International markets with the higher high-quality flower that MJardin is identified for, as nicely as a new variety of customer items leveraging our current Canabella acquisition,” mentioned Patrick Witcher, COO of MJardin. “This method of delivering a diversified solution mix gives MJardin with a far more robust and resilient income model in the brief run and superior positioning for addressing future industry trends, locally and internationally. Our new style gives this at a reduced capital price, when optimizing EBITDA margins and return on invested capital.”
“This is an thrilling step and represents a corner stone in Peguis’ target of establishing material income and employment possibilities inside this sector,” mentioned Glenn Hudson, Chief of Peguis Very first Nation. “We have been regularly impressed with the capability and experience demonstrated by the MJardin teams across the complete organization and the passion they bring to this company matches the passion with which we are pursuing a improved future for our Men and women.”
About MJardin Group
MJardin is a cannabis management platform with in depth knowledge in cultivation, processing, distribution and retail. For more than 10 years, MJardin has refined cultivation methodologies, created state of the art facilities and implemented vertical integration for and on behalf of license owners. MJardin is primarily based in Denver, Colorado and Toronto, Canada. For far more facts, please take a look at www.mjardin.com.