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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 18pt Times New Roman, Times, Serif"><b>UNITED
STATES</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 18pt Times New Roman, Times, Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 12pt Times New Roman, Times, Serif"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; font-family: Times New Roman, Times, Serif; width: 100%"><div style="border-top: Black 1.5pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_90E_edei--DocumentType_c20220101__20220331_zlkXHGDrDfd7"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="logo"></span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="logo_001.jpg" alt="" /><span style="font-size: 10pt"></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Address
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Registrant&#8217;s
telephone number, including area code)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Law
Offices of Byron Thomas</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>3275
S. Jones Blvd</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Las
Vegas, NV 89146</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(702)
747-3103</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Name,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>Please
send copies of all communications to:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Law
Offices of Gary L. Blum</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>3278
Wilshire Boulevard, Suite 603</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Los
Angeles, CA 90010</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(213)
381-7450</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>As
soon as practicable after the effective date of this Registration Statement.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Approximate
date of commencement of proposed sale to the public)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please
check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement
for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list
the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list
the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. [&#160;&#160;]</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font: 10pt Times New Roman, Times, Serif">Accelerated
    filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font: 10pt Times New Roman, Times, Serif">&#9744;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--EntityFilerCategory_c20220101__20220331_zVk7pTOn9Bqb"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Smaller
    reporting company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_edei--EntitySmallBusiness_c20220101__20220331_zFI3fC5IIQRa"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Calculation
of Registration Fee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Title
                                            of Each Class of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Securities
                                            To Be Registered</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Amount
                                            to</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>be</b></span></p>
                                                                                                                                                                                                                                                                  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Registered</b></span></p>
                                                                                                                                                                                                                                                                  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(1)</b></span><span style="font: 10pt Times New Roman, Times, Serif"><b>(4)</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Proposed<br />
                                            Maximum<br />
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Offering
                                            Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Per
                                            Share (2)</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Proposed<br />
                                            Maximum<br />
                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Offering
                                            Price (2)</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Amount
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Registration
                                            Fee (3)</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif">Common
    stock, par value $.001 per share, previously issued to selling shareholders</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: center">7,000,000 shares</td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.2695</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">1,886,500</span></p></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">175</p></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant
                                            to Rule 416 under the Securities Act, the shares registered hereby also include an indeterminate
                                            number of additional shares as may from time to time become issuable by reason of stock splits,
                                            distributions, recapitalizations or other similar transactions.</p>
<span style="font: 10pt Times New Roman, Times, Serif"></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                            solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the
                                            Securities Act, on the basis of the average high and low sales price of the Registrant&#8217;s
                                            common stock as reported by the OTCQB Marketplace on July 29, 2022. The shares
                                            offered hereunder may be sold by the Selling Shareholders from time to time in the open market,
                                            through privately negotiated transactions, or a combination of these methods at market prices
                                            prevailing at the time of sale or at negotiated prices.</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid
    herewith. The fee is calculated by multiplying the aggregate offering amount by 0.0000927 pursuant to Section 6(b) of the
    Securities Act.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">This
                                            Registration Statement covers the resale by our selling shareholders of up to 7,000,000
                                            shares of common stock previously issued to such selling shareholders.</span></p>


</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; font-family: Times New Roman, Times, Serif; width: 100%"><div style="border-top: Black 1.5pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, or until the registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<!-- Field: Rule-Page --><div style="font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; border-bottom: Black 4pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><span style="font: 10pt Times New Roman, Times, Serif">The
information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PRELIMINARY
PROSPECTUS - SUBJECT TO COMPLETION Dated August 5, 2022</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>MJ
HOLDINGS,</b></span><span style="font: 10pt Times New Roman, Times, Serif"><b> INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>7,000,000</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Shares
of</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;). This
prospectus relates to the offering of up to 7,000,000 shares of our common stock, par value $0.001 per share (&#8220;Common Stock&#8221;)
by selling shareholders. <b>The information in this prospectus is not complete and may be changed. The selling
shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.
This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the
offer or sale is not permitted.</b><span style="font-size: 10pt">&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is subject to quotation on OTCQB Marketplace under the symbol &#8220;MJNE.&#8221; On July 29, 2022, the last
reported sales price for our Common Stock was $0.2695 per share. We urge prospective purchasers of our Common Stock to obtain current
information about the market prices of our Common Stock. We will not receive proceeds from the sale of shares from the selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
selling shareholders may offer, sell or distribute all or a portion of the shares of common stock registered hereby publicly or through
private transactions at prevailing market prices or at negotiated prices.</span> <span style="font: 10pt Times New Roman, Times, Serif">There
are no underwriting commissions involved in this offering. We have agreed to pay all the costs and expenses of this offering. Selling
shareholders will pay no offering expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
offering is highly speculative and these securities involve a high degree of risk and should be considered only by persons who can afford
the loss of their entire investment. Additionally, our auditor has expressed substantial doubt as to our Company&#8217;s ability to continue
as a going concern. </span><b>Our common stock involves a high degree of risk. You should read the &#8220;RISK FACTORS&#8221; section
beginning on page 30 before you decide to purchase any of our Common Stock.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>The
Company has minimal revenues to date and there can be no assurance that the Company will be successful in furthering its operations and/or
revenues. Persons should not invest unless they can afford to lose their entire investment. Investing in our securities involves a high
degree of risk. You should purchase these securities only if you can afford a complete loss of your investment. <i>See</i> &#8220;Risk
Factors&#8221; beginning on page 30 of this prospectus.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Neither
the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a criminal offense.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
date of this prospectus is August 5, 2022.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_001"><span style="font-size: 10pt">PROSPECTUS
    SUMMARY</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48px; text-align: center">6</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_002"><span style="font-size: 10pt">THE
    OFFERING </span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">28</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_003"><span style="font-size: 10pt">SUMMARY
    FINANCIAL DATA</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">29</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_004"><span style="font-size: 10pt">RISK
    FACTORS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_005"><span style="font-size: 10pt">NOTE
    ABOUT FORWARD-LOOKING STATEMENTS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">43</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_006"><span style="font-size: 10pt">TAX
    CONSIDERATIONS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">43</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_007"><span style="font-size: 10pt">USE
    OF PROCEEDS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">43</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_008"><span style="font-size: 10pt">DILUTION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">43</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#ss_001">SELLING
    SHAREHOLDERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_009"><span style="font-size: 10pt">DESCRIPTION
    OF SECURITIES</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">46</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_010"><span style="font-size: 10pt">DIVIDEND
    POLICY</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">47</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#a_1">DESCRIPTION OF BUSINESS</a></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">47</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_012"><span style="font-size: 10pt">PROPERTIES</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">63</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_013"><span style="font-size: 10pt">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">64</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_014"><span style="font-size: 10pt">DIRECTORS,
    EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">69</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_015"><span style="font-size: 10pt">EXECUTIVE
    COMPENSATION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">71</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_016"><span style="font-size: 10pt">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_022"><span style="font-size: 10pt">MARKET
    FOR COMMON STOCK / SHARES ELIGIBLE FOR FUTURE SALE</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">75</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_017"><span style="font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">76</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_018"><span style="font-size: 10pt">LEGAL
    PROCEEDINGS </span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">76</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_019"><span style="font-size: 10pt">EXPERTS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">77</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_020"><span style="font-size: 10pt">CORPORATE
    GOVERNANCE</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">77</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><a href="#s_001"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">79</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">No
dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus.
You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the shares of common stock
offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus
is current only as of its date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>ABOUT
THIS PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>This
prospectus is part of a registration statement that we filed on behalf of the Selling Shareholders with the United States Securities
and Exchange Commission (the &#8220;SEC&#8221;) to permit the Selling Shareholders to sell the shares described in this prospectus in
one or more transactions. The Selling Shareholders and the plan of distribution of the shares being offered by them are described in
this prospectus under the headings &#8220;Selling Shareholders&#8221; and &#8220;Plan of Distribution.&#8221;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>You
should rely only on the information contained in this document and any free writing prospectus we provide to you. Neither we nor the
Selling Shareholders have authorized anyone to provide any information or to make any representations other than those contained in this
prospectus or in any free writing prospectuses we have prepared. We and the Selling Shareholders take no responsibility for and can provide
no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the common
stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this
prospectus is current only as of its date.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Use
of Industry and Market Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
prospectus includes market and industry data that we have obtained from third-party sources, including industry publications, as well
as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including
our management&#8217;s estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge
of such industries through its experience and participation in these industries. While our management believes the third-party sources
referred to in this prospectus are reliable, neither we nor our management have independently verified any of the data from such sources
referred to in this prospectus or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally
prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between
the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be
material. Also, references in this prospectus to any publications, reports, surveys or articles prepared by third parties should not
be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication,
report, survey or article is not incorporated by reference in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
prospectus contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section
21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). These statements relate to future events including,
without limitation, the terms, timing and closing of our proposed acquisitions or our future financial performance. We have attempted
to identify forward-looking statements by using terminology such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221;
&#8220;can,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221;
&#8220;may,&#8221; &#8220;plans,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; or
the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may
cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels
or activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Our expectations are as of the date this prospectus is filed, and we do not intend to update any of the forward-looking statements after
the date this prospectus is filed to confirm these statements to actual results, unless required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">You
should not place undue reliance on forward looking statements. The cautionary statements set forth in this prospectus identify important
factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to effectively execute our business plan;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to manage our expansion, growth and operating expenses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to protect our brands and reputation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to repay our debts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to rely on third-party suppliers outside of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to evaluate and measure our business, prospects and performance metrics;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to compete and succeed in a highly competitive and evolving industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to respond and adapt to changes in technology and customer behavior;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Risks
    in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Risks
    related to the anticipated timing of the closing of any potential acquisitions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Risks
    related to the integration with regards to potential or completed acquisitions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Various
    risks related to health epidemics, pandemics and similar outbreaks, such as the coronavirus disease 2019 (&#8220;COVID-19&#8221;)
    pandemic, which may have material adverse effects on our business, financial position, results of operations and/or cash flows; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
    ability to take advantage of opportunities under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and the
    potential impact of the CARES Act on our business, results of operations, financial condition or liquidity.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
prospectus also contains estimates and other statistical data made by independent parties and by us relating to market size and growth
and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to
such estimates. We have not independently verified the statistical and other industry data generated by independent parties and contained
in this prospectus and, accordingly, we cannot guarantee their accuracy or completeness, though we do generally believe the data to be
reliable. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industries
in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. Our actual results
could differ materially from those anticipated in the forward-looking statements for many reasons, including, but not limited to, the
possibility that we may fail to preserve our expertise in consumer product development; that existing and potential distribution partners
may opt to work with, or favor the products of, competitors if our competitors offer more favorable products or pricing terms; that we
may be unable to maintain or grow sources of revenue; that we may be unable maintain profitability; that we may be unable to attract
and retain key personnel; or that we may not be able to effectively manage, or to increase, our relationships with customers; and that
we may have unexpected increases in costs and expenses. These and other factors could cause results to differ materially from those expressed
in the estimates made by the independent parties and by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_001"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>This
summary highlights certain information appearing elsewhere in this prospectus. This summary is not complete and does not contain all
of the information you should consider prior to investing. After you read this summary, you should read and consider carefully the more
detailed information and financial statements and related notes that we include in this prospectus, especially the sections entitled
&#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221;
If you invest in our securities, you are assuming a high degree of risk.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless we have indicated otherwise or the context
otherwise requires, references in the prospectus to &#8220;MJ Holdings,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221;
and &#8220;our&#8221; or similar terms are to MJ Holdings, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>DESCRIPTION
OF BUSINESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Company
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development &#8211; currently concentrated in the Las Vegas market. It is the Company&#8217;s intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to &#8220;prove the concept&#8221; profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Current
Initiatives include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
    three-acre, hybrid, outdoor, marijuana-cultivation facility </b>(the &#8220;Cultivation Facility&#8221;) located in the Amargosa
    Valley of Nevada. The Company had the contractual right to manage and cultivate marijuana on this property until 2026, for which
    it would have received sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent
    (25%) of the net revenues from equipment rental. The licensed facility is owned by Acres Cultivation, LLC, a wholly owned subsidiary
    of Curaleaf Holdings, Inc. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. During the year ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its 260 Acres
    adjacent to the Acres lease. The Company will not generate any further revenue under the Acres relationship. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>260
    acres of farmland for the purpose of cultivating additional marijuana</b> (the &#8220;260 Acres&#8221;) purchased in January of 2019.
    The Company intends to utilize the state-of-the-art <i>Cravo&#174; </i>cultivation system for growing an additional five acres of
    marijuana on this property. The <i>Cravo&#174; </i>system will allow multiple harvests per year and should result in higher annual
    yields per acre. The land has more than 180-acre feet of permitted water rights, which will provide more than sufficient water to
    markedly increase the Company&#8217;s marijuana cultivation capabilities. This facility, upon receipt of its business license in
    Nye County and its final inspection by the Cannabis Compliance Board (&#8220;CCB&#8221;), is expected to become operational in the
    summer of 2022. During the year ended December 31, 2021, the Company elected to relocate all of its equipment utilized on the Acres
    lease to its 260 Acres adjacent to the Acres lease. The Company will utilize the 260 Acres for its own harvest along with additional
    harvests under any Cultivation and Sales Agreements. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cultivation
    and Sales Agreements</b> entered into for multiple grows on the Company&#8217;s 260 Acres located in the Amargosa Valley of Nevada.
    During the years ended December 31, 2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the
    Company shall retain certain independent growers to provide oversight and management of the Company&#8217;s cultivation and sale
    of products at its 260 Acres. The independent growers shall pay to the Company a royalty of net sales revenue with a minimum royalty
    after two years. As of the date of this filing, the Company is waiting on its business license in Nye County and its final inspection
    by the Cannabis Compliance Board before it can commence its operations under the Agreement.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
    nearby commercial trailer and RV park</b> (THC Park &#8211; Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company&#8217;s farm employees. After the Company&#8217;s 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company&#8217;s restricted common stock. At present, the Company&#8217;s construction
    and completion of this community is approximately seventy-five present complete. The impact of COVID-19 in obtaining inspections
    and permitting significantly delayed the completion of this community. The Company has elected to cease any renovations or additions
    at its Tiny Home Community until it plants its first grow on the 260 Acres and can better evaluate the need for additional housing.</span></td></tr>

</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">

<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>an
    agreement to acquire a cultivation license and production license,</b> both currently located in Nye County Nevada. On February 5,
    2021, the Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;) with MJ Distributing,
    Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing
    P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional medical
    and recreational production license. In consideration of the sale, transfer, assignment and delivery of the Membership Interests
    to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash, promissory notes,
    and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00) in cash and/or promissory notes and 200,000
    shares of the Company&#8217;s restricted common stock, all of which constitutes the consideration agreed to herein for (the &#8220;<span style="text-decoration: underline">Purchase
    Price</span>&#8221;), payable as follows: (i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021,
    (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid
    on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on
    June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business
    days after the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser. On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>indoor
    cultivation facility build-out in the City of Las Vegas </b>(the &#8220;Indoor Facility&#8221;). <span style="background-color: white">Through
    its former subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;), the Company held a Medical Marijuana Establishment Registration
    Certificate, Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase Agreement (the &#8220;Agreement&#8221;)
    with Element NV, LLC (&#8220;Element&#8221;), to sell a 49% interest in the license. Under the terms of the Agreement, Element was
    required to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on the facility from December 2019
    through March 2020 but failed to make any additional payments. On June 11, 2020, the Company entered into the First Amendment (&#8220;First
    Amendment&#8221;) to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was adjusted to $441,000,
    and Element was required to make a capital contribution (the &#8220;Initial Contribution Payment&#8221;) to the Target Company in
    the amount of $120,000 and was required to make an additional cash contribution (the Final Contribution Payment&#8221;) in the amount
    of $240,000. The Company terminated its discussions with Element regarding its past due payments. </span>On or about May 7, 2021,
    Red Earth, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding the transfer of ownership
    of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus
    a Category II violation. On July 27, 2021, Red Earth entered into a Stipulation and Order for Settlement of Disciplinary Action (the
    &#8220;Stipulation Order&#8221;) with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the CCB,
    by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth would be returned to the original owners.
