Mr. Pat Witcher reports
MJARDIN ANNOUNCES FIRST SHIPMENT OF RECREATIONAL CANNABIS FROM BRAMPTON FACILITY TO THE ONTARIO CANNABIS STORE
MJardin Group Inc. partner Robes Inc.'s BLLRDR brand has shipped its first cannabis dried flower products. Shipments will initially be to the Ontario Cannabis Store (OCS), with shipments to other provinces planned to begin shortly.
MJardin expects the first shipment to be available for purchase before Dec. 31, 2020. The initial shipment includes 6.3 kilograms (kg) of BLLRDR Afghani Bullrider and 9.5 kg of Wedding Cake, which will be available in 3.5-gram jars. A subsequent order of 7.7 kg and 8.2 kg of the BLLRDR Afghani Bullrider and Wedding Cake, respectively, is scheduled for Jan. 4, 2021. Robes's BLLRDR has been able to build a great following across Canada, with its highly acclaimed Afghani Bullrider strain garnering strong media, retailer and customer attention. The products will be priced competitively in the premium segment of the Ontario market and MJardin expects significant demand for this high-quality dried cannabis product.
MJardin is a proud cultivation partner with Robes, whose BLLRDR brand is a collaboration that includes Grammy award-winning producer Noah Shebib and legendary grower of the Afghani Bullrider strain, Jef Tek. MJardin develops the genetics and manages the cultivation operations for the brand.
"This is a significant milestone for MJardin as we ramp up our capacity to serve Canadian markets and generate revenue from our brands and partnerships through the end of 2020 and vigorously into 2021," said MJardin chief executive officer Pat Witcher. "We are strong in our belief that our new state-of-the-art cultivation and processing facilities are important differentiators, which will enable us to increase margins and reduce costs in this growing market."
"At MJardin, quality cannabis is at the core of what we do, which is why this partnership is such a good fit for us," said Eric Gattoni, senior vice-president of business development. "These are exciting times at MJardin. We are extremely happy for our partners at Robes and are very proud to use the cultivation methods we have developed over the last decade to support them in achieving this goal. This launch, with the upcoming launch of our very own Flint & Embers retail brand, has given us a lot to be excited about."
MJardin announces a restructure of the omnibus long-term equity program to align with its leadership framework and operational goals.
On Nov. 5, 2020, the company announced that certain officers, directors, employees and consultants agreed to cancel an aggregate of 1,646,800 stock options that were outstanding prior to Aug. 5, 2020. The stock options were voluntarily surrendered by the optionholders for no consideration. On Sept. 30, 2020, the MJardin board of directors reissued the options in accordance with applicable regulatory requirements, the grant agreements between the company and the optionholders, and the terms and conditions of the company's equity incentive plan. The strike price of the reissued options is the five-day weighted average price of the company's common shares calculated from the date of issuance.
In addition to the reissued options, on Sept. 30, 2020, the company issued an aggregate of 4,069,965 new stock options to certain officers, directors, employees and consultants of the company and converted an aggregate of 902,860 restricted share units (RSU), which were outstanding prior to Aug. 5, 2020, and held by certain officers, directors, employees and consultants of the company, into stock options. The new options and converted options were issued or converted, as applicable, in accordance with applicable regulatory requirements, the grant agreements between the company and the holders of the RSUs, and the terms and conditions of the company's equity incentive plan. The strike price of the new options and the converted options is the five-day weighted average price of the company's common shares calculated from the date of issuance.
The issuance of the reissued options, the new options and the converted options will affect all option grants to the company's chief executive officer, chief financial officer and certain grants to other members of the executive management team.
About MJardin Group Inc.
MJardin's mission is to set the standard for successful ownership of assets in the cannabis industry. Its founders spent a decade refining cultivation methodology, collecting and implementing data-driven standards, and designing state-of-the-art facilities. Today, MJardin owns multiple operations in Canada, supplying the market with premium products. It is committed to its Canadian first nation joint ventures and all its strategic partnerships across the cannabis supply chain.
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