ORIGINAL: MJardin Provides U.S. Operations Update
2020-11-24 08:00 ET - News Release
TORONTO and DENVER, Nov. 24, 2020 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, announced today that as part of its ongoing review, evaluation and turnaround process, it has terminated certain management services agreements and consulting agreements (“MSAs”) with parties located in Denver, Colorado, effective immediately.
Following this announcement and the disclosure contained in the Company’s press release dated March 31, 2020, the Company will no longer have any active MSAs in Colorado.
The MSAs between the Company and 3B Ventures, LLC and TwoG Ventures, LLC, (together, the “Clients”) will be terminated, on the consent of the parties, effective immediately. The termination of the MSAs with the Clients will not affect the promissory notes, intellectual property agreements and lease obligations currently in place between the Clients and MJardin.
Termination of the MSAs will substantially reduce U.S. segment revenues and ongoing management obligations, thus reducing costs, which will place fewer cash flow demands on MJardin. The Company remains committed to exploring growth opportunities in the Colorado market while maintaining strict discipline in its approach to capital deployment.
About MJardin Group
MJardin Group’s mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin owns multiple operations in Canada, supplying the market with premium products. We are committed to our Canadian First Nation joint ventures and all our strategic partnerships across the cannabis supply chain. MJardin is publicly listed on the CSE (MJAR) and the QXOTC (MJARF) with offices in Toronto, Ontario and Denver, Colorado.
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.