MJ Holdings Expects To Harvest 1,300 Pounds Of Cannabis Per Acre This Summer

MJ Holdings Inc. (OTCPK: MJNE) is in the midst of growing around 7,000 cannabis plants.

The Las Vegas-based company, which provides cultivation and production management services and licensing support, said Tuesday that it is utilizing its 130,000-square-foot cultivation facility to satisfy the raised demand for legal cannabis products that it expects in the state as it reopens. 

The seedlings are on the way to the company's cultivation facility in the Amargosa Valley of Nevada, MJ Holdings said. The expected yield from a 1-acre portion is around 1,300 pounds of flower and trim, according the company. 

The due date for the summer harvest is expected to be in late June. MJ Holdings said it has scheduled the planting of an additional 8,000 plants on a 3-acre area shortly thereafter. 

The summer grow scheduled for planting in early July is expected to be harvested in 2020, with yields of approximately 6,000 pounds of marijuana flower and trim.

"We continue to prove and improve on our unique style of growing. With every crop we evolve and improve upon our previous successes by adjusting key indicators such as strain selection and nutrient profiles to give us the best possible results and useable data. We are extremely excited about the future of our naturally grown products," CEO Paris Balaouras said in a statement.

Last year, MJ Holdings agreed to acquire a 49% interest in Nevada cultivation facility Red Earth LLC for $441,000, plus $4.5 million in additional capital contributions.

Photo courtesy of MJ Holdings.