MJ Holdings, Inc. Announces Successful Culmination of Interim CFO Project
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Company completes critical initiative of establishing process to achieve and maintain SEC filing compliance.
Las Vegas, NV, April 06, 2021 (GLOBE NEWSWIRE) -- MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides services to the regulated cannabis industry inclusive of cultivation and production management, infrastructure development and sales is pleased to inform shareholders that Jim Kelly, Interim-CFO since October 2020, has completed his task in stabilizing the Company’s financial structure and is leaving the Company to return to his work as a stock analyst and consultant.
In October 2020, Jim Kelly joined the Company as Interim-CFO. The critical initiative at the time was to work with Paris Balaouras, Chief Cultivation Officer, Roger Bloss, Interim-CEO, Wayne Anderson, the Company’s Securities and Exchange Commission (“SEC”) consultant and Bernie Moyle, Corporate Secretary on the daunting and time-sensitive project of bringing the Company current with the financial filing requirements with the SEC. Through Q3 2021, the Company’s filings are current, and the Company’s 2020 Annual Report is on schedule to be filed shortly. As this initiative has been successfully closed out, Mr. Kelly will now relinquish his role as Interim-CFO and return to futures and stock trading. As Mr. Kelly transitions from the Company, a new financial team has been formed to include both outside consultants and associates of MJ Holdings. Assisting the CEO and CCO will be Bernie Moyle, Corporate Secretary, who will take on the additional roll of Principal Financial Officer. Mr. Moyle’s new team will include the Company’s outside audit firm, Sadler Gibb & Associates, SEC Consultant, an accounting firm expected to be retained shortly and new in-house staff positions to support accounting and compliance.
Roger Bloss, Interim CEO of MJ Holdings noted that, “We have a fantastic relationship with Mr. Kelly, and cannot thank him enough for his focused leadership and tenacious ‘can do’ attitude that has helped us restructure our financial and compliance team and build our balance sheet. His leadership brought us to a respectable position in the OTC Marketplace. The work that Jim completed is consistent with our previously stated goal of operating a successful organic, out-door-grow cannabis cultivation enterprise and a results-oriented company that always keeps a focus on the value it brings to all of its stakeholders including our associates, vendors, and shareholders.”
Paris Balaouras, Chief Cultivation Officer added, “To have been able to attract the talent of Jim Kelly to apply his focused skill set to the specific needs that we had at the time is just remarkable. We wish him the very best of luck as we move forward with the game plan that he helped to structure. The new team will be orchestrated by Mr. Moyle and will include all necessary aspects of SEC compliance, audit, and an integration with Metrc and our Apex accounting system. Jim has really helped us to rebound, and brought us to a good, stable place both internally and as a public company. Now, we are poised to grow”
About MJ Holdings, Inc.
MJ Holdings Inc. (OTCPK: MJNE) is a diversified holding company providing services to the regulated cannabis industry. Through our subsidiaries we provide cultivation and production, management services as well as infrastructure sales and development. The Company’s cultivation operations include management of a three-acre co-operative for in the Amargosa Valley of Nevada. The Company currently manages a State of Nevada issued cannabis production license and expects to provide manufacturing and production facilities and resources to third party manufacturers and cultivators as part of our production campus that is currently under development. The Company also provides management consulting services to state licensed dispensaries.
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
Company Contact: Roger Bloss, Interim Chief executive Officer firstname.lastname@example.org (805) 796-6663
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