MJ Holdings Inc. (OTC:MJNE) agreed to buy two cultivation and two production licenses, and transfer the proper licenses to its land.
A provider of management and consulting services to cannabis enterprises previously signed a letter of intent in regards to licenses purchase and has now progressed into a Membership Interest Purchase Agreement.
The deal will close once all license transfer requirements are set, and the licenses are moved to MJ Holdings’ property — “The Farm.”
MJ Holdings added that the agreement enables it to cultivate under the licenses, prior to the finalization of the transaction.
To accelerate the transaction process, the company’s founder and CCO, Paris Balaouras, has been chosen as a managing member of the selling entities.