    The Parties to the Stipulation Order resolved the matter without the necessity of taking formal action. Red Earth agreed to pay a
    civil penalty of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company&#8217;s Chief Cultivation
    Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement. Under the terms of the Termination
    Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated December 15, 2017, entered into between the Company
    and Red Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr.
    Balaouras. Neither party shall have any further obligation to one another pursuant to the terms of the Purchase Agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Acquisition
of MJH Research, Inc.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 8, 2022, MJ Holdings, Inc. (the &#8220;Buyer&#8221;) entered into a Common Stock Purchase Agreement (the &#8220;Agreement&#8221;)
with MJH Research, Inc. (the &#8220;Company&#8221;), a Florida corporation, and Sunstate Futures, LLC (the &#8220;Seller&#8221;), a Florida
limited liability company. Under the terms of the Agreement, the Seller agreed to sale all issued and outstanding shares of common stock
(100,000 shares) (the &#8220;Common Stock&#8221;) of the Company to the Buyer. In consideration of the purchase of the shares of Common
Stock, the Buyer agreed to issue the Seller seven million (7,000,000) shares of its common stock. The transaction closed on July 11,
2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">MJH
Research, Inc. is a Florida corporation whose operations center around providing consulting services for growing techniques, management
and cultivation of crops, as well as licensing support, production and asset and infrastructure development.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Cultivation
and Sales Agreements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>MKC
Development Group, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
January 22, 2021 (the &#8220;effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with MKC Development Group, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall
retain the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley,
NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $600,000 non-refundable deposit upon execution of the Agreement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    security deposit of $10,000 to be applied against the last month&#8217;s obligations and a $10,000 payment to be applied against
    the first month&#8217;s rent;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for security and compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $83,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">90%
    of Net Sales Revenue to the Company as the Management Fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction closed on January 27, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties
are awaiting the issuance of a business license from Nye County before any grow can be initiated. It is anticipated that the license
will be approved and issued during the third quarter of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Natural
Green, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
March 26, 2021 (the &#8220;effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with Natural Green, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall retain
the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley, NV
farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $500,000 Product Royalty deposit to be applied to the first Product Royalty or Product Royalties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">90%
    of Net Sales Revenue to the Company as the Management Fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 26, 2021, MJNE and the Company entered into an Amendment to the Agreement whereby MJNE waived the Company&#8217;s requirement to
obtain liability insurance and required the Company to pay MJNE $40,000 for capital expenditures costs. The transaction closed on April
7, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of
a business license from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during
the third quarter of 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Green
Grow Investments Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
May 7, 2021 (the &#8220;Effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with Green Grow Investments Corporation (the &#8220;Company&#8221;). Under the terms of the Agreement,
MJNE shall retain the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa
Valley, NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew
for a period of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters,
policies and procedures, testing, record keeping, security and marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $600,000 Product Royalty of which $50,000 is due upon signing, $150,000 upon MJNE obtaining the licenses from MJ Distributing, Inc.
    and affiliates and $200,000 for each of the first and second years&#8217; harvests;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>RK
Grow, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
June 22, 2021 (the &#8220;Effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with RK Grow, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall retain the
Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley, NV farm.
The Agreement shall commence on the Effective Date, continue for a period of fifteen (15) years and automatically renew for one fifteen
(15) year period. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing. The Agreement is for a designated 40 acres for cultivation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Product Royalty Deposit of $3,000,000.00 to be applied to the first Product Royalty or Product Royalties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Minimum
    Monthly Product Royalty: Minimum Monthly Product Royalty (MMPR) shall be calculated on a per annum basis. Therefore, Company will
    have satisfied all MMPR obligations for the year upon remitting $1,080,000.00 to MJNE; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">MJNE
    agrees to provide access to water for the Designated Acreage without charge to the Company. However, Company will be responsible
    for any construction required to have the water actually delivered to its Designated Acreage from the source.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Termination
of Acres Cultivation, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2021, the Company received a Notice of Termination (the &#8220;Notice&#8221;), effective immediately, from Acres Cultivation,
LLC (&#8220;Acres&#8221;) on the following three (3) agreements (collectively, herein the &#8220;Cooperation Agreement&#8221;):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Cultivation and Sales Agreement entered into by and between MJNE and Acres, dated as of January 1, 2019 (the &#8220;Cultivation and
    Sales Agreement&#8221; or &#8220;CSA&#8221;), pursuant to Sections 5.3, and 16.20 (cross-default);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Consulting Agreement, by and between Acres and MJNE, made as of January 1, 2019 (the &#8220;Consulting Agreement&#8221;), pursuant
    to Sections 10 and 11.10 (cross-default); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Equipment Lease Agreement between Acres and MJNE, dated as of January 1, 2019 (the &#8220;Equipment Lease Agreement&#8221;), pursuant
    to Sections 8(ii), 8(iv), and 29 (cross-default).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company initiated relocating its equipment to its 260-acre farm at the end of the first quarter and does not anticipate that it will
generate any further revenue under the Acres relationship.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company may also continue to seek to identify potential acquisitions of revenue producing assets and licenses within legalized cannabis
markets that can maximize shareholder value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company&#8217;s
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors, and it will continue to focus on this area of its operations. The Company still faces challenges engaging and retaining
senior managers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company presently occupies an office suite located at 2580 S. Sorrel St., Las Vegas, NV 89146.&#160;On January 12, 2021, the Company
closed on the sale of its corporate office building located at 1300 S. Jones Blvd, Las Vegas, NV 89146 for the sale price of $1,627,500.
The Company plans on remaining at its current location for the next 3-6 months until it can identify a new corporate office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Consulting
Agreements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2021, the Company entered into a Consulting Agreement (the &#8220;Agreement&#8221;) with Sylios Corp (the &#8220;Consultant&#8221;).
Under the terms of the Agreement, the Consultant shall prepare the Company&#8217;s filings with the Securities and Exchange Commission
(the &#8220;SEC&#8221;) including its Annual report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The
Consultant shall receive $50,000 in cash compensation plus 225,000 shares of the Company&#8217;s common stock. The Agreement has a term
of the latter of one (1) year or until the Company&#8217;s Annual Report for the period ended December 31, 2021 is filed with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 17, 2021, the Company entered into a Consulting Agreement (the &#8220;Agreement&#8221;) with Wolfpack Consulting, LLC (the &#8220;Consultant&#8221;).
Under the terms of the Agreement, the Consultant shall use its commercially reasonable efforts and adequate business time and attention
to identify various properties that may fit into Client&#8217;s business model to develop, cultivate, and produce marijuana related products.
The Consultant shall receive $25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of:
(a) the first anniversary of the Effective Date (i.e., one year), or (b) either Party&#8217;s receipt of written notice from the other
party of its intent to terminate this Agreement after the expiration of the first anniversary (the &#8220;Term&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Corporate
Advisory Agreement (Research &amp; Development)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Research &amp; Development Agreement (the &#8220;Research Agreement&#8221;), GYB, LLC (the &#8220;Advisor&#8221;) shall
report to Company, in writing, on a quarterly basis beginning on July 1, 2021, on the status of the psychedelics industry including,
but not limited to, those areas of importance identified in the Recitals, identify entities operating within the legally regulated psychedelics
industry that may be suitable as a potential acquisition or merger candidate and other such services the parties agree upon. The Research
Agreement has a term of one year and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor
$310,000 upon execution of the Research Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Corporate
Advisory Agreement (M&amp;A and Funding)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the M&amp;A and Funding Agreement (the &#8220;M&amp;A Agreement&#8221;), GYB, LLC (the &#8220;Advisor&#8221;) shall identify
prospective funding sources, identify potential companies for acquisition within the cannabis industry, identify pertinent technology
companies that drive-up point of sale solutions and other such services the parties agree upon. The M&amp;A Agreement has a term of two
years and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor $290,000 upon execution of
the M&amp;A Agreement.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">COVID-19</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">The
novel coronavirus commonly referred to as &#8220;COVID-19&#8221; was identified in December 2019 in Wuhan, China. On January 30, 2020,
the World Health Organization declared the outbreak a global health emergency, and on March 11, 2020, the spread of COVID-19 was declared
a pandemic by the World Health Organization. On March 13, 2020, the spread of COVID-19 was declared a national emergency by former President
Donald Trump. The outbreak has spread throughout Europe, the Middle East and North America, causing companies and various international
jurisdictions to impose restrictions such as quarantines, business closures and travel restrictions. While these effects are expected
to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated
at this time. The rapid development of the COVID-19 pandemic and the measures being taken by governments and private parties to respond
to it are extremely fluid. While the Company has continuously sought to assess the potential impact of the pandemic on its financial
and operating results, any assessment is subject to extreme uncertainty as to probability, severity and duration of the pandemic as reflected
by infection rates at local, state, and regional levels. The Company has attempted to assess the impact of the pandemic by identifying
risks in the following principal areas:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#9679;&#160;<span style="text-decoration: underline">Mandatory
Closures</span>.&#160;</b>In response to the pandemic, many states and localities implemented mandatory closures of, or limitations to,
businesses to prevent the spread of COVID-19; this impacted the Company&#8217;s operations. More recently, the mandatory closures that
impacted the Company&#8217;s operations were lifted and the Company resumed full operations, albeit subject to various COVID-19 related
precautions and changes in local infection rates. The Company&#8217;s ability to generate revenue would be materially impacted by any
future shut down of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#9679;&#160;<span style="text-decoration: underline">Customer
Impact</span>.&#160;</b>While the Company has not experienced an overall downturn in demand for its products in connection with the pandemic,
if its customers become ill with COVID-19, are forced to quarantine, decide to self-quarantine or not to visit stores where its products
may be sold or distribution points to observe &#8220;social distancing&#8221;, it may have material negative impact on demand for its
products while the pandemic continues. While the Company has implemented measures, to reduce infection risk to its customers, regulators
may not permit such measures, or such measures may not prevent a reduction in demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#9679;&#160;<span style="text-decoration: underline">Supply
Chain Disruption</span>.&#160;</b>The Company relies on third party suppliers for equipment and services to produce its products and keep
its operations going. If its suppliers are unable to continue operating due to mandatory closures or other effects of the pandemic, it
may negatively impact its own ability to continue operating. At this time, the Company has not experienced any failure to secure critical
supplies or services. However, disruptions in the Company&#8217;s supply chain may affect its ability to continue certain aspects of
the Company&#8217;s operations or may significantly increase the cost of operating its business and significantly reduce its margins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#9679;&#160;<span style="text-decoration: underline">Staffing
Disruption</span>.&#160;</b>The Company is, for the time being, implementing among its staff where feasible &#8220;social distancing&#8221;
measures recommended by such bodies as the Centers for Disease Control (CDC), the Presidential Administration, as well as state and local
governments. The Company has cancelled non-essential travel by employees, implemented remote meetings where possible, and permitted all
staff who can work remotely to do so. For those whose duties require them to work on-site, measures have been implemented to reduce infection
risk, such as reducing contact with customers, mandating additional cleaning of workspaces and hand disinfection, providing masks and
gloves to certain personnel, and contact tracing following reports of employee infection. Nevertheless, despite such measures, the Company
may find it difficult to ensure that its operations remain staffed due to employees falling ill with COVID-19, becoming subject to quarantine,
or deciding not to come to come to work on their own volition to avoid infection. At certain locations, the Company has experienced increased
absenteeism due to increased COVID-19 infection rates in certain locales. If such absenteeism increases, the Company may not be able,
including through replacement and temporary staff, to continue to operate at desired levels in some or all locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#9679;&#160;<span style="text-decoration: underline">Regulatory
Backlog</span>.&#160;</b>Regulatory authorities, including those that oversee the cannabis industry on the state level, are heavily occupied
with their response to the pandemic. These regulators as well as other executive and legislative bodies in the states in which the Company
operates may not be able to provide the level of support and attention to day-to-day regulatory functions as well as to needed regulatory
development and reform that they would otherwise have provided. Such regulatory backlog may materially hinder the development of the
Company&#8217;s business by delaying such activities as product launches, facility openings and approval of business acquisitions, thus
materially impeding development of its business. The Company is actively addressing the risk to business continuity represented by each
of the above factors through the implementation of a broad range of measures throughout its structure and is reassessing its response
to the COVID-19 pandemic on an ongoing basis. The above risks individually or collectively may have a material impact on the Company&#8217;s
ability to generate revenue. Implementing measures to remediate the risks identified above may materially increase the Company&#8217;s
costs of doing business, reduce its margins and potentially result in losses. While the Company has not to date experienced any overall
material negative impact on its operations or financial results related to the impact of the pandemic, so long as the pandemic and measures
taken in response to the pandemic are not abated, substantial risk of such impact remains, which could negatively impact the Company&#8217;s
ability to generate revenue and/or profits, raise capital and complete its development plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;<b>&#160;<span style="text-decoration: underline">Limited
availability of vaccine</span>.&#160;</b>On December 11, 2020, the federal Food and Drug Administration (FDA) issued an emergency use authorization
(EUA) for the Pfizer BioN-Tech COVID-19 vaccine, the first such approval. Additional EUAs were issued on December 18, 2020 for a vaccine
created by Moderna, and on February 27, 2021 for a vaccine created by Janssen Biotech (a Johnson &amp; Johnson affiliate). As of April
4, 2021, the CDC reports that approximately 168 million doses of the various vaccines have been administered in the U.S., although both
the Pfizer and Moderna vaccines require the administration of two doses for full effectiveness. On March 2, 2021, President Biden stated
that the U.S. will have sufficient vaccine supply for all adults by the end of May 2021. Actual delivery of the vaccines to individuals,
however, is controlled by state and local governments using various prioritization criteria and states continue to impose activity limitations
and other precautions on businesses during this period until the vaccine is widely disseminated. In addition, there can be no assurance
of when the Company&#8217;s employees in any particular jurisdiction will be able to access the vaccine. Moreover, there can be no assurance
that all employees will choose to avail themselves of the vaccine or, if so, when they will choose to do so. The same applies to the
Company&#8217;s, customers, regulators, and suppliers. Consequently, the COVID-19 risk factors described above continue to be applicable.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Corporate
History</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to the formation
of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability Company, formed
on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to change its name to Securitas
EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR Filings, Inc., a Nevada corporation.
