Mjardin Group Inc. (OTCMKTS:MJARF) has announced that it has been granted approval and executed a master service agreement with Ontario Cannabis Store. The MSA is for the sale of the high quality, premium cannabis in Ontario under the Embers and Flint brand.
Mjardin secures MSA with OCS
Following the OCS approval and execution of MSA, the company will immediately avail its products to customers in the Ontario market. This is a huge step in the evolution of Mjardin to a consumer-centric firm from a pure-play cannabis cultivator. This will enable it to meet the need of retail customers as per the 2020 strategic plan. With the deal, Mjaridin is expecting increased sales from the same flower production, considering the higher realized price for each gram at the retail sales level. At the same time, this will create consumer brand awareness under the Embers and Flint brand and enhance market recognition.
Pat Witcher, the company’s chief executive officer, said that they are excited to sign the MSA with Ontario Cannabis Store. He said that this will allow the company to offer high-quality, premium high-THC cannabis flowers to the US’s biggest consumer market under the Embers and Flint brand. Witcher added that this is a huge milestone in the company’s 2020 strategic plan and they are committed to their joint ventures and partnerships to bring assets online. This will help the company transition from wholesale business into a robust consumer-facing brand.
Mjardin generated $2.1 million in Q2
Recently the company reported its Q2 2020 result in which revenue was $2.1 million with an adjusted net loss of $2.2 million. The company is on track to achieving its strategic growth in 2020, and Witcher said that the company managed to stabilize operations in the quarter with enhanced visibility into the future through better financial performance. The AntlantiCann Medical Inc. JV generated $1.3 million in earnings in the quarter, a 330% QoQ increase. Mjardin continues to increase production from Canadian assets, focusing on securing offtake through retail commitments or supply deals.