MJ Holdings, Inc. Enters into Cultivation Management and Sales Agreement with MKC Development Group, LLC
February 01, 2021 at 09:15 pm IST
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On January 22, 2021, (the “Effective Date”), MJ Holdings, Inc. (“MJNE”) entered into a Cultivation Management and Sales Agreement (the “Agreement”) with MKC Development Group, LLC (the “Company”). Under the terms of the Agreement, MJNE shall retain the Company to provide oversight and management of MJNE’s cultivation and sale of products at MJNE’s Amargosa Valley, NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period of five (5) years. As deposits, security and royalty, the Company shall pay to MJNE: a 600,000 non-refundable deposit upon execution of the Agreement, and; (ii) a security deposit of 10,000 to be applied against the last month’s obligations and a 10,000 payment to be applied against the first month’s rent, and; (iii) 10,000 on the first of each month for security and compliance, and; (iv) a royalty of 10% of gross revenue less applicable taxes (hereinafter “Net Sales Revenue”) on all sales of product by the Company; and (v) the Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of 83,000.00 per month.
MJ Holdings, Inc. is a diversified cannabis holding company. The Company is engaged in providing cultivation management, asset and infrastructure development in the Las Vegas market. It is focused on providing a 360-degree spectrum of infrastructure, including cannabis cultivation, production of cannabis related products, management services, dispensaries, and consulting services. The Companyâs subsidiaries include Prescott Management, LLC, which provides day-to-day management and operational oversight to the Companyâs operating subsidiaries; Icon Management, LLC, which provides human resource management (HR) services to the Company and is responsible for all payroll activities and administration of employee benefit plans and programs; Farm Road, LLC, which owns approximately 260 acres of farmland in Amargosa Valley, Nevada; Condo Highrise Management, LLC, which manages the Company owned Trailer Park in Amargosa, Nevada; and Red Earth Holdings, LLC.
MJ HOLDINGS, INC. 