On February 14, 2014, the Company amended and restated its Articles of Incorporation and changed its name to MJ Holdings, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its
stockholders an offer to exchange (the &#8220;Exchange Offer&#8221;) its common stock for shares in MJ Real Estate Partners, LLC,
(&#8220;MJRE&#8221;) a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the
Company accepted for exchange 1,800,000 shares of its Common Stock in exchange for 1,800,000 shares of MJRE&#8217;s common units,
representing membership interests in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real
estate properties and its subsidiaries, through which the Company held ownership of the real estate properties, to MJRE. MJRE also
assumed the senior notes and any and all obligations associated with the real estate properties and business, effective February 1,
2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Acquisition
of Red Earth</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2017, the Company acquired all of the issued and outstanding membership interests of Red Earth, LLC, a Nevada limited liability
company (&#8220;Red Earth&#8221;) established in October 2016, in exchange for 52,732,969 shares of its Common Stock and a promissory
note in the amount of $900,000. The acquisition was accounted for as a &#8220;Reverse Merger&#8221;, whereby Red Earth was considered
the accounting acquirer and became its wholly owned subsidiary. Upon the consummation of the acquisition, the now former members of Red
Earth became the beneficial owners of approximately 88% of the Company&#8217;s Common Stock, obtained controlling interest of the Company,
and retained certain of its key management positions. In accordance with the accounting treatment for a &#8220;reverse merger&#8221;
or a &#8220;reverse acquisition&#8221;, the Company&#8217;s historical financial statements prior to the reverse merger will be replaced
with the historical financial statements of Red Earth prior to the reverse merger in all future filings with the SEC. Red Earth is the
holder of a Nevada Marijuana Establishment Certificate for the cultivation of marijuana.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements after completion of the reverse merger included: the assets, liabilities, and results of operations
of the combined company from and after the closing date of the reverse merger, with only certain aspects of pre-consummation stockholders&#8217;
equity remaining in the consolidated financial statements. In February of 2019, the Company repurchased, from the Company&#8217;s largest
shareholder, 20,000,000 of the 26,366,484 shares of common stock that this shareholder originally received in connection with the Reverse
Merger - for a total purchase price of $20,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;)
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $10,000, which
was paid on July 29, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
&#8220;Agreement&#8221;) with Red Earth, LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for
expenses related to the activation and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at 12% per annum
and increase to 18% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $5,000
to $7,500 per month. As of December 31, 2021, the amount due the Company under the short-term loan is $40,165.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On August 26, 2021, the
Company and the Company&#8217;s Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated December
15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement resulting in
the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another pursuant to
the terms of the Purchase Agreement. Please <i>see</i> <b>Note 14 &#8212; Related Party Transactions</b> within the Company&#8217;s financial
statement for the three months ended March 31, 2022 for further information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Our
Business History</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2018, the Company entered into a management agreement with Acres Cultivation, LLC, a Nevada limited liability company (the &#8220;Licensed
Operator&#8221;) that holds a license for the legal cultivation of marijuana for sale under the laws of the State of Nevada. In January
of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed Operator in order to
be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged. The Licensed Operator is
contractually obligated to pay over to the Company sixty percent (60%) of the net revenues realized from its management of this facility
and twenty-five percent (25%) of the net revenues from equipment rental. The agreement is to remain in force until April 2026. In April
2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. The acquisition was
subject to all of the contractual obligations between the Company and the Licensed Operator.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2018, the State of Nevada finalized and
approved the transfer of provisional Medical Marijuana Establishment Registration Certificate No. 012 (the &#8220;Certificate&#8221;)
from Acres Medical, LLC to the Company&#8217;s former wholly owned subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;). HDGLV, LLC (&#8220;HDGLV&#8221;),
a wholly owned subsidiary of Red Earth, holds a triple-net leasehold interest in a 17,298 square-foot commercial building located on
Western Avenue in the City of Las Vegas, which will be home to the Company&#8217;s indoor cultivation facility (the &#8220;Western Facility&#8221;).
The initial term of the lease is for a period of ten years with two additional five-year lease options. HDGLV also possesses an option
to purchase the building for $2,607,880 which is exercisable between months 25 and 60 of the initial term of the lease. In August of
2018, the Company received final approval from the State of Nevada, Department of Taxation, to commence cultivation activities with respect
to the Certificate. Contemporaneously therewith, Red Earth was issued a Business License by the City of Las Vegas to operate a marijuana
cultivation facility at the Western Facility. In October of 2018, the Company was requested by the City of Las Vegas Department of Building
&amp; Safety to make additional modifications to the building, specifically the removal and remediation of all asbestos materials in
the building, which was completed in June of 2019 at a cost of approximately $140,000. In July of 2019, the City of Las Vegas asked the
Company to amend its Business License and modify its Special Use Permit (&#8220;SUP&#8221;) to conform with updated marijuana cultivation
requirements within the City. A new SUP was granted on October 9, 2019. As of August 26, 2021, the Company was no longer the owner of
HDGLV as per the terms of the Termination Agreement between the Company and Paris Balaouras. Please <i>see</i> <b>Note 7 &#8212; Intangible
Assets</b> and <b>Note 15 &#8212; Gain on Disposal of Subsidiary </b>within the Company&#8217;s financials for the year ended December
31, 2021 for further information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August of 2018, the Company executed a letter
of intent (&#8220;LOI&#8221;) for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
(&#8220;Farm Road&#8221;). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement (&#8220;MIPA&#8221;)
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company&#8217;s restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the &#8220;Promissory
Note&#8221;) in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) (&#8220;FRH&#8221;) in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company&#8217;s Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please <i>see </i><b>Note 9 &#8212; Notes Payable </b>within the
Company&#8217;s financial statement for the three months ended March 31, 2022 for further information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company has joined with more than 15 other plaintiffs in an action against the State of Nevada in regard to how the applications were
scored and as to why licenses were granted to other applicants in contravention of the guidelines published by the State of Nevada. On
August 23, 2019, a Nevada District Court judge issued a preliminary injunction enjoining any of the entities that were granted licenses
from opening new dispensaries based upon the failure of NVDOT (the administrative body tasked with adopting and enforcing marijuana regulations
within the State of Nevada) to enforce a provision of Ballot Question 2 (&#8220;BQ2&#8221;), that was approved by Nevada voters in 2016
and adopted by the Nevada legislature and codified as NRS 453D, which legalized the sale and distribution of recreational use marijuana.
The law requires that &#8220;each prospective owner, officer and board member of a marijuana establishment license applicant&#8221; undergo
a background check. The judge found that many of the successful license applicants failed to comply with this requirement. On August
29, 2019, the judge modified the ruling and is allowing thirteen of the successful license applicants who the State of Nevada have certified
as having complied with the requirements of BQ2 to open new dispensaries as granted in December of 2018. The plaintiffs shall now continue
to trial on the merits of the pending litigation against the State of Nevada. In March of 2020, counsel for Red Earth withdrew from its
representation of Red Earth. Red Earth is actively trying to retain substitute counsel, which as of the date of this filing Red Earth
remains unrepresented in this matter. The trial, which was scheduled to commence in April of 2020, has been postponed by the State of
Nevada as part of their implementation measures to stop the spread of COVID-19, as of the date of this filing the trial has not commenced.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October of 2018, the Company entered into a Revenue Participation Rights Agreement (the &#8220;RPRA&#8221;) with Let&#8217;s Roll NV,
LLC and Blue Sky Companies, LLC (together, the &#8220;Subscribers&#8221;). Under the terms of the RPRA, the Company transferred its ownership
interest in 3.95% of the gross revenue from the &#8220;Amargosa Outdoor Grow&#8221; to the Subscribers in exchange for $100,000 cash
payment and a Subscription Agreement in the amount of $1,142,100. On or before April 30<sup>th</sup> for the next 8 years (2019-2026),
the Company shall calculate the pro rata gross revenue due to the Subscribers with payments being made on or before May 31<sup>st </sup>of
each year. On March 24, 2021, the Company entered into a Termination Agreement (the &#8220;Agreement&#8221;) with the Subscribers. Under
the terms of the Agreement, the Company has decided to terminate its involvement in the Amargosa Outdoor Grow facility to capitalize
on additional strategic opportunities for further co-ops and/or additional outdoor grow expansions on adjacently owned properties; and
further that such termination of the Amargosa Grow would result in a complete loss of revenue sharing opportunities for the Subscribers
under the terms of the RPRA. In consideration of termination of the RPRA, the Company compensated the Partners; (i) $136,684, and (ii)
1,000,000 shares of common stock.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January of 2019, the Company formed Coachill-Inn, LLC (&#8220;Coachill-Inn&#8221;), a subsidiary of Alternative Hospitality
(&#8220;AH&#8221;), to develop a proposed hotel in Desert Hot Springs, CA. From January through June of 2019, the Company was
actively engaged in negotiations with the property owner of the proposed location. In June of 2019, Coachill-Inn executed a purchase
and sale agreement with Coachillin&#8217; Holdings, LLC (&#8220;CHL&#8221;) to acquire a 256,132 sq. ft. parcel of land within a
100-acre industrial cannabis park in Desert Hot Springs, CA (the &#8220;Property&#8221;) to develop its first hotel project. The
purchase price for the property was $5,125,000. CHL was to contribute $3,000,000 toward the purchase price of this property in
exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable deposit in the amount
of $150,000 toward the purchase of the Property. As of the date of this filing, the Company has terminated its participation in the
development due to financing issues. The $150,000 deposit is classified as an impaired asset. Please <i>see</i> <b>Note 9
&#8212;Asset Impairment</b> within the Company&#8217;s financial statement for the year ended December 31, 2021 for further
information.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
February 15, 2019, the Company entered into a Licensing Agreement (the &#8220;Agreement&#8221;) with Highland Brothers, LLC, (&#8220;HB&#8221;)
an entity controlled by the Company&#8217;s former Chief Executive Officer and current director. Under the terms of the Agreement, HB
granted the Company an exclusive license to use any and all branding materials of HB including, without limitation, its name, logo, and
any and all intellectual property rights. In consideration of the license, the Company agreed to compensate HB seven percent (7%) of
the net sales generated by the Company for any products utilizing and/or integrating property rights, brands or logos of HB commencing
in 2020. The Agreement has a term of ten (10) years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 8, 2019, the Company entered into a fifteen-year Suite License Agreement (the &#8220;Agreement&#8221;) with LV Stadium Events Company,
LLC (&#8220;LV Stadium&#8221;) for the lease of a suite within the multipurpose stadium (the &#8220;Stadium&#8221;) constructed in Clark
County, Nevada that is intended to be the home stadium for the Raiders National Football League team. Under the terms of the Agreement,
the Company paid the initial deposit of $75,000, the second payment of $150,000 and the final payment on approximately October 15, 2020.
Commencing with year 6 of the Term, the License Fee for each year of the Term shall be increased by an amount not to exceed three percent
(3%) of the License Fee payable for the immediately preceding year. </span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
April of 2019, Roger Bloss was appointed to the Board of Directors of the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April of 2019, the Company executed a Membership Interest Purchase Agreement (the &#8220;MIPA&#8221;) to acquire all of the
membership interests in two Nevada limited liability companies that are each the holder of a State of Nevada marijuana license.
Marijuana Establishment Registration Certificate, Application No. C202 and Marijuana Establishment Registration Certificate,
Application No. P133 (collectively the &#8220;Certificates&#8221;). The terms of the MIPA required the Company to purchase the
licenses for the total sum of $1,250,000 each - $750,000 in cash per license and $500,000 of the Company&#8217;s restricted common
stock per license. The terms of the MIPA provide for a $250,000 non-refundable down payment and include a short term note in the
amount of $500,000 carrying an annual interest rate of two percent (2%) that was due and payable on or before October 18, 2019. On
October 17, 2019, the State of Nevada&#8217;s Governor issued an executive order restricting the transfer of all Nevada marijuana
licenses (the &#8220;Moratorium&#8221;). As of the date of this filing, the Company has made deposits totaling $550,000 and has
reduced the principal of the aforementioned note to $250,000. The Company is required to issue $1,000,000 of shares of its
restricted common stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been
issued. The Company also executed a $750,000 long term note (the &#8220;LT Note&#8221;) in favor of the current license holders that
becomes due and payable upon the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months
after the production/cultivation is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On
February 19, 2020, the Company was put on notice by the Seller that it is in default under the terms of the MIPA. Additionally,
pursuant to the terms of the MIPA, the Company was required to enter into a $15,000 per month sub-lease (retroactive to March 1,
2019) for the 10-acre cultivation/production facility located in Pahrump, Nye County, NV and install a mobile production trailer.
The Company failed to make the required payments under the MIPA and the Agreement was terminated. Please <i>see</i> <b>Note 9
&#8212;Asset Impairment </b>within the Company&#8217;s financial statement for the year ended December 31, 2021 for further
information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
April of 2019, the Company consummated its purchase of an approximately 50-acre, commercial trailer and RV park (the &#8220;Trailer Park&#8221;)
in close proximity to its Amargosa Valley cultivation facilities. The Trailer Park can accommodate up to 90 trailers and RV&#8217;s.
There presently are 17 occupied trailers in the Trailer Park, and the Company is making the necessary upgrades to bring additional units
to the facility to provide housing for its farm personnel. The Company purchased the Trailer Park for a total of $600,000 in cash and
$50,000 of the Company&#8217;s restricted common stock, resulting in the issuance of 66,667 shares. The Sellers hold a $250,000 note,
bearing interest at six and one-half percent resulting in monthly payments in the amount of $2,178 based upon a 15-year amortization
schedule (the &#8220;TP Note&#8221;). The TP Note requires additional principal reduction payments in the amount of $50,000 on or before
April 5, 2020 and April 5, 2021, respectively. As of the date of this filing, the Company has failed to make the required principal reduction
payment that was due on April 5, 2020. Additionally, due to the ongoing effects of COVID-19, the Company has been unable to make its
monthly payments of $2,178 pursuant to the terms of the TP Note. The Company is in arrears to the holders of the TP Note in the amount
of $58,711. The principal and interest payments will be recalculated based on a 15-year a amortization schedule upon each principal reduction
payment. A final balloon payment of any and all outstanding principal and accrued interest is due and payable on or before April 5, 2022.
