DENVER and TORONTO, April 29, 2021 (GLOBE NEWSWIRE) – MJardin Group, Inc. (“MJardin“Or the”Business“) (CSE: MJAR) (OTCQX: MJARF), a leader in the production of premium cannabis, announced today that it has reached an agreement with Harvest Health & Recreation Inc.Harvest“) (CSE: HARV, OTCQX: HRVSF) for the final settlement and reduction of the final payment previously disclosed in connection with the December 2019 sale of MJardin’s Cheyenne facility to Harvest (the”Transaction“) For the amount of US $ 4.25 million.
In accordance with the requirements of the Company’s existing credit facility, the Company will cause some of its subsidiaries to use the Canadian dollar equivalent of this final payment of US $ 4.25 million to repay a portion of the accrued interest owed by said subsidiaries to the Company’s seniors. lender. In connection with this debt payment, the senior lender has agreed to establish a new revolving credit line in favor of said subsidiaries of the Company for a total maximum principal amount of C $ 5,326,525 (the “Maximum quantity”). This facility is established as a sub-facility under the existing credit facility between the main lender and said subsidiaries of the Company and will accrue interest at a rate of 15% per annum, compounded monthly, with a one-time work rate of 2%. of the maximum amount paid to the primary lender.
The Company also announced today that it will report its financial results for the fourth quarter and the full year ended December 31, 2020, prior to the market opening on April 30, 2021.
About MJardin Group
The mission of MJardin Groups is to set the standard for successful asset ownership 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 Group owns multiple operations in Canada, supplying the market with premium products. We are committed to our Canadian First Nations joint ventures and all of our strategic partnerships throughout the cannabis supply chain. MJardin Group is publicly listed on the CSE (MJAR) and is headquartered in Toronto, Ontario and Denver, Colorado.
The CSE has in no way passed on the merits and has neither approved nor disapproved of the content of this press release.
This press 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 in the United States. Securities Act of 1933, amended (the “US Securities Law“) Or any state securities law and may not be offered or sold within the United States or to American persons unless registered under the United States Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities law and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or current information or condition, but rather represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and external. of the Company’s control. In general, such forward-looking information or forward-looking statements can be identified by using forward-looking terminology such as, ‘may’, ‘will’, ‘should’, ‘could’, ‘would’, ‘expect’, ‘intend’, ‘plan ‘,’ anticipates’, ‘believes’,’ estimates’, ‘projects’,’ predicts’, ‘potential’, ‘prospect’ or ‘continue’ or the negative of those forms or other comparable terms. Statements regarding, among other things, future developments in MJardin Group’s business and operations, approval by Nevada regulatory authorities of the transfer of license to Harvest with respect to the Cheyenne facility, use of proceeds from The Transaction and statements about the potential, timing and examples of any strategic alternatives contain forward-looking information. These statements should not be read as guarantees of future performance or results. The Company’s forward-looking information and forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied therein. future. -Forward-looking information and statements, including, but not limited to: our ability to identify and pursue growth, financing and other strategic objectives, and the regulatory and economic environments in the jurisdictions in which we operate or intend to operate or invest. Consideration should also be given to the risks and uncertainties discussed in greater detail in the “Risk Factors” section of the Company’s Annual Management Discussion and Analysis on file with SEDAR and as described from time to time in the documents. filed by the Company with the Canadian securities regulatory authorities. . Readers are cautioned that the above list of factors is not exhaustive. Although such statements are based on reasonable assumptions of management as of the date they are made, no assurance can be given that proposed transactions will occur or that such forward-looking information will be accurate, as actual results and future events could differ materially. of those anticipated in such forward-looking information and forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. No guarantees are given about the future trading price or trading volumes of MJardin Group shares, or about the financial performance of the company in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to the Company’s forward-looking information and forward-looking statements contained in, whether as a result of new information, any future events or otherwise. . . Unless otherwise noted, this press release is as of the date hereof. The distribution of this press release does not imply that there have been no changes in the affairs of the Company after the date hereof, nor does it create any duty or commitment to update or supplement the information provided in this press release or otherwise. MJardin Group assumes no responsibility to update or revise forward-looking information and forward-looking statements to reflect new events or circumstances unless required by applicable law.
Caution Regarding Cannabis Operations in the United States
Investors should be aware that there are significant legal restrictions and regulations governing the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under U.S. federal law, among other things, to grow, distribute, or possess cannabis in the United States. USA. Financial transactions involving profits generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable federal money laundering law in the United States.
Although the approach towards the application of these laws by the federal government in the United States has tended towards the non-application against individuals and companies that comply with cannabis programs for medical or adult use in the states where such programs are legal , strict compliance with state laws regarding cannabis will not relieve the company of liability under US federal law, nor will it provide a defense to any federal proceeding that may be brought against the company. The application of federal laws in the United States is a significant risk to the Company’s business and any proceedings brought against the Company under them may adversely affect the operations and financial performance of the Company.
Capital markets and investor relations