MJardin Provides Update on Strategic Alternatives Review Process
TORONTO, Nov. 29, 2021 — MJardin Group, Inc. (CSE: MJAR) (the “Company” or “MJardin”) a leader in premium cannabis production, announced that it has decided to terminate its previously announced, and subsequently extended, Sales and Investment Solicitation Process (“SISP”) relating to the Company’s Canadian assets.
As disclosed in the Company’s news release dated April 30, 2021, MJardin’s special committee of the board of directors (the “SC” or “Special Committee”) initiated the SISP to explore, review and evaluate a broad range of strategic alternatives for the Company due to its limited capital resources. The Special Committee, supported by its strategic advisor, Restructur Advisors (“RA”), completed the review of a range of strategic alternatives for the Company’s Canadian assets. After an extensive review and consultation process, the SC recommended to the Company’s board of directors, and the board of directors concluded, to terminate the SISP as it relates to the Company’s Canadian assets. This decision is effective November 24, 2021.
The SC, along with RA, will continue to explore, review and evaluate a broad range of strategic alternatives for the Company’s US assets with a view to identifying one or multiple transactions that are in the best interests of stakeholders. The SISP as it relates to the Company’s US assets is ongoing and there can be no assurance as to what, if any, alternative might be pursued by the Company.
In accordance with applicable disclosure requirements, the Company will advise the market of material changes, if and when they occur.
About MJardin Group
MJardin’s mission is to set the standard for successful ownership of assets in the cannabis industry. MJardin owns multiple operations in Canada, supplying the market with premium products. MJardin is publicly listed on the CSE (MJAR) and headquartered in Toronto, Ontario.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Interim Chief Executive Officer