There are no prepayment penalties should the Company elect to retire the note prior to its maturity date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 25, 2019, the Company entered into a Series Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement
(the &#8220;Agreement&#8221;) with Innovation Labs, Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company
purchased 238,096 Series Post Seed Preferred Stock Shares and 238,096 Series Post Seed Preferred Units for a purchase price of
$250,000. Please <i>see</i> <b>Note 9 &#8212;Asset Impairment</b> within the Company&#8217;s financial statement for the year ended
December 31, 2021 for further information.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2019, the Company entered into a Membership Interest Purchase Agreement (the &#8220;Agreement&#8221;) with Element NV,
LLC, an Ohio limited liability company (the &#8220;Buyer&#8221;), to sell forty-nine percent (49%) of the membership interests in
the Company&#8217;s wholly owned subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;) for $441,000. The $441,000 was paid to the
Company on August 30, 2019. The Agreement required the Buyer to make an additional payment, in the amount of $3,559,000, to be
utilized for the improvement and build-out of the Company&#8217;s Western Avenue leasehold in Las Vegas, Nevada. The payment was due
within ten (10) days of the receipt by Red Earth of a special use permit (&#8220;SUP&#8221;) from the City of Las Vegas for its
Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in conjunction with the Company,
will jointly manage and operate the facility upon completion. The Agreement also requires the Buyer to make a final payment to the
Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June 11, 2020, the Company
entered into the First Amendment (&#8220;First Amendment&#8221;) to the Agreement. Under the terms of the First Amendment, the
Closing Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the &#8220;Initial
Contribution Payment&#8221;) to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash
contribution (the Final Contribution Payment&#8221;) in the amount of $240,000. The Buyer failed to make the required payments under
the Agreement and the Agreement was thus terminated in 2021. Please <i>see</i> <b>Note 7 &#8212; Intangible Assets</b> and <b>Note
15 &#8212; Gain on Disposal of Subsidiary </b>within the Company&#8217;s financial statement for the year ended December 31, 2021
for further information.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 22, 2020, the Company&#8217;s President, Richard S. Groberg, tendered his resignation to the Company&#8217;s Board of Directors
(the &#8220;Board&#8221;). The Board accepted Mr. Groberg&#8217;s resignation effective immediately. The Company and Mr. Groberg executed
a mutual Separation Agreement. </span>On May 12, 2021, the Company entered into a Cooperation and Release Agreement (the &#8220;Agreement&#8221;)
with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of
the Company issued to or owned by him and waived any right to any future stock issuances except for 100,000 shares to be retained by
Mr. Groberg.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">O<span style="font-family: Times New Roman, Times, Serif">n
January 22, 2020 the Board appointed the Company&#8217;s Secretary and Chief Administrative Officer, Terrence M. Tierney, JD, age 58,
to the additional position of interim President. Mr. Tierney was a consultant to the Company from July 1, 2018 until September 18, 2018
when he was appointed Secretary of the Company. On October 15, 2018, Mr. Tierney became the Chief Administrative Officer of the Company
and signed a three-year employment agreement with the Company (which agreement has been previously filed with the SEC) that expires on
September 30, 2021. There were no changes to Mr. Tierney&#8217;s current employment agreement other than his additional duties as President.
Mr. Tierney had day-to-day oversight of the Company&#8217;s operations and continue to advise the Board on strategic initiatives and
business development.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 20, 2020, the Company&#8217;s subsidiary, Alternative Hospitality, Inc. (the &#8220;Borrower&#8221;), issued a Short-Term
Promissory Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a
director of the Company, in the amount of $110,405 that matures on February 19, 2021. The Note shall bear interest at a rate of 9%
per annum with interest-only payments in the amount of $825 due on or before the twentieth day of each month commencing on April 20,
2020. The Borrower was required to make an interest and principal reduction payment in the amount of $1,233 on or before March 20,
2020. The Holder was granted a security interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146,
which is owned by the Borrower. Please <i>see </i><b>Note 11 &#8212; Notes Payable &#8211; related parties</b> within the
Company&#8217;s financial statement for the year ended December 31, 2021 for further information.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 2, 2020, Mr. Ruhe tendered his resignation to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;). The Board accepted
Mr.Ruhe&#8217;s resignation effective immediately. Mr. Ruhe also stepped down as an advisor to the Company&#8217;s Audit Committee. Additionally,
pursuant to the terms of Mr. Ruhe&#8217;s employment contract with the Company Mr. Ruhe shall forfeit 11,709 shares of invested common
stock previously issued to Mr. Ruhe. The Board has commenced a search to find a suitable individual to replace Mr. Ruhe.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2020, the Company&#8217;s subsidiary, Condo Highrise Management, LLC (the &#8220;Borrower&#8221;), issued a Short-Term
Promissory Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a
director of the Company, in the amount of $90,000 that matures on March 30, 2021. The Note shall bear interest at a rate of 9% per
annum with interest-only payments in the amount of $675 due on or before the first day of each month commencing on May 1, 2020. The
Holder was granted a security interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by
the Borrower. Please <i>see</i> <b>Note 11 &#8212; Notes Payable &#8211; related parties </b>within the Company&#8217;s financial
statement for the year ended December 31, 2021 for further information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
July 22, 2020, the Company entered into a Securities Purchase Agreement (the &#8220;Agreement&#8221;) with an accredited investor (the
&#8220;Investor&#8221;). Under the terms of the Agreement, the Investor agreed to purchase 4,500,000 shares of the Company&#8217;s common
stock at $0.088808889 per share for a total purchase price of $400,000. The Investor was also to be issued a warrant granting the Investor
the right to acquire 1,000,000 shares of the Company&#8217;s common stock at an exercise price of $0.10. The warrant was to be dated
August 3, 2020 and have a term of three years. The Investor funded $250,000 of the purchase amount on July 31, 2020. On August 10, the
Company returned $125,465 of the funds to the Investor for a net investment of $124,535. The Company issued the Investor 1,402,279 shares
of common stock and a warrant granting the Investor the right to purchase 250,000 shares of common stock under the revised terms of the
Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 7, 2020, the Company&#8217;s Board of
Directors terminated, with cause, the employment of Terrence M. Tierney, the Company&#8217;s former President and Secretary, effective
immediately. On March 9, 2021, Terrence Tierney filed for arbitration with the American Arbitration Association for: (i) breach of contract,
(i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the
amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On
April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for
accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise
has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed
fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess
of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone
the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Paris Balaouras (the &#8220;Employee&#8221;).
Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Chief Cultivation Officer for a term of three (3) years
(the &#8220;Term&#8221;) commencing on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company
in its sole discretion, in amount equal to up to 100% of Employee&#8217;s base salary for the then current fiscal year, shall be eligible
to receive an annual discretionary stock grant during the Term which shall be vested in equal increments of 1/3<sup>rd</sup> each over
a three year period beginning on the first anniversary of employment, shall be eligible to receive a compensatory stock grant of 667,000
shares for and in consideration of past compensation (approximately $500,000 over the past 2.5 years) foregone by Employee; such grant
exercisable at Employee&#8217;s option as such time as Employer is profitable at the NOI level on a trailing twelve (12) month basis
or upon other commercial reasonable terms as the Board may determine and shall be awarded options to purchase 500,000 shares of the Company&#8217;s
common stock, exercisable at a price of $.75 per share.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Roger Bloss. Under the terms of
the Agreement, the Employee shall serve as the Company&#8217;s Interim Chief Executive Officer for a term of six (6) months and the Chief
Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for a total of three (3) years
(the &#8220;Term&#8221;) commencing on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company
in its sole discretion, in amount equal to up to 100% of Employee&#8217;s base salary for the then current fiscal year, shall be eligible
to receive an annual discretionary stock grant during the Term which shall be vested in equal increments of 1/3<sup>rd </sup>each over
a three year period beginning on the first anniversary of employment and shall be awarded options to purchase 500,000 shares of the Company&#8217;s
common stock, exercisable at a price of $.75 per share.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Bernard Moyle. Under the terms
of the Agreement, the Employee shall serve as the Company&#8217;s Secretary/Treasurer for a term of three (3) years (the &#8220;Term&#8221;)
commencing on September 15, 2020. The Employee shall receive a base salary of $60,000 annually, shall be eligible to receive an annual
discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion,
in amount equal to up to 200% of Employee&#8217;s base salary for the then current fiscal year, shall, at commencement of the Term receive
a grant of stock of 500,000 shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be
vested in equal increments of 1/3<sup>rd</sup> each over a three year period beginning on the first anniversary of employment and shall
be awarded options to purchase 500,000 shares of the Company&#8217;s common stock, exercisable at a price of $.75 per share.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 15, 2020, the Company entered into a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss,
Dear and Balaouras (collectively, the &#8220;Directors&#8221;). Under the terms of the Agreement, each of the Directors shall provide
services to the Company as a member of the Board of Directors for a period of not less than one year. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company&#8217;s common stock on the last calendar day of each quarter.
The Agreement for each of the Directors is effective as of October 1, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
October 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Jim Kelly. The Agreement became
effective as of October 1, 2020. Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Interim Chief Financial
Officer for a term of (i) the sooner of six (6) months, or (ii) the completion of all regulatory filings, including but not limited to
the Company&#8217;s 2019 Annual Report on Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly Report
on Form 10-Q, the September 30, 2020 Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities
and Exchange Commission (&#8220;SEC&#8221;) to bring the Company current with the SEC. The Employee shall receive a base salary of $24,000
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the
C-Suite of the Company in its sole discretion, in an amount equal to up to 400% of the Employee&#8217;s base salary for the then current
fiscal year, and at commencement of the Term the Employee shall receive a grant of stock of 500,000 restricted shares of the Company&#8217;s
common stock. <span style="background-color: white">On March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial
Officer.</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December 8, 2020, the Company entered into Amendment No. 1 (the &#8220;Amendment&#8221;) to the Revenue Participation Rights Agreement
previously entered into with Blue Sky Companies, LLC and Let&#8217;s Roll NV, LLC. Under the terms of the Amendment, the new effective
Date of the Agreement shall be revised to the date that the first payment shall be due in 2021 from the 2020 3-acre grow. In addition,
(i) the Company&#8217;s 2020 obligation under the original Agreement for the 2019 grow is deemed satisfied in full, (ii) on or before
April 30, 2027, the Company shall pay a $26,000 exit fee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
January 12, 2021, the Company completed the sale of its commercial building for $1,627,500. On December 12, 2020, the Company, through
its wholly owned subsidiary (Prescott Management, LLC), entered into a sales contract with Helping Hands Support, Inc. for the sale of
the Company&#8217;s commercial building located at 1300 South Jones Boulevard, Las Vegas, Nevada 89146.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 17, 2021, the Company entered into a Stock Purchase Agreement (the &#8220;Agreement&#8221;) with ATG Holdings, LLC (the &#8220;ATG&#8221;).
Under the terms of the Agreement, the Company purchased&#160;1,500,000,000&#160;shares of common stock of Healthier Choices Management
Corp (&#8220;HCMC&#8221;) from ATG for the purchase price of $200,000. The transaction closed on February 19, 2021. During the year ended
December 31, 2021, the Company liquidated its marketable securities that it received in the Agreement with ATG.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
March 12, 2021, the Company (the &#8220;Holder&#8221;) was issued a Convertible Promissory Note (the &#8220;Note&#8221;) by GeneRx
(the &#8220;Borrower&#8221;), a Delaware corporation, in the amount of $300,000. The Note has a term of one year (April 7, 2022
Maturity Date) and accrues interest at two percent (2%) per annum. The Note is convertible, at the option of the Holder, into shares
of common stock of the Borrower at a fixed conversion price of $1.00 per share. Upon an Event of Default, the Conversion Price shall
equal the Alternate Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or
rights offerings by the Borrower relating to the Borrower&#8217;s securities or the securities of any subsidiary of the Borrower,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The &#8220;Alternate Conversion
Price&#8221; shall equal the lesser of (i) 80% multiplied by the average of the three lowest daily volume weighted average prices
(&#8220;VWAP&#8221;) during the previous twenty (20) Trading Days (as defined below) before the Issue Date of this Note
(representing a discount rate of 20%) or (ii) 80% multiplied by the Market Price (as defined herein) (representing a discount rate
of 20%). &#8220;Market Price&#8221; means the average of the three lowest daily VWAPs for the Common Stock during the twenty (20)
Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. Any amount of principal or interest on
this Note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date
thereof until the same is paid (the &#8220;Default Interest&#8221;). The Company funded $300,000 on March 15, 2021, $150,000 on
April 5, 2021 and $50,000 on April 7, 2021. Please <i>see</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; Note Receivable</b> within the Company&#8217;s financial statement for the three months ended March 31, 2022 for further
information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2021, the Company entered into a Storage and Purchase Agreement (the &#8220;Agreement&#8221;) with AP Management, LLC (&#8220;AP&#8221;).
Under the terms of the Agreement, AP agreed to store the Company&#8217;s fresh frozen marijuana (the &#8220;Product&#8221;) while granting
AP the right to purchase the Product at $175 per pound. In the event that AP does not purchase 500 pounds of the Product, the Company
shall reimburse AP for any costs incurred for storage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 14, 2021, the Company entered into a Storage Agreement (the &#8220;Agreement&#8221;) with TapRoot Labs (&#8220;TapRoot&#8221;).
Under the terms of the Agreement, the TapRoot, agreed to store the Company&#8217;s fresh frozen marijuana (the &#8220;Product&#8221;).
As compensation for storage, the Company was to pay TapRoot the equivalent of $6,000 per month from product held in storage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 12, 2021, the Company entered into a Cooperation
and Release Agreement (the &#8220;Agreement&#8221;) with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement,
Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and waived any right to any future stock issuances
except for 100,000 shares to be retained by Mr. Groberg.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 17, 2021, the Company entered into a Consulting
Agreement (the &#8220;Agreement&#8221;) with Wolfpack Consulting, LLC (the &#8220;Consultant&#8221;). Under the terms of the Agreement,
the Consultant shall use its commercially reasonable efforts and adequate business time and attention to identify various properties
that may fit into Client&#8217;s business model to develop, cultivate, and produce marijuana related products. The Consultant shall receive
$25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of: (a) the first anniversary
of the Effective Date (i.e., one year), or (b) either party&#8217;s receipt of written notice from the other party of its intent
to terminate this Agreement after the expiration of the first anniversary (the &#8220;Term&#8221;).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company intends to continue to grow its business through the acquisition of existing companies and/or through the development of new
opportunities and joint ventures that can maximize shareholder value while providing a 360-degree spectrum of infrastructure (dispensaries),
cultivation, production, management, and consulting services in the regulated cannabis industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Marijuana
Industry Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company currently operates a marijuana business in the State of Nevada. Although the possession, cultivation and distribution of marijuana
is permitted in Nevada, provided compliance with applicable state and local laws, rules, and regulations, marijuana is illegal under
federal law. The Company believes it operates its business in compliance with applicable state laws and regulations. Any changes in federal,
state, or local law enforcement regarding marijuana may affect its ability to operate its business. Strict enforcement of federal law
regarding marijuana would likely result in the inability to proceed with its business plans, could expose the Company to potential criminal
liability, and could subject its properties to civil forfeiture. Any changes in banking, insurance, or other business services may also
affect the Company&#8217;s ability to operate its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Marijuana
cultivation refers to the planting, tending, improving and harvesting of the flowering plant Cannabis, primarily for the production and
consumption of cannabis flowers, often referred to as &#8220;buds&#8221;. The cultivation techniques for marijuana cultivation differ
than for other purposes such as hemp production. Generally, references to marijuana cultivation and production do not include hemp production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Cannabis
belongs to the genus Cannabis in the family Cannabaceae and for the purposes of production and consumption, includes three species, C.
sativa (&#8220;Sativa&#8221;), C. Indica (&#8220;Indica&#8221;), and C. ruderalis (&#8220;Ruderalis&#8221;). Sativa and Indica generally
grow tall with some varieties reaching approximately 4 meters. The female plants produce flowers rich in tetrahydrocannabinol (&#8220;THC&#8221;).
