RE:AnyNevergiveup9 wrote: Hope for the financials tomorrow?
ORIGINAL: MJardin Group Announces Fourth Quarter and Full Year 2019 Financial Results
2020-06-15 08:00 ET - News Release
DENVER and TORONTO, June 15, 2020 (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 its fourth quarter and fiscal year ending December 31, 2019. All amounts are expressed in Canadian dollars unless otherwise indicated.
Fourth Quarter 2019 Highlights:
- Signed long-term agreement with Robes, Inc. to cultivate unique strains for sale in the Canadian recreational market at MJardin’s WILL Facility.
- Received Cultivation and Processing license for Warman facility.
- Reduced SG&A by 46% compared to the same period in 2018.
“When I stepped into the role of CEO, MJardin was in a state of transition. Since I have endeavored to place this business on strong footing to succeed going forward, by narrowing the focus of operations and doubling-down on our core competencies, namely, the cultivation of high-quality and high THC cannabis. We have completed the necessary clean up and refocus of our operations and can move into 2020 as a much more narrowly focused organization,” said Pat Witcher, CEO of MJardin Group, Inc. “With construction completed at the majority of the Canadian facilities and right-sized operations, we are well positioned to focus on a strong entry to the Canadian recreational market in the second half of 2020 and turn the corner as a business. I believe the true potential of MJardin will finally be highlighted to the consumers in the markets we serve, beginning in 2020. Furthermore, the addition of Edward Jonasson to our executive team has been a tremendous help and makes me confident we are on the correct path.”
“For the past six months, I have been focused on addressing and ultimately improving the Company’s internal processes and financial reporting. Now that the Company has unwound historically unprofitable commitments, I will continue to focus on increasing transparency to our investors while working with Pat to continue stabilizing our operations and positioning MJardin for growth as we push forward towards delivering on the promise and value of our current asset base,” said Edward Jonasson, CFO of MJardin Group Inc.