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MJ HOLDINGS SECURES SHORT TERM FINANCING

Jun 25, 2021
The Company has received approximately $200,000 in short term financing from loans made by Pyyros One, LLC (“Pyyros”). The Company’s Chairman and CEO, Paris Balaouras, is the sole beneficiary of the trust that manages Pyyros. The principal, of the interest-only loans, is due in February and March of 2021 and is being utilized to cover a portion of lost income due to Covid-19. “We are grateful that our CEO was willing to lend funds from his trust assets to the Company during these difficult times; this has helped us to weather the storm until our revenues return to pre-pandemic levels,” stated Terrence Tierney, the Company’s President. Mr. Tierney also said, “Mr. Balaouras and I have waived our April and May base compensation and are working closely with our customers as we collectively begin to recover from the almost two-month shutdown of the Nevada cannabis industry.” The Company’s senior executives will continue to closely monitor the Company’s short-term cash requirements and will seek additional capital as necessary.

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