Ruderalis is a short plant and produces trace amounts of THC but is very rich in cannabidiol (&#8220;CBD&#8221;), which is an antagonist
(inhibits the physiological action) to THC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 2022, there are a total of 38 states, plus the District of Columbia, with legislation passed as it relates to medicinal cannabis.
These state laws are in direct conflict with the United States Federal Controlled Substances Act (21 U.S.C. &#167; 811) (&#8220;CSA&#8221;),
which places controlled substances, including cannabis, in a schedule. Cannabis is classified as a Schedule I drug, which is viewed as
having a high potential for abuse, has no currently accepted use for medical treatment in the U.S., and lacks acceptable safety for use
under medical supervision. These 35 states, plus the District of Columbia, have adopted laws that exempt patients who use medicinal cannabis
under a physician&#8217;s supervision from state criminal penalties. These are collectively referred to as the states that have de-criminalized
medicinal cannabis, although there is a subtle difference between de-criminalization and legalization, and each state&#8217;s laws are
different.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 2022, 18 states and the District of Columbia now allow for the recreational use and possession of small amounts of marijuana
and marijuana products. Decriminalization of marijuana varies by state. Decriminalization generally means that violators of local marijuana
laws may be subject to civil penalty rather than face criminal prosecution. Fifteen states have decriminalized the possession of small
amounts of marijuana but have not legalized possession. In these states decriminalization can mean possession of as little as ten grams
of marijuana up to one-hundred grams of marijuana that will not result in any criminal prosecution but may result in civil fines. In
three states, Idaho, South Dakota, and Kansas, the cultivation, possession or use of marijuana is strictly prohibited and violators may
be subject to criminal prosecution. In Nevada, where the Company is headquartered and has focused most of its activities, legalized marijuana
for recreational use was effective as of July 1, 2017, which made it legal for adults over the age of 21 to use marijuana and to possess
up to one ounce of marijuana flowers and one-eighth of an ounce of marijuana concentrates. Individuals are also permitted to grow up
to six marijuana plants for personal use. In addition, businesses can legally, pursuant to state regulations, cultivate, process, dispense,
distribute, and test marijuana products under certain conditions.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
dichotomy between federal and state laws has limited the access to banking and other financial services by marijuana businesses. Recently
the U.S. Department of Justice (the &#8220;DOJ&#8221;) and the U.S. Department of Treasury issued guidance for banks considering conducting
business with marijuana dispensaries in states where those businesses are legal, pursuant to which banks must now file a Marijuana Limited
Suspicious Activity Report that states the marijuana business is following the government&#8217;s guidelines with regard to revenue that
is generated exclusively from legal sales. However, since the same guidance noted that banks could still face prosecution if they provide
financial services to marijuana businesses, it has led to the widespread refusal of the banking industry to offer banking services to
marijuana businesses operating within state and local laws. In March of this year, U.S. Congressman Ed Perlmutter (D &#8211; Colorado)
introduced house bill H.R. 1595, known as the Secure and Fair Enforcement (SAFE) Banking Act to allow legally operating cannabis related
businesses to utilize traditional banking services without fear of federal agencies taking legal action against the banks or their customers.
The SAFE bill has strong bipartisan support in the House of Representatives and many industry observers anticipate it will be ratified
within the next year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
DOJ has not historically devoted resources to prosecuting individuals whose conduct is limited to possession of small amounts of marijuana
for use on private property but has relied on state and local law enforcement to address marijuana activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
the event the DOJ reverses its stated policy and begins strict enforcement of the CSA in states that have laws legalizing medical marijuana
and recreational marijuana in small amounts, there may be a direct and adverse impact to the Company&#8217;s business and its revenue
and profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Furthermore,
H.R. 83, known as the Rohrabacher-Farr amendment, is a rider to the annual appropriations bill that prohibits the DOJ from using federal
funds to prevent certain states, including Nevada and California, from implementing their own laws that authorized the use, distribution,
possession, or cultivation of medical marijuana. This prohibition was in place until November 21, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company is monitoring the Biden administration&#8217;s, the DOJ&#8217;s and Congress&#8217; positions on federal marijuana law and
policy. Based on public statements and reports, the Company understands that certain aspects of those laws and policies are
currently under review, but no official changes have been announced. It is possible that certain changes to existing laws or
policies could have a negative effect on its business and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Corporate
Entities</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    Holdings, Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
    entity, the Company, serves as a holding company for all of the operating businesses/assets.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Prescott
    Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Prescott
    Management is a wholly owned subsidiary of the Company that provides day-to-day management and operational oversight to the Company&#8217;s
    operating subsidiaries.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Icon
    Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Icon
    is a wholly owned subsidiary of the Company that provides Human Resource Management (&#8220;HR&#8221;) services to the Company. Icon
    is responsible for all payroll activities and administration of employee benefit plans and programs.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Farm
    Road, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Farm
    Road, LLC is a wholly owned subsidiary of the Company that owns 260 acres of farmland in Amargosa, NV. The Company acquired all of
    the membership interests of Farm Road in January of 2019.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Condo
    Highrise Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Condo
    Highrise Management is a wholly owned subsidiary of the Company that manages the Company owned Trailer Park in Amargosa, Nevada.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth Holdings, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth Holdings, LLC is a wholly owned subsidiary of the Company that will eventually be the holder of the Company&#8217;s primary
    cannabis license assets. As of the date of this report, Red Earth Holdings has no operations and holds no assets.</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red
                                            Earth, established in 2016, was a wholly owned subsidiary of the Company from December 15,
                                            2017 until August 30, 2019 prior to the Company selling a forty-nine percent (49%) interest
                                            in Red Earth to Element NV, LLC, an unrelated third party (See further description of the
                                            transaction hereinabove). Red Earth&#8217;s assets consist of: (i) a cultivation license
                                            to grow marijuana within the City of Las Vegas in the State of Nevada, and (ii) all of the
                                            outstanding membership interests in HDGLV, which holds a triple net leasehold interest in
                                            a 17,298 square-foot building in Las Vegas, Nevada, which it expects to operate as an indoor
                                            marijuana cultivation facility. In July 2018, the Company completed the first phase of construction
                                            on this facility, and it received a City of Las Vegas Business License to operate a marijuana
                                            cultivation facility. On August 26, 2021, the Company and the Company&#8217;s Chief Cultivation
                                            Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
                                            Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase
                                            Agreement&#8221;), dated December 15, 2017, entered into between the Company and the Red
                                            Earth was terminated as of the date of the Termination Agreement resulting in the return
                                            of ownership of Red Earth to Mr. Balaouras. Please <i>see</i> <b><span style="background-color: white">Note 7 &#8212; Intangible Assets
and Note 14 &#8212; Related Party Transactions</span></b> within the Company&#8217;s
                                            financials for the three months ended March 31, 2022 for further information.</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">HDGLV,
    LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">HDGLV
    is a wholly owned subsidiary of Red Earth, LLC and is the holder of a triple net lease on a commercial building in Las Vegas, Nevada
    which is being developed to house the Company&#8217;s indoor grow facility.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Alternative
    Hospitality, Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Alternative
    Hospitality is a Nevada corporation formed in November of 2018. MJ Holdings owns fifty-one percent (51%) of the company and the remaining
    forty-nine percent (49%) is owned by TVK, LLC, a Florida limited liability company. </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    International Research Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    International is a wholly owned subsidiary of the Company that is headquartered in Dublin, Ireland. MJ International is the sole
    shareholder of MJ Holdings International Single Member S.A. and Gioura International Single Member Private Company.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s corporate headquarters is located at </span>2580 S. Sorrel St., Las Vegas, NV 89146 and its telephone number
is (702) 879-4440. The Company&#8217;s website address is: www.mjholdingsinc.com. Information on or accessed through its website is not
incorporated into this Form 10-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Common Stock is not listed on any national stock exchange but is quoted on the OTCQB Marketplace
under the symbol &#8220;MJNE.&#8221;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Licenses:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 5, 2021, the Company (the &#8220;Purchaser&#8221;)
executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;) with MJ Distributing, Inc. (the &#8220;Seller&#8221;) to acquire
all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing P133, LLC, each the holder of a State of
Nevada provisional medical and recreational cultivation license and a provisional medical and recreational production license. At present,
the Company is waiting for the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) to provide notice that the licenses are set for hearing
to approve the transfer of ownership from the Seller to the Purchaser.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Patents/Trademarks:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
currently hold no patents or trademarks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Research
&amp; Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had no expenses in Research and Development costs during the three months ended March 31, 2022 or for the years ended December
31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Compliance
Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
company incurs annual expenses to comply with state and local corporate governance and business licensing requirements. We estimate
these costs to be under $20,000 per year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Principal
Products or Services and Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal services provided by the Company
are cultivation management and infrastructure development catering to cannabis and hemp growth.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not consider its business to
be seasonal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Leases</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company anticipates its most significant lease obligations will be classified as fixed assets that will be used in the normal course
of its business.&#160; Some lease obligations may include renewal or purchase options, escalation clauses, restrictions, penalties or
other obligations that we will consider in determining minimum lease payments. The leases will be classified as either operating leases
or capital leases, as appropriate.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Governmental
Regulation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cannabis is currently a Schedule I controlled
substance under the Controlled Substances Act (&#8220;<b>CSA</b>&#8221;) and is, therefore, illegal under federal law. Even in those
states in which the use of cannabis has been legalized pursuant to state law, its use, possession or cultivation remains a violation
of federal law. A Schedule I controlled substance is defined as one that has no currently accepted medical use in the United States,
a lack of safety for use under medical supervision and a high potential for abuse. The U.S. Department of Justice (the &#8220;<b>DOJ</b>&#8221;)
defines Schedule I controlled substances as &#8220;the most dangerous drugs of all the drug schedules with potentially severe psychological
or physical dependence.&#8221; If the federal government decides to enforce the CSA in those states which have legalized medicinal and/or
recreational use of cannabis, persons that are charged with distributing, possessing with intent to distribute or growing cannabis could
be subject to fines and/or terms of imprisonment, the maximum being life imprisonment and a $50 million fine.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the CSA, as of the date of this
prospectus, 36 states and the District of Columbia have legalized medical marijuana in some capacity. Additionally, 17 states and the
District of Colombia have approved the implementation of legal recreational marijuana use. Such state and territorial laws are in conflict
with the federal CSA, which makes cannabis use and possession illegal at the federal level.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In light of such conflict between federal laws
and state laws regarding cannabis, the previous administration under President Obama had effectively stated that it was not an efficient
use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the
use and distribution of medical cannabis. For example, the prior DOJ Deputy Attorney General of the Obama administration, James M. Cole,
issued a memorandum (the &#8220;<b>Cole Memo</b>&#8221;) to all United States Attorneys providing updated guidance to federal prosecutors
concerning cannabis enforcement under the CSA. In addition, the Financial Crimes Enforcement Network (&#8220;<b>FinCEN</b>&#8221;) provided
guidelines (the &#8220;<b>FinCEN Guidelines</b>&#8221;) on February 14, 2014, regarding how financial institutions can provide services
to cannabis-related businesses consistent with their Bank Secrecy Act obligations (.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the Trump administration, there had been
indications of potential change in cannabis-related policies, including a memo issued by then Attorney General Jeff Sessions in January
2018, although no formal action was ever taken. Although we expect this policy to continue under the Biden administration, there can
be no assurance that will be the case. Accordingly, until there are formal changes in Federal cannabis-related enforcement policies,
we intend to remain within the guidelines outlined in the Cole Memo and the FinCEN Guidelines where applicable; however, we cannot provide
assurance that we are in full compliance with the Cole Memo, the FinCEN Guidelines or any applicable federal laws or regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cole Memo</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of the discrepancy between the laws in
some states, which permit the distribution and sale of medical and recreational cannabis, from federal law that prohibits any such activities,
DOJ Deputy Attorney General James M. Cole issued the Cole Memo concerning cannabis enforcement under the CSA. The Cole Memo guidance
applies to all of the DOJ&#8217;s federal enforcement activity, including civil enforcement and criminal investigations and prosecutions,
concerning cannabis in all states.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Cole Memo reiterates Congress&#8217;s determination
that cannabis is a dangerous drug and that the illegal distribution and sale of cannabis is a serious crime that provides a significant
source of revenue to large-scale criminal enterprises, gangs, and cartels. The Cole Memo notes that the DOJ is committed to enforcement
of the CSA consistent with those determinations. It also notes that the DOJ is committed to using its investigative and prosecutorial
resources to address the most significant threats in the most effective, consistent, and rational way. In furtherance of those objectives,
the Cole Memo provides guidance to DOJ attorneys and law enforcement to focus their enforcement resources on persons or organizations
whose conduct interferes with any one or more of the following important priorities (the &#8220;<b>Enforcement Priorities</b>&#8221;)
in preventing:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">revenue from the sale of cannabis from going to criminal enterprises,
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">state-authorized cannabis activity from being used as a cover or
    pretext for the trafficking of other illegal drugs or other illegal activity;</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">violence and the use of firearms in the cultivation and distribution
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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    safety and environmental dangers posed by cannabis production on public lands; and</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We intend to conduct rigorous due diligence to
verify the legality of all activities that we engage in and ensure that our activities do not interfere with any of the Enforcement Priorities
set forth in the Cole Memo.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Cole Memo is meant only as a guide for United
States Attorneys and does not alter in any way the Department of Justice&#8217;s authority to enforce Federal law, including Federal
laws relating to cannabis, regardless of state law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.2pt; background-color: #FCFCFC"><b>Agriculture
Improvement Act of 2018</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.2pt">The federal Agricultural
Improvement Act of 2018, signed into law on December 20, 2018, along with the Agricultural Act of 2014, the corresponding Consolidated
Appropriations Act of 2016 provisions (as extended by resolution into 2018) and related state law, provide for the cultivation, processing,
manufacturing and sale of hemp-derived products, as part of agricultural pilot programs and/or state plans adopted by individual states,
including Colorado. However, there can be no assurance that new legislation or regulations may be introduced at either the federal and/or
state level which, if passed, would impose substantial new regulatory requirements on the manufacture, packaging, labeling, advertising
and distribution and sale of hemp-derived products. New legislation or regulations may require the reformulation, elimination or relabeling
of certain products to meet new standards and revisions to certain sales and marketing materials and it is possible that the costs of
complying with these new regulatory requirements could be material.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company&#8217;s
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors and it will continue to focus on this area of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Competitors
include private and public companies such as: Acres Cultivation, LLC, 8lFold, The Apothecary Shoppe, Bond Road Cannabis Company, Floravega,
Remedy Cultivation and Flower One.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Joint
Venture/Acquisition Interest</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company intends to continue to grow its business through the acquisition of existing companies and/or through the development of new
opportunities and joint ventures that can maximize shareholder value while providing a 360-degree spectrum of infrastructure (dispensaries),
cultivation, production, management, and consulting services in the regulated cannabis industry.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Report, we 9 full-time and 3 part-time employees inclusive of a Chief Executive Officer, Interim Chief
Financial Officer, Secretary and Chief Cultivation Officer. We contract all labor for public company governance
services, website development, accounting, legal and daily activities outside of management. Please <i>see </i><b>DIRECTORS, EXECUTIVE
OFFICERS, PROMOTERS, AND CONTROL PERSONS </b>for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Report
to Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
public may read and copy these reports, statements, or other information we file at the SEC&#8217;s public reference room at 100 F Street,
NE., Washington, DC 20549 on official business days during the hours of 10 a.m. to 3 p.m. State that the public may obtain information
on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. The Commission maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission
at (<span style="text-decoration: underline">http://www.sec.gov</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Going
Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has recurring net losses, which have resulted in an accumulated deficit of $18,193,111 as of March 31, 2022. The Company
had negative cash flows from operations of $930,110 for the three months ended March 31, 2022. These factors raise substantial
doubt about the Company&#8217;s ability to continue as a going concern for one year from the issuance of the financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There
can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds
will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital
resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company
to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there
can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant
dilutive effect on the Company&#8217;s existing stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company intends to overcome the circumstances that impact its ability to remain a going concern through a combination of the commencement
of revenues, with interim cash flow deficiencies being addressed through additional equity and debt financing. The Company anticipates
raising additional funds through public or private financing, strategic relationships or other arrangements in the near future to support
its business operations; however, the Company may not have commitments from third parties for a sufficient amount of additional capital.
