MJardin Group Inc (CSE: MJAR), a leader cannabis management company that oversees the operation of many cultivation facilities, announced today that they have begun trading on the Canadian Securities Exchange (CSE) under the “MJAR” symbol.
This announcement came after a press release on November 13, where the company announced a reverse takeover of Sumtra Diversified Inc, in which the latter would change its name to MJardin Group and have its shares delisted from the TSX Venture Exchange.
“With more than ten years of professional cannabis cultivation, processing, distribution and retail, MJardin is among the world’s most experienced cannabis companies, with a proven track record of operational excellence,” said CEO Rishi Gautam. “Listing on the Canadian Securities Exchange is a significant milestone in our evolution and a testament to our team’s dedication and focus on building a preeminent global cannabis management platform. As we enter the public markets, we believe that MJardin is well positioned for continued growth in the U.S. and Canada, as well as international expansion in Europe, Africa and Latin America.”
Founded back in 2009, MJardin started managing cultivation facilities in Colorado, before expanding as both an operator and an institutional asset manager with over 35 facilities under their umbrella. They also have more than 100 facilities planned and have sold over 100,000 kg of cannabis while boasting cultivation costs of only $1.00 per gram as well as producing 360 grams per sq. ft. annually.
The announcement of the listing followed other news earlier today in which the company revealed they were going to make another acquisition, GrowForce Holdings Inc, a cannabis company based out of Toronto.
This acquisition would push the total number of active facilities under their management to 49. MJardin will acquire 100% of all outstanding shares of GrowForce in an all-stock transaction valued at C$275 million.
“We are very supportive of this strategic transaction and believe it will create additional synergies and opportunities for MJardin in Canada and internationally,” said Bridging Finance CEO David Sharpe, one of MJardin’s many business partners across the continent according to the National Post. “Our strategic partnership with MJardin includes new economic development opportunities including opportunities to invest in cannabis-related job and wealth creation for First Nations communities across Canada.”
The company predicts that it will bring in $162 million in revenue by 2019 according to an investor presentation, with the following year’s estimations going as high as $325 million. MJardin executives have said they will continue to expand in key markets via acquisitions and organic growth in Florida, California, New York, Arizona, Massachusetts, and Canada.
On an international level, the company will focus mainly in European hotspots such as Germany, Italy, Spain, and Switzerland. Latin America and Africa, however, would be considered as locations to build low-cost cultivation facilities, as is currently in talks to expand in Uganda and Columbia.
MJardin Group Inc Company Profile
MJardin is a specialized global cannabis management platform that develops partnerships with licensed operators. MJardin provides its partners turnkey cannabis cultivation, processing and retail solutions, including licensure support, facility design, systems implementation, facility ramp-up and the day-to-day operational management required in a large-scale, professionally managed cannabis facility. MJardin is headquartered in Denver, Colorado with an additional office in Toronto, Ontario. – MJardin