Following the announcement from MJ Holdings Inc (OTCMKTS:MJNE) on Tuesday, it may be a good idea for investors to consider tracking the stock over the course of the coming days. The cannabis holding company with diversified interests announced yesterday that it had been successful in planting the first seeds at its farm in Amargosa Valley.
Trading Data
On Tuesday, MJNE stock slumped 4.17% to $0.2870 with 49.02K shares, compared to volume of 19.45K shares. The stock moved within a range of $0.2670 – 0.3295 after opening trade at $0.2995.
MJ Holdings Inc. Plants First Seeds at Amargosa Valley Farm
The farm, which is situated in the state of Nevada, spans an area of as much as 260 acres. However, out of that, only 100 acres have been approved for cannabis cultivation as per the provisions of the special use permit. It is going to be a self-sustainable and environmentally friendly cannabis farm that is going to be focused on renewable energy as well.
The company announced that during the first phase of the growing process, it would plant as many as 4000 seeds in its approved growing areas. Some of the strains that are going to be grown at the property include Amnesia Haze, Amsterdam classic, and sative-dominate. The Director of Construction and Farm Operations at MJ Holdings, Tom Valenzuela spoke about the development as well. He noted that everyone at the company was excited at having planted the first seeds into the ground at the property.
Key Quote
“The team and I are excited to be able to get the first seeds into the ground. We have put in hundreds of hours of hard work preparing our greenhouses for cultivation”, said Tom Valenzuela, Director of Construction & Farm Operations at MJ Holdings Inc.
Technical Data
MJNE stock is trading above the 20-Day and 50-Day Moving averages of $0.27 and $0.26 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.27. The company has a total market capitalization of $22.67 million. The stock is up 7% over the past three months.