The Company cannot be certain that any such financing will be available on acceptable terms, or at all, and its failure to raise capital
when needed could limit its ability to continue its operations. The Company&#8217;s ability to obtain additional funding will determine
its ability to continue as a going concern. Failure to secure additional financing in a timely manner and on favorable terms would have
a material adverse effect on the Company&#8217;s financial performance, results of operations and stock price and require it to curtail
or cease operations, sell off its assets, seek protection from its creditors through bankruptcy proceedings, or otherwise. Furthermore,
additional equity financing may be dilutive to the holders of the Company&#8217;s common stock, and debt financing, if available, may
involve restrictive covenants, and strategic relationships, if necessary, to raise additional funds, and may require that the Company
relinquish valuable rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Company
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Nevada for-profit corporation. Our corporate address is </span><span style="background-color: white">2580 S. Sorrel St, Las Vegas,
NV 89146 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our telephone number is (702) 879-4440 and our website
address is www.mjholdingsinc.com. The information on our website is not a part of this prospectus. The Company&#8217;s stock is quoted
under the symbol &#8220;MJNE&#8221; on the OTCQB Marketplace. The Company&#8217;s transfer agent is Transhare Corporation whose
address is Bayside Center 1, 17755 North US Highway 19, Suite #140, Clearwater, FL 33764 and phone number is (303) 662-1112.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Smaller
Reporting Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
also qualify as a &#8220;smaller reporting company&#8221; under Rule 12b-2 of the Exchange Act, which is defined as a company with a
public equity float of less than $75 million. To the extent that we remain a smaller reporting company at such time as we are no longer
an emerging growth company, we will still have reduced disclosure requirements for our public filings some of which are similar to those
of an emerging growth company, including having to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act and the reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_002"></span>SUMMARY
OF</b></span><span style="font: 10pt Times New Roman, Times, Serif"><b> THE OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font: 10pt Times New Roman, Times, Serif">Securities
    offered</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to 7,000,000 shares of our Common Stock </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Offering
    Amount</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,886,500</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Terms
    of the Offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    Selling Shareholders will determine when and how they sell the shares offered in this prospectus, as described in &#8220;Plan of
    Distribution&#8221; beginning on page 44.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">Use
                                            of Proceeds</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
    are not selling any of the shares of common stock being offered by this prospectus and will receive no proceeds from the sale of
    the shares by the Selling Shareholders.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Common
    Stock Issued and Outstanding Before This Offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">79,327,355
                                            (1)</p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Common
    Stock Issued and Outstanding After This Offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">79,327,355 (2)</p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Risk
    Factors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>See
    </i>&#8220;Risk Factors&#8221; beginning on page 30 and the other information set forth in this prospectus for a discussion of factors
    you should consider before deciding to invest in our securities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Market
    for Common Stock</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Common Stock is subject to quotation on the OTCQB Marketplace under the symbol &#8220;MJNE.&#8221;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Dividends</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
    have not declared or paid any cash dividends on our common stock since our inception, and we do not anticipate paying any such dividends
    for the foreseeable future. </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Transfer agent and
    registrar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Transhare Corporation</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>




<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5in 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of shares of our common stock outstanding before this Offering is 79,327,355 as of July 29, 2022.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">(2)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares of our common stock that will be outstanding after
    this offering is based on 79,327,755 shares of common stock outstanding as of July 29, 2022, but excludes:</td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,500,000
    shares of common stock issuable upon exercise of the options issued to our Chief Executive Officer, Interim Chief Financial
    Officer and Chief Cultivation Officer.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">250,000
    shares of common stock issuable upon exercise of the warrant issued in connection with the July 2020 Securities Purchase Agreement.</span></td></tr>
  </table>

<p style="margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_003"></span>SUMMARY
FINANCIAL DATA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
following summary of our financial data should be read in conjunction with, and is qualified in its entirety by reference to, &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our consolidated financial statements, appearing
elsewhere in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Statements
of Operations Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>For
                                            the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>three
                                            </b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>months</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
                                            31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>For
                                            the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>year-ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>For
                                            the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year-ended<br />
                                            December 31, 2020</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%; text-align: justify">Revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">31,841</p></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">241,870</p></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">822,845</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,780,378</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(8,647,086</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(3,825,250</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total other income (expense)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">59,896</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,454,417</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(147,878</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Net income (loss)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,720,482</td><td style="text-align: left">)&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,807,331</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(3,973,128</td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Balance
Sheet Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
    31, 2022</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2021</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2020</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">3,321,111</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,699,372</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,536</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,509,562</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,842,641</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,490,452</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,770,677</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,076,258</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,788,580</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&#8217; equity (deficiency)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,052,611</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,766,383</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,298,128</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_004"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should carefully consider the risks, uncertainties and other factors described below, in addition to the other information set forth
in this Registration Statement on Form S-1, including our consolidated financial statements and the related notes thereto.
Any of these risks, uncertainties and other factors could materially and adversely affect our business, financial condition, results
of operations, cash flows, or prospects. In that case, the trading price of our Common Stock could decline, and you may lose all or part
of your investment. An investment in our securities is speculative and involves a high degree of risk. You should not invest in our securities
if you cannot bear the economic risk of your investment for an indefinite period of time and cannot afford to lose your entire investment.
There may be additional risks that we do not presently know of or that we currently believe are immaterial which could also impair our
business and financial position. See also &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
report of our independent registered public accounting firm that accompanies our audited consolidated financial statements includes
a going concern explanatory paragraph in which such firm expressed substantial doubt about our ability to continue as a going
concern.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities
and commitments in the normal course of business. However, we are a development stage company with current operations established in
October 2016. As of March 31, 2022, our accumulated deficit was $18,193,111. It is not possible at this time for us to
predict with assurance the potential success of our business. The revenue and income potential of our proposed business and operations
are unknown. If we cannot continue as a viable entity, we may be unable to continue our operations and you may lose some or all of your
investment in our common stock. These factors, among others, raise substantial doubt about the Company&#8217;s ability to continue as
a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a limited operating history, which may make it difficult for investors to predict future performance based on current operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a limited operating history upon which investors may base an evaluation of our potential future performance. In particular,
we have not proven that we can sell cannabis products in a manner that enables us to be profitable and meet customer requirements,
obtain the necessary permits and/or achieve certain milestones to develop our cultivation businesses, enhance our line of cannabis
products, develop and maintain relationships with customers and strategic partners, to raise sufficient capital in the public
and/or private markets, or respond effectively to competitive pressures. As a result, there can be no assurance that we will be
able to develop or maintain consistent revenue sources, or that our operations will be profitable and/or generate positive cash
flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
forecasts we make about our operations may prove to be inaccurate. We must, among other things, determine appropriate risks, rewards,
and level of investment in our product lines, respond to economic and market variables outside of our control, respond to competitive
developments and continue to attract, retain, and motivate qualified employees. There can be no assurance that we will be successful
in meeting these challenges and addressing such risks and the failure to do so could have a materially adverse effect on our business,
results of operations, and financial condition. Our prospects must be considered in light of the risks, expenses, and difficulties
frequently encountered by companies in the early stage of development. As a result of these risks, challenges, and uncertainties,
the value of your investment could be significantly reduced or completely lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will likely need additional capital to sustain our operations and will likely need to seek further financing, which we may not
be able to obtain on acceptable terms or at all. If we fail to raise additional capital, as needed, our ability to implement our
business model and strategy could be compromised.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, we had limited capital resources and operations. Through that date, our operations had been funded primarily
from the proceeds of equity financings. We may require additional capital in the near future to develop business operations at our Farm
Road facility in Amargosa, Nevada, to expand our production of our future franchise production lines, to develop our intellectual
property base, and establish our targeted levels of commercial production. We may not be able to obtain additional financing on terms
acceptable to us, or at all. In particular, because marijuana is illegal under federal law, we may have difficulty attracting investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have incurred losses in prior periods, and losses in the future could cause the quoted price of our Common Stock to decline or
have a material adverse effect on our financial condition, our ability to pay our debts as they become due, and on our cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
have incurred losses in prior periods. For the three months ended March 31, 2022, we incurred a net loss of $1,720,482
and, as of that date, we had an accumulated deficit of $18,193,111. We had net income of $3,530,331 for the
year ended December 31, 2021 and, as of that date, we had an accumulated deficit of approximately $16,472,629. Any losses
in the future could cause the quoted price of our Common Stock to decline or have a material adverse effect on our financial condition,
our ability to pay our debts as they become due, and on our cash flow.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Even
if we obtain financing for our near-term operations, we expect that we will require additional capital thereafter. Our capital needs
will depend on numerous factors including: (i) our profitability; (ii) the release of competitive products by our competition; (iii)
the level of our investment in research and development, and (iv) the amount of our capital expenditures, including acquisitions. We
cannot assure you that we will be able to obtain capital in the future to meet our needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership held by our existing
stockholders will be reduced and our stockholders may experience significant dilution. In addition, new securities may contain rights,
preferences, or privileges that are senior to those of our Common Stock. If we raise additional capital by incurring debt, this will
result in increased interest expense. If we raise additional funds through the issuance of securities, market fluctuations in the price
of our shares of Common Stock could limit our ability to obtain equity financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
cannot give you any assurance that any additional financing will be available to us, or if available, will be on terms favorable to us.
If we are unable to raise capital when needed, our business, financial condition, and results of operations would be materially adversely
affected, and we could be forced to reduce or discontinue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>We
face intense competition and many of our competitors have greater resources that may enable them to compete more effectively.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
industries in which we operate in general are subject to intense and increasing competition. Some of our competitors may have greater
capital resources, facilities, and diversity of product lines, which may enable them to compete more effectively in this market. Our
competitors may devote their resources to developing and marketing products that will directly compete with our product lines. Due to
this competition, there is no assurance that we will not encounter difficulties in obtaining revenues and market share or in the positioning
of our products. There are no assurances that competition in our respective industries will not lead to reduced prices for our products.
If we are unable to successfully compete with existing companies and new entrants to the market this will have a negative impact on our
business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>If
we fail to protect our intellectual property, our business could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
viability will depend, in part, on our ability to develop and maintain the proprietary aspects of our intellectual property to distinguish
our products from our competitors&#8217; products. We rely on copyrights, trademarks, trade secrets, and confidentiality provisions to
establish and protect our intellectual property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Any
infringement or misappropriation of our intellectual property could damage its value and limit our ability to compete. We may have to
engage in litigation to protect the rights to our intellectual property, which could result in significant litigation costs and require
a significant amount of our time. In addition, our ability to enforce and protect our intellectual property rights may be limited in
certain countries outside the United States, which could make it easier for competitors to capture market position in such countries
by utilizing technologies that are similar to those developed or licensed by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Competitors
may also harm our sales by designing products that mirror our products or processes without infringing on our intellectual property rights.
