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MJardin Group Inc (OTCMKTS:MJARF) Posts Revenues Of CAD 2.1 Million In Q2 2020 Revenues: Terminates Takeover Of Cannabella

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MJardin Group Inc (OTCMKTS:MJARF) reported a decline of 69.1% YoY to CAD 2.1 million in revenues in Q2 2020. It’s JV -AtlantiCann Medical Inc (AMI) posted an increase of 330% QoQ to contribute revenues of CAD 1.3 million to MJardin. The company reduced its SG&A expenses by 20% in Q2 2020 compared to Q2 2019.

Highlights

MJardin commenced retail sales of its products for the first time through Nova Scotia Liquor Corporation and AMI.  The company completed the first harvest from the GRO facility. To commence BLLRDR sales in H2 2020, MJardin populated ROBES products in its flower rooms.

In advanced negotiations to sell 2,000 kg

MJardin is in negotiations with a large license holder in Canada to sell 2,000 kg of its products in 2020. The company conducted R&D at its Warman facility to identify distinct strains for the mass manufacture and sell in Q4 2020.

CEO of MJardin, Pat Witcher, said the company achieved better results in Q2 2020 because of the excellent efforts put in by its teams. The company is pursuing partnerships for better growth opportunities. It intends to use its expertise and boost profitability with no need for additional capital.

MJardin plans to complete run-rate production at GRO facilities and WILL facilities by Q3 2020. It expects to obtain a license for Phase 2 expansion of AMI during Q4 2020. The company is exploring expansion opportunities in select states of the US.

Terminates acquisition of Cannabella

MJardin terminates the takeover of Carson City Agency Solutions, which engages as Cannabella. In Carson City, Nevada, Cannabella engages in the manufacture of topicals and edibles.

As per the terms of the previous accord, the company could have completed the acquisition in late 2019. The company cited a delay in obtaining a license for the termination of the agreement. Both vendor and MJardin are in discussions over the settlement of expenses, fees, and deposits, given to the vendor for the takeover.

The founders of MJardin mastered the cultivation techniques and implemented data-driven standards to establish sophisticated facilities. The company engages in managing cannabis assets. It supplies premium products in three Canadian provinces and operates multiple locations in the US.

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