MJardin Group, Inc (OTCMKTS:MJARF) reported a growth of 38.83% YoY to CAD 2.283 Million in Q4 2020. Its full-year revenues are dropped by 57.16% YoY to CAD 11.436 million. The company narrowed its loss to CAD 34.8 million in 2020.
In Q4 2020, MJardin completed its WILL facility, and it is operational. The company is progressing construction of its Warman project despite the impact of coronavirus.
Inks a distribution pact with Ontario Cannabis Store
MJardin signed MSA (Master Services Agreement) with Ontario Cannabis Store for the distribution of its products. The company recorded retail sales of 268 kg of its products manufactured at its WILL facility and generated revenues of CAD 0.8 million in Q4 2020.
WILL cultivation facility generated sales of CAD 1.6 million in 2020 by selling 474 kg.
MJardin recorded its first shipment of recreational cannabis to Alberta on March 29, 2021.
MJardin decided to focus on its core business and terminated MSA accord with 3B Ventures LLC and 2G Ventures LLC.
Impact of the coronavirus on MJardin
CEO of MJardin, Pat Witcher, said the previous year is a challenging year for all of its operations. Its construction timelines and working of the staff are impacted in 2020 because of the ongoing coronavirus.
The company will continue its relationship with ROBES in 2021. It will also introduce Flint & Embers, the consumer-facing brand, this year to boost growth.
MJardin harvested 228 kg of dried flower at its Dunnville, Ontario-based GRO Cultivation facility in Q4 2020. The total harvest of the dried flower at this facility in 2020 is 576 kg.
Changes in the board
MJardin appointed Pat Witcher to the director board on April 29, 2021, following the resignation of Graham Marr.
Forms a special committee
MJardin created a special committee comprising independent directors to suggest strategic alternatives after thorough review because of limited resources at its disposal. Adrian Montgomery will head the special committee.
MJardin reached a final settlement with Harvest Health & Recreation Inc. regarding a reduction in the final payment of $4.25 million for the sale of its Cheyenne facility to Harvest Health in December 2019.
MJardin clinched a deal with AGLC (Alberta Gaming, Liquor and Cannabis) to sell its premium quality cannabis in the markets of Alberta.