If we do not obtain sufficient protection for our intellectual property, or if we are unable to effectively enforce our intellectual
property rights, our competitiveness could be impaired, which would limit our growth and future revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
may also find it necessary to bring infringement or other actions against third parties to seek to protect our intellectual property
rights. Litigation of this nature, even if successful, is often expensive and time-consuming to prosecute and there can be no assurance
that we will have the financial or other resources to enforce our rights or be able to enforce our rights or prevent other parties from
developing similar products or processes or designing around our intellectual property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
we believe that our products and processes do not and will not infringe upon the patents or violate the proprietary rights of
others, it is possible such infringement or violation has occurred or may occur, which could have a material adverse effect on
our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any infringement by us of any person&#8217;s or entity&#8217;s intellectual property rights. In the event that
products we sell or processes we employ are deemed to infringe upon the patents or proprietary rights of others, we could be required
to modify our products or processes or obtain a license for the manufacture and/or sale of such products or processes or cease
selling such products or employing such processes. In such event, there can be no assurance that we would be able to do so in
a timely manner, upon acceptable terms and conditions, or at all, and the failure to do any of the foregoing could have a material
adverse effect upon our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that we will have the financial or other resources necessary to enforce or defend a patent infringement or
proprietary rights violation action. If our products or processes are deemed to infringe or likely to infringe upon the patents
or proprietary rights of others, we could be subject to injunctive relief and, under certain circumstances, become liable for
damages, which could also have a material adverse effect on our business and our financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
trade secrets may be difficult to protect.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends upon the skills, knowledge, and experience of our scientific and technical personnel, our consultants and advisors,
as well as our licensors and contractors. Because we operate in several highly competitive industries, we rely in part on trade
secrets to protect our proprietary technology and processes. However, trade secrets are difficult to protect. We enter into confidentiality
or non-disclosure agreements with our corporate partners, employees, consultants, outside scientific collaborators, developers,
and other advisors. These agreements generally require that the receiving party keep confidential and not disclose to third parties&#8217;
confidential information developed by the receiving party or made known to the receiving party by us during the course of the
receiving party&#8217;s relationship with us. These agreements also generally provide that inventions conceived by the receiving
party in the course of rendering services to us will be our exclusive property, and we enter into assignment agreements to perfect
our rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
confidentiality, inventions, and assignment agreements may be breached and may not effectively assign intellectual property rights
to us. Our trade secrets also could be independently discovered by competitors, in which case we would not be able to prevent
the use of such trade secrets by our competitors. The enforcement of a claim alleging that a party illegally obtained and was
using our trade secrets could be difficult, expensive, and time consuming and the outcome would be unpredictable. In addition,
courts outside the United States may be less willing to protect trade secrets. The failure to obtain or maintain meaningful trade
secret protection could adversely affect our competitive position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business, financial condition, results of operations, and cash flow may in the future be negatively impacted by challenging global
economic conditions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
disruptions and volatility in global financial markets and declining consumer and business confidence could lead to decreased
levels of consumer spending. These macroeconomic developments could negatively impact our business, which depends on the general
economic environment and levels of consumer spending. As a result, we may not be able to maintain our existing customers or attract
new customers, or we may be forced to reduce the price of our products. We are unable to predict the likelihood of the occurrence,
duration, or severity of such disruptions in the credit and financial markets and adverse global economic conditions. Any general
or market-specific economic downturn could have a material adverse effect on our business, financial condition, results of operations,
and cash flow.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future success depends on our key executive officers and our ability to attract, retain, and motivate qualified personnel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success largely depends upon the continued services of our executive officers and management team. If one or more of our
executive officers are unable or unwilling to continue in their present positions, we may not be able to replace them readily,
if at all. Additionally, we may incur additional expenses to recruit and retain new executive officers. If any of our executive
officers joins a competitor or forms a competing company, we may lose some or all of our customers. Finally, we do not maintain
&#8220;key person&#8221; life insurance on any of our executive officers. Because of these factors, the loss of the services of
any of these key persons could adversely affect our business, financial condition, and results of operations, and thereby an investment
in our stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
continuing ability to attract and retain highly qualified personnel will also be critical to our success because we will need
to hire and retain additional personnel as our business grows. There can be no assurance that we will be able to attract or retain
highly qualified personnel. We face significant competition for skilled personnel in our industries. In particular, if the marijuana
industry continues to grow, demand for personnel may become more competitive. This competition may make it more difficult and
expensive to attract, hire, and retain qualified managers and employees. Because of these factors, we may not be able to effectively
manage or grow our business, which could adversely affect our financial condition or business. As a result, the value of your
investment could be significantly reduced or completely lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to effectively manage our growth or improve our operational, financial, and management information systems, which
would impair our results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the near term, we intend to expand the scope of our operations activities significantly. If we are successful in executing our
business plan, we will experience growth in our business that could place a significant strain on our business operations, finances,
management, and other resources. The factors that may place strain on our resources include, but are not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    need for continued development of our financial and information management systems;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    need to manage strategic relationships and agreements with manufacturers, customers, and partners, and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Difficulties
    in hiring and retaining skilled management, technical, and other personnel necessary to support and manage our business</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our strategy envisions a period of rapid growth that may impose a significant burden on our administrative and operational resources.
Our ability to effectively manage growth will require us to substantially expand the capabilities of our administrative and operational
resources and to attract, train, manage, and retain qualified management and other personnel. There can be no assurance that we
will be successful in recruiting and retaining new employees or retaining existing employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide assurances that our management will be able to manage this growth effectively. Our failure to successfully manage
growth could result in our sales not increasing commensurately with capital investments or otherwise materially adversely affecting
our business, financial condition, or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to continually innovate and increase efficiencies, our ability to attract new customers may be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the area of innovation, we must be able to develop new technologies and products that appeal to our customers. This depends, in
part, on the technological and creative skills of our personnel and on our ability to protect our intellectual property rights.
We may not be successful in the development, introduction, marketing, and sourcing of new technologies or innovations, that satisfy
customer needs, achieve market acceptance, or generate satisfactory financial returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on the popularity of consumer acceptance of our current and future product lines.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to generate revenue and be successful in the implementation of our business plan is dependent on consumer acceptance and demand
of our current and future product lines. In the near term, we expect to begin operating a cultivation facility on our 260-acre Farm
in Nevada at which we expect to grow and sell marijuana on a commercial basis. Acceptance of our cannabis products, will depend
on several factors, including availability, cost, ease of use, familiarity of use, convenience, effectiveness, safety, and reliability.
If customers do not accept our products, or if we fail to meet customers&#8217; needs and expectations adequately, our ability to continue
generating revenues could be reduced.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
drop in the retail price of medical marijuana and recreational (adult use) marijuana products may negatively impact our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, the demand for the marijuana we intend to cultivate will depend in part on the market price of commercially grown
marijuana. Fluctuations in economic and market conditions that impact the prices of commercially grown marijuana, such as increases
in the supply of such marijuana and the decrease in the price of products using commercially grown marijuana, could cause the
demand for our marijuana products to decline, which would have a negative impact on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Federal
regulation and enforcement may adversely affect the implementation of cannabis laws and regulations may negatively impact our
revenues and profits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there are 38 states plus the District of Columbia that have laws and/or regulations that recognize, in one form or another, legitimate
medical uses for cannabis and consumer use of cannabis in connection with medical treatment, as well as, in some cases, the legalization
of cannabis for adult use. Many other states are considering similar legislation. Conversely, under the CSA, the policies and regulations
of the federal government and its agencies are that cannabis has no medical benefit and a range of activities including cultivation and
the personal use of cannabis is prohibited. Unless and until Congress amends the CSA with respect to marijuana, as to the timing or scope
of any such potential amendments there can be no assurance, there is a risk that federal authorities may enforce current federal law,
and we may be deemed to be producing, cultivating, or dispensing marijuana in violation of federal law. Thus, active enforcement of the
current federal regulatory position on cannabis may indirectly and adversely affect our revenues and profits. The risk of strict enforcement
of the CSA in light of Congressional activity, judicial holdings, and stated federal policy remains uncertain. In February 2017, the
Trump administration announced that there may be &#8220;greater enforcement&#8221; of federal laws regarding marijuana. Any such enforcement
actions could have a negative effect on our business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 4, 2018, Attorney General Jeff Sessions issued a Marijuana Enforcement Memorandum that rescinded guidance previously issued
to federal law enforcement in a memorandum known as the &#8220;Cole Memo&#8221;. The Cole Memo provided that the DOJ is committed
to the enforcement of the CSA, but the DOJ is also committed to using its limited investigative and prosecutorial resources to
address the most significant threats in the most effective, consistent, and rational way. On April 10, 2019, U.S. Attorney General
William Barr, during testimony before the U.S, Senate Appropriations sub-committee, stated &#8220;I am accepting the Cole Memorandum
for now, but I have generally left it up to the U.S. Attorneys in each state to determine what the best approach is in that state,&#8221;
A.G. Barr further testified during the hearing. &#8220;I haven&#8217;t heard any complaints from the states that have legalized
marijuana.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
guidance in the &#8220;Cole Memo&#8221; sets forth certain enforcement priorities that are important to the federal government:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
    from the sale of marijuana going to criminals;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Using
    state authorized marijuana activity as a pretext of another illegal drug activity;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preventing
    violence in the cultivation and distribution of marijuana;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preventing
    drugged driving;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growing
    marijuana on federal property; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    possession or use of marijuana on federal property.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DOJ historically has not devoted resources to prosecuting individuals whose conduct is limited to possession of small amounts
of marijuana for use on private property but has relied on state and local law enforcement to address marijuana activity. In the
event the DOJ reverses its stated policy and begins strict enforcement of the CSA in states that have laws legalizing medical
marijuana and recreational marijuana in small amounts, there may be a direct and adverse impact to our business and our revenue
and profits. Furthermore, H.R. 83, known as the Rohrabacher-Farr amendment, is a rider to the annual appropriations bill that
prohibits the DOJ from using federal funds to prevent certain states, including Nevada and California, from implementing their
own laws that authorized the use, distribution, possession, or cultivation of medical marijuana.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 27, 2018, the U.S. Drug Enforcement Agency announced that drugs, including &#8220;finished dosage formulations&#8221;
of CBD with THC below 0.1%, will be considered Schedule 5 drugs as long as the medications have been approved by the U.S. Food
and Drug Administration. The Agriculture Improvement Act of 2018 generally referred to as the 2018 Farm Bill included provisions
to greatly expand the ability to grow industrial hemp in the United States and declassified hemp as a Schedule 1 controlled substance
under the Controlled Substances Act. By definition hemp must have a less than .03% concentration of THC or it is then considered
marijuana. While the U.S. Department of Agriculture (&#8220;USDA&#8221;) has primary jurisdiction over the cultivation of industrial
hemp, the U.S. Food and Drug Administration (&#8220;FDA&#8221;) continues to have responsibility to regulate cannabis products
under the Food, Drug and Cosmetics Act (&#8220;FD&amp;C Act&#8221;). Therefore, any product, including hemp derived products,
that make any claims as to the therapeutic benefit of the product must be approved by the FDA in advance of any sales to the public.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
could be found to be violating laws related to cannabis.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there are 38 states plus the District of Columbia that have laws and/or regulations that recognize, in one form or another, legitimate
medical uses for cannabis and consumer use of cannabis in connection with medical treatment, as well as, in some cases, the legalization
of cannabis for adult use. Many other states are considering similar legislation. Conversely, under the CSA, the policies and regulations
of the federal government and its agencies are that cannabis has no medical benefit and a range of activities including cultivation and
the personal use of cannabis is prohibited. Unless and until Congress amends the CSA with respect to medical marijuana, as to the timing
or scope of any such amendments there can be no assurance, there is a risk that federal authorities may enforce current federal law.
The risk of strict enforcement of the CSA in light of Congressional activity, judicial holdings, and stated federal policy remains uncertain.
With respect to our greenhouse products, we intend to market and sell our greenhouse solutions to marijuana growers. Should it be determined
under the CSA that our greenhouse products or equipment are deemed to fall under the definition of drug paraphernalia because its products
could be determined to be primarily intended or designed for use in manufacturing or producing cannabis, we could be found to be in violation
of federal drug paraphernalia laws and there may be a direct and adverse effect on our business, revenues, and profits. With respect
to Red Earth, we do not currently cultivate, produce, sell, or distribute any marijuana, and, therefore, have no risk that we will be
deemed to cultivate, produce, sell, or distribute any marijuana in violation of federal law. However, if we obtain the necessary final
governmental approvals and permits in Nevada to commence the cultivation and production of marijuana, as to the successfully achievement
of any or all of such objectives there can be no assurance, we could be found in violation of the CSA. This would cause a direct and
adverse effect on our subsidiaries&#8217; businesses, or intended businesses, and on our revenue and prospective profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variations
in state and local regulation, and enforcement in states that have legalized cannabis, may restrict marijuana-related activities,
including activities related to medical cannabis, which may negatively impact our revenues and prospective profits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
state laws do not always conform to the federal standard or to other states laws. A number of states have decriminalized marijuana to
varying degrees, other states have created exemptions specifically for medical cannabis, and several have both decriminalization and
medical laws. As of the date of this filing, 18 states and the District of Columbia have legalized the recreational use of cannabis.
Variations exist among states that have legalized, decriminalized, or created medical marijuana exemptions. For example, certain states
have limits on the number of marijuana plants that can be homegrown. In most states, the cultivation of marijuana for personal use continues
to be prohibited except for those states that allow small-scale cultivation by the individual in possession of medical marijuana needing
care or that person&#8217;s caregiver. Active enforcement of state laws that prohibit personal cultivation of marijuana may indirectly
and adversely affect our business and our revenue and profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Prospective
customers may be deterred from doing business with a company with a significant nationwide online presence because of fears of
federal or state enforcement of laws prohibiting possession and sale of medical or recreational marijuana.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
website is visible in jurisdictions where medicinal and/or recreational use of marijuana is not permitted and, as a result, we
may be found to be violating the laws of those jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marijuana
remains illegal under federal law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marijuana
is a Schedule-I controlled substance and is illegal under federal law. Even in those 38 states in which the use of marijuana has
been legalized, its use remains a violation of federal law. Since federal law criminalizing the use of marijuana preempts state laws
that legalize its use, strict enforcement of federal law regarding marijuana would likely result in our inability to proceed with our
business plan, especially in respect of our marijuana cultivation, production and dispensaries. In addition, our assets, including real
property, cash, equipment, and other goods, could be subject to asset forfeiture because marijuana is still federally illegal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2017, the Trump administration announced that there may be &#8220;greater enforcement&#8221; of federal laws regarding
marijuana. In January 2018, Attorney General Jeff Sessions rescinded previously issued guidance. Any such enforcement actions
or changes in federal policy or guidance could have a negative effect on our business and results of operations. On November 7,
2018, Jeff Sessions resigned as the Attorney General of the United States. Mr. Sessions was succeeded by William Barr who has
publicly stated that he would not prosecute legal marijuana businesses that rely on the Cole memo.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the future, we will not be able to deduct some of our business expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
280E of the Internal Revenue Code prohibits any business engaged in the trafficking of controlled substances (within the meaning
of schedule I and II of the Controlled Substances Act) from deducting their ordinary and necessary business expenses, which may
force us to pay higher effective federal tax rates than similar companies in other industries. The effective tax rate on a marijuana
business depends on how large its ratio of nondeductible expenses is to its total revenues. Therefore, our marijuana business
may be less profitable than it could otherwise be.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to attract or retain any independent directors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors (the &#8220;Board&#8221;) is not currently comprised of a majority of independent directors. We may have difficulty
attracting and retaining independent directors because, among other things, we operate in the marijuana industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to successfully execute on our merger and acquisition strategy.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business plan depends in part on merging with or acquiring other businesses in the marijuana industry. The success of any acquisition
will depend upon, among other things, our ability to integrate acquired personnel, operations, products and technologies into
our organization effectively, to retain and motivate key personnel of acquired businesses, and to retain their customers. Any
acquisition may result in diversion of management&#8217;s attention from other business concerns, and such acquisition may be
dilutive to our financial results and/or result in impairment charges and write-offs. We might also spend time and money investigating
and negotiating with potential acquisition or investment targets, but not complete the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we expect to realize strategic, operational, and financial benefits as a result of our acquisitions, we cannot predict whether
and to what extent such benefits will be achieved. There are significant challenges to integrating an acquired operation into
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
future acquisition could involve other risks, including the assumption of unidentified liabilities for which we, as a successor
owner, may be responsible. These transactions typically involve a number of risks and present financial and other challenges,
including the existence of unknown disputes, liabilities, or contingencies and changes in the industry, location, or regulatory
or political environment in which these investments are located, that our due diligence review may not adequately uncover and
that may arise after entering into such arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Laws
and regulations affecting the medical and adult use marijuana industry are constantly changing, which could detrimentally affect
our proposed cultivation and production operations and greenhouse products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local,
state, and federal medical and adult use marijuana laws and regulations are broad in scope and subject to evolving interpretations,
which could require us to incur substantial costs associated with compliance or alter certain aspects of our business plan. In
addition, violations of these laws, or allegations of such violations, could disrupt certain aspects of our business plan and
result in a material adverse effect on certain aspects of our planned operations. In addition, it is possible that regulations
may be enacted in the future that will be directly applicable to certain aspects of our proposed cultivation and production businesses,
as well as our greenhouse solutions business. We cannot predict the nature of any future laws, regulations, interpretations, or
applications, nor can we determine what effect additional governmental regulations or administrative policies and procedures,
when and if promulgated, could have on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not obtain the necessary permits and authorizations to operate our proposed marijuana business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to obtain or maintain the necessary licenses, permits, authorizations, or accreditations for our proposed cultivation
and production businesses and greenhouse solutions business, or may only be able to do so at great cost. In addition, we may not
be able to comply fully with the wide variety of laws and regulations applicable to the medical and adult use marijuana industry.
