DENVER and TORONTO, Sept. 16, 2019 (GLOBE NEWSWIRE) — MJardin Group, Inc. (“MJardin” or “the Company”)
(CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production,
announces a supply contract with ACA Müller ADAG Pharma Vertriebs GmbH
(“ACA Müller”), a subsidiary of Franchise Cannabis Corp. (“Franchise”),
for the supply offtake of a total of 2,250 kg of medical cannabis over a
nine month period in 2020 from MJardin’s 48,000 square foot Halifax
facility (“AMI”)*. ACA Müller has committed to purchase
250 kgs a month of high THC (>20%) medical cannabis flower during Q1
to Q3 2020 at a set price throughout the year. AMI remains on track for
EU GMP Certification by the end of this year and is expected to add an
additional 20,000 square feet by Q1 2020.
“This agreement is a key milestone for MJardin and AMI as it represents our first sales outside of North America,” said Pat Witcher, COO of Mjardin. “Entering into the European market allows MJardin to achieve premium pricing in new markets for approximately half of the monthly production at AMI and is the beginning of building out a vital new geographic market for distribution. We look forward to working with Franchise as our European distribution partner in this high growth region.”
“MJardin has built a reputation as an operator with a top cultivation team. The Halifax facility is truly world class and fits with our strict quality standards. This supply relationship will allow us to increase our sales volumes to meet growing demand,” said Clifford Starke, Franchise Cannabis’s CEO. “The German market added 20,000 new patients last quarter, and our inventories are being sold out month after month. We look forward to working with AMI and MJardin as we continue to build market share across pharmacy networks in the jurisdiction with the highest price per gram in the world.”
“We are excited for this partnership with Franchise and what it will bring to MJardin and AMI. Connecting with European markets, in this industry, is a milestone for the Mi’kmaq of Nova Scotia and we look forward to furthering our international relationships,” said Chief Mike Sack, Assembly of Nova Scotia Mi’kmaw Chiefs.
*AMI is a three-way partnership consisting of the Nova Scotia Mi’kmaq First Nations (51%), MJardin Group, Inc. (39%) and another minority shareholder.
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
About Franchise Cannabis Corp.
Franchise Cannabis is a global, fully integrated medical cannabis company with a leading German distribution platform built upon the first license granted in March 2017. With two distribution facilities in Germany serving a vast pharmacy network, a licensed cultivator in Denmark currently producing high quality medical cannabis, and supply relationships with prestigious cannabis groups globally, Franchise is on the cutting edge of the European medical cannabis market. Franchise also has one of the most complete and sought-after genetics collections in the world with over 220 strains, many of which have won Cannabis Cups and also has licensed CBD cultivation and extraction operations in Colombia and Uruguay. For more information, please visit: www.franchisecannabis.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.
This 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, trading of MJardin’s shares on the OTCQX Best Market, the closing of the Transaction, 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.
|MJARDIN INVESTOR CONTACT:|
|Ali Mahdavi||Patrick Witcher|
|Capital Markets & Investor Relations||Chief Operating Officer|
|FRANCHISE CANNABIS INVESTOR CONTACT:|
|For investor inquiries:|
Source: MJardin Group, Inc.
© 2019 GlobeNewswire, Inc.