MJ Holdings Shareholder Update 2019

Las Vegas, NV, Dec. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Holdings, Inc. (OTC Pink: MJNE) (the “Company”):

As our second year of operations comes to a close, we want to share with you, our fellow shareholders, a recap of our challenges and accomplishments this past year and, more importantly, our goals for 2020.  While we have faced challenges and learned important lessons, we also have accumulated valuable assets and are now positioned to move from a development stage company to our next, even more exciting and hopefully rewarding phase.

As a U.S.-based, publicly traded company in the cannabis industry, we face greater regulatory headwinds and more SEC scrutiny than our Canadian compatriots and private entities in our industry.  As a result of this, we have faced on-going challenges with the review and filing of our Company’s financials; and, thus, it has taken us a bit of time to identify and find the right audit firm that understands our industry, our corporate needs and has the resources required to support us. We have grown quickly, and some may say too quickly, as we underestimated both the internal and external resources that were required to insure the timely filing of information that is critical to providing our shareholders and the public at large with transparent, accurate and real-time understanding of what MJ Holdings is today and why we believe the future is bright.  Over the past six months, we have: (i) found and are working closely with an audit firm that will help us thrive, and (ii) we have added strength to our management team at the Chief Financial Officer and President roles (hired in June and July, 2019, respectively).  

In spite of these challenges, we are proud of what we have achieved over this past year. And, while we can always do better, we are excited about what we can achieve together in the coming years. Just to highlight some of our accomplishments, this was a year in which we acquired additional marijuana licenses (cultivation and production); purchased additional properties and leased additional production space; improved our infrastructure; added much needed internal and external resources and key employees, and raised significant equity capital - all without diluting shareholder value and while actually reducing our total number of shares outstanding: