MJardin Group, Inc., a leader in premium cannabis production, today announced that it has decided to suspend construction and certain business activities at the Company’s Warman facility, effective July 12, 2021. Additionally, the Company has announced that, as a part of its previously announced restructuring engagement with Restructur Advisors (“RA”), it has launched a Sales and Investment Solicitation Process (SISP) relating to the Company, and all its Canadian and US assets.
In response to market conditions, the Company is placing Warman into care and maintenance until further notice. The Company will keep the Facility’s Health Canada licensing in place and retains the option, at the Company’s sole discretion, to take the Facility out of care and maintenance or if circumstances require, completely shut down Warman. The suspension of ongoing construction and certain business activities at Warman required the Company to terminate seventeen (17) employees in Canada and the United States and will enable the Company to preserve cashflow while it facilitates the SISP. The Company remains in constant dialogue with its business partners at Warman, as it works to identify potential transactions in respect of the Facility.
Further to the Company’s April 30, 2021 press release announcing the formation of a special committee of independent members of the board of directors (the “Special Committee”), the Special Committee has recommended that MJardin conduct a formal, wide ranging SISP in order to identify all potential options to maximize value for all of the Company’s stakeholders. In response, RA, with the Company’s management team, commenced the SISP on or about July 12, 2021, seeking expressions of interest, in any combination, in respect of the Company, its assets, and the Company’s CSE listing. All interested parties are invited to contact:
The data and diligence phase of the SISP is currently expected to conclude on August 12, 2021 – interested parties are encouraged to make contact as soon as possible.
About MJardin Group
MJardin Group’s mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin Group owns multiple operations in Canada, supplying the market with premium products. MJardin Group is publicly listed on the CSE (MJAR) and headquartered in Toronto, Ontario and Denver, Colorado.