A Nasdaq-listed holding company that provides management and consulting services to the regulated cannabis industry is planning to locate its first European office in Dublin in 2019.
In an update to shareholders this week, Las Vegas-based MJ Holdings Chief Executive Paris Balaouras said MJ International Research Co., a wholly owned subsidiary, will be headquartered in Dublin.
“We will launch our entry into the European marketplace, initially cultivating 10 acres of medical marijuana, utilising our proven mesh system for distribution in Greece and export to Germany, Poland and other EU countries as the use of medical marijuana becomes legal,” Balaouras said.
MJ Holdings’ current management operations include a 3-acre outdoor marijuana growing facility in Nevada with over 8,000 plants from 13 different strains. Balaouras said the company expects to gross more than $10M from the current harvest.
The company also has plans for a chain of cannabis lifestyle hotel properties in the U.S.
“This project is being done in partnership with a renowned U.S. hotel operator and we are excited about the future of this opportunity,” Balaouras said.
By the end of November, 33 U.S states and the District of Columbia had some form of legal marijuana sales. Since November 2016, 10 states — Alaska, California, Colorado, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont and Washington — and Washington, D.C., have legalised marijuana for recreational use.
So far, medicinal cannabis is allowed in very limited circumstances in Ireland.
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