Failure to comply with or to obtain the necessary licenses, permits, authorizations, or accreditations could result in restrictions
on our ability to operate the medical and adult use marijuana business, which could have a material adverse effect on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we incur substantial liability from litigation, complaints, or enforcement actions, our financial condition could suffer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
participation in the medical and adult use marijuana industry may lead to litigation, formal or informal complaints, enforcement
actions, and inquiries by various federal, state, or local governmental authorities against us. Litigation, complaints, and enforcement
actions could consume considerable amounts of financial and other corporate resources, which could have a negative impact on our
sales, revenue, profitability, and growth prospects. We have not been, and are not currently, subject to any material litigation,
complaint, or enforcement action regarding marijuana (or otherwise) brought by any federal, state, or local governmental authority.
Certain of our operating subsidiaries, may in the future engage in the distribution of marijuana; however, we have not been, and
are not currently, subject to any material litigation, complaint, or enforcement action regarding marijuana (or otherwise) brought
by any federal, state, or local governmental authority with respect to the business of any our subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may have difficulty accessing the service of banks, which may make it difficult for us to operate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the use of marijuana is illegal under federal law, many banks will not except for deposit funds from businesses involved with
the marijuana industry. Consequently, businesses involved in the marijuana industry often have difficulty finding a bank willing
to accept their business. The inability to open or maintain bank accounts may make it difficult for us to operate our proposed
marijuana businesses. If any of our bank accounts are closed, we may have difficulty processing transactions in the ordinary course
of business, including paying suppliers, employees and landlords, which could have a significant negative effect on our operations.
In March of this year, U.S. Congressman Ed Perlmutter (D &#8211; Colorado) introduced house bill H.R. 1595, known as the Secure
and Fair Enforcement (SAFE) Banking Act to allow legally operating cannabis related businesses to utilize traditional banking
services without fear of federal agencies taking legal action against the banks or their customers. On September 25, 2019, the
SAFE bill was passed with strong bipartisan support in the House of Representatives. Many industry observers anticipate that the
bill will be signed into law within the next year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Litigation
may adversely affect our business, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time in the normal course of our business operations, we may become subject to litigation that may result in liability
material to our financial statements as a whole or may negatively affect our operating results if changes to our business operations
are required. The cost to defend such litigation may be significant and may require a diversion of our resources. There also may
be adverse publicity associated with litigation that could negatively affect customer perception of our business, regardless of
whether the allegations are valid or whether we are ultimately found liable. Insurance may not be available at all or in sufficient
amounts to cover any liabilities with respect to these or other matters. A judgment or other liability in excess of our insurance
coverage for any claims could adversely affect our business and the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers and directors have substantial equity ownership in the Company and substantial control over certain corporate actions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 29, 2022, our officers and directors owned approximately 31% of our outstanding Common Stock and thus exercise
substantial control over stockholder matters, such as election of directors, amendments to the Articles of Incorporation, and approval
of significant corporate transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to implement and maintain proper and effective internal controls and disclosure controls and procedures pursuant to Section
404 of the Sarbanes-Oxley Act of 2002, our ability to produce accurate and timely financial statements and public reports could
be impaired, which could adversely affect our operating results, our ability to operate our business, and investors&#8217; views
of us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal controls and procedures were not effective to detect the inappropriate application of U.S. GAAP rules. Our internal controls
were adversely affected by deficiencies in the design or operation of our internal controls, which management considered to be
material weaknesses. These material weaknesses include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of a majority of independent members and a lack of a majority of outside directors on our Board, resulting in ineffective
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inadequate
    segregation of duties consistent with control objectives;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ineffective
    controls over period end financial disclosure and reporting processes;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">beginning
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    Company intends to add additional external accounting support. On October 1, 2019, the Company established an audit committee
    which is chaired by Roger Bloss, the Company&#8217;s Interim Chief Executive Officer and a Director of the Company and established
    a compensation committee which is chaired by Paris Balaouras, the Company&#8217;s Chief Cultivation Officer and a Director
    of the Company.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
failure to implement and maintain proper and effective internal controls and disclosure controls could result in material weaknesses
in our financial reporting, such as errors in our financial statements and in the accompanying footnote disclosures that could
require restatements. Investors may lose confidence in our reported financial information and disclosure, which could negatively
impact our stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect that our internal controls over financial reporting will prevent all errors and all fraud. A control system, no
matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives
will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits
of controls must be considered relative to their costs. Controls can be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the controls. Over time, controls may become inadequate because
changes in conditions or deterioration in the degree of compliance with policies or procedures may occur. Because of the inherent
limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance coverage may be inadequate to cover all significant risk exposures.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be exposed to liabilities that are unique to the products we provide. While we intend to maintain insurance for certain risks,
the amount of our insurance coverage may not be adequate to cover all claims or liabilities, and we may be forced to bear substantial
costs resulting from risks and uncertainties of our business. It is also not possible to obtain insurance to protect against all
operational risks and liabilities. In particular, we may have difficulty obtaining insurance because we intend to operate in the
marijuana industry. The failure to obtain adequate insurance coverage on terms favorable to us, or at all, could have a material
adverse effect on our business, financial condition, and results of operations. We do not have any business interruption insurance.
Any business disruption or natural disaster could result in substantial costs and diversion of resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our products are contaminated, we may have litigation and products liability exposure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
source some of our products from third-party suppliers. Although we are required by Nevada law to test the products we receive
from third-party suppliers, we may not identify all contamination in those products. Possible contaminates include pesticides,
molds, and fungus. If a customer suffers an injury from our products, they may sue us in addition to the supplier and we may not
have adequate insurance to cover any such claims, which could result in a negative effect on our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Some
of our lines of business rely on our third-party service providers to host and deliver services and data, and any interruptions
or delays in these hosted services, security or privacy breaches, or failures in data collection could expose us to liability
and harm our business and reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our lines of business and services rely on services hosted and controlled directly by third-party service providers. We do
not have redundancy for all of our systems, many of our critical applications reside in only one of our data centers and our disaster
recovery planning may not account for all eventualities. If our business relationship with a third-party provider of hosting or
software services is negatively affected, or if one of our service providers were to terminate its agreement with us, we might
not be able to deliver access our data, which could subject us to reputational harm and cause us to lose customers and future
business, thereby reducing our revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may hold large amounts of customer data, some of which will likely be hosted in third-party facilities. A security incident at
those facilities or ours may compromise the confidentiality, integrity or availability of customer data. Unauthorized access to
customer data stored on our computers or networks may be obtained through break-ins, breaches of our secure network by an unauthorized
party, employee theft or misuse or other misconduct. It is also possible that unauthorized access to customer data may be obtained
through inadequate use of security controls by customers. Accounts created with weak passwords could allow cyber-attackers to
gain access to customer data. If there were an inadvertent disclosure of customer information, or if a third party were to gain
unauthorized access to the information we possess on behalf of our customers, our operations could be disrupted, our reputation
could be damaged, and we could be subject to claims or other liabilities. In addition, such perceived or actual unauthorized disclosure
of the information we collect, or breach of our security could damage our reputation, result in the loss of customers and harm
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the data we expect to collect and manage using our hosted solutions, it is possible that hardware or software failures or errors
in our systems (or those of our third-party service providers) could result in data loss or corruption, cause the information
that we collect to be incomplete or contain inaccuracies that our customers regard as significant or cause us to fail to meet
committed service levels. Furthermore, our ability to collect and report data may be delayed or interrupted by a number of factors,
including access to the Internet, the failure of our network or software systems or security breaches. In addition, computer viruses
or other malware may harm our systems, causing us to lose data, and the transmission of computer viruses or other malware could
expose us to litigation. We may also find, on occasion, that we cannot deliver data and reports in near real time because of a
number of factors, including failures of our network or software. If we supply inaccurate information or experience interruptions
in our ability to capture, store and supply information in near real time or at all, our reputation could be harmed and we could
lose customers, or we could be found liable for damages or incur other losses. Moreover, states in which we operate may require
that we maintain certain information about our customers and transactions. If we fail to maintain such information, we could be
in violation of state laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business operations have been and may continue to be materially and adversely affected by the outbreak of the novel respiratory
illness coronavirus (&#8220;COVID-19&#8221;).</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2020, the World Health Organization declared the outbreak of the novel respiratory illness COVID-19 a pandemic. The
new strain of COVID-19 is considered to be highly contagious and poses a serious public health threat.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
outbreak of such epidemic illness or other adverse public health developments may materially and adversely affect the global economy,
our markets and our business. In the first two quarters of 2020, the COVID-19 outbreak has caused disruptions in our grow operations,
which have resulted in delays in the shipment of products to certain of our customers and ultimately, a suspension of our operations.
A prolonged disruption or any further unforeseen delay in our operations of the growing and delivery process within any of our
facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of
its impact. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition
may be materially and adversely affected as a result of the deteriorating market outlook for sales, the slowdown in regional and
national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee.
Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause
uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially
and adversely impact our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face potential business disruptions and related risks resulting from the recent outbreak of the novel coronavirus, which could
have a material adverse effect on our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, a novel strain of coronavirus, or COVID-19, was reported to have surfaced in Wuhan, China. The COVID-19 outbreak
has grown into a global pandemic that has impacted Asia, United States, Europe and other countries throughout the world. Financial
markets have been experiencing extreme fluctuations that may cause a contraction in available liquidity globally as important
segments of the credit markets react to the development. The pandemic may lead to a decline in business and consumer confidence.
The global outbreak of COVID-19 continues to rapidly evolve. As a result, businesses have closed and limits have been placed on
travel. The extent to which COVID-19 may impact our business, such as the ultimate geographic spread of the disease, the duration
of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business
disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are monitoring the potential impact of the COVID-19 outbreak, and if COVID-19 continues to spread globally, including in the United
States, we may experience disruptions that could severely impact the Company&#8217;s grow opportunities along with sales, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    pandemic has reduced foot traffic in the stores where our products are sold that remain open, and the global economic impact
    of the pandemic has reduced consumer demand for our products generally; </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    uncertainty that our contractors, suppliers, and other business partners may be prevented from conducting business activities
    for an unknown period of time;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of social distancing at commercial and retail facilities;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    majority of our retail customers have been unable to sell our products in their stores due to government-mandated closures
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarantines,
shelter-in-place and similar government orders, or the perception that such orders, shutdowns or other restrictions on the conduct
of business operations could occur, related to COVID-19 or other infectious diseases could impact personnel at third-party suppliers
in the United States and other countries, or the availability or cost of materials, which would disrupt our supply chain. Any
manufacturing supply interruption of materials could adversely affect our ability to conduct ongoing and future research and testing
activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of COVID-19, which has caused a broad impact globally, may materially affect us economically. While the potential economic
impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, a widespread pandemic could result in
significant disruption of global financial markets, reducing our ability to access capital, which could in the future negatively
affect our liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect
our business and the value of our common stock.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to an Investment in Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
expect to experience volatility in the price of our Common Stock, which could negatively affect stockholders&#8217; investments.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our Common Stock may be highly volatile and could be subject to wide fluctuations in response to various factors,
some of which are beyond our control. The stock market in general has experienced extreme price and volume fluctuations that have
often been unrelated or disproportionate to the operating performance of companies with securities traded in those markets. Broad
market and industry factors may seriously affect the market price of companies&#8217; stock, including ours, regardless of actual
operating performance. All of these factors could adversely affect your ability to sell your shares of Common Stock or, if you
are able to sell your shares, to sell your shares at a price that you determine to be fair or favorable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Common Stock is categorized as &#8220;penny stock,&#8221; which may make it more difficult for investors to sell their shares
of Common Stock due to suitability requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is categorized as &#8220;penny stock.&#8221; The SEC has adopted Rule 15g-9, which generally defines &#8220;penny
stock&#8221; to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of
less than $5.00 per share, subject to certain exceptions. The price of our Common Stock is significantly less than $5.00 per share
and, therefore, is considered &#8220;penny stock.&#8221; This designation imposes additional sales practice requirements on broker-dealers
who sell to persons other than established customers and accredited investors. The penny stock rules require a broker-dealer buying
our securities to disclose certain information concerning the transaction, obtain a written agreement from the purchaser and determine
that the purchaser is reasonably suitable to purchase the securities given the increased risks generally inherent in penny stocks.
These rules may restrict the ability and/or willingness of brokers or dealers to buy or sell our Common Stock, either directly
or on behalf of their clients, may discourage potential stockholders from purchasing our Common Stock, or may adversely affect
the ability of stockholders to sell their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Industry Regulatory Authority (&#8220;FINRA&#8221;) sales practice requirements may also limit a stockholder&#8217;s ability to
buy and sell our Common Stock, which could depress the price of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the &#8220;penny stock&#8221; rules described above, FINRA has adopted rules that require a broker-dealer to have
reasonable grounds for believing that the investment is suitable for that customer before recommending an investment to a customer.
Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable
efforts to obtain information about the customer&#8217;s financial status, tax status, investment objectives, and other information.
Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will
not be suitable for at least some customers. Thus, the FINRA requirements make it more difficult for broker-dealers to recommend
that their customers buy our Common Stock, which may limit your ability to buy and sell our shares of Common Stock, have an adverse
effect on the market for our shares of Common Stock, and thereby depress our price per share of Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Common Stock may not be eligible for listing or quotation on any national securities exchange.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not currently meet the initial quantitative listing standards of any national securities exchange. We cannot assure you that we will
be able to meet the initial listing standards of any national securities exchange in the future, or, if we do meet such initial listing
standards, that we will be able to maintain any such listing. Until our Common Stock is listed on a national securities exchange, which
event may never occur, we expect that it will continue to be eligible and quoted on the OTCQB  Marketplace.
However, investors may find it difficult to obtain accurate quotations as to the market value of our Common Stock. Further, the national
securities exchanges are adopting so-called &#8220;seasoning&#8221; rules that will require that we meet certain requirements, including
prescribed periods of time trading over the counter and minimum filings of periodic reports with the SEC, before we are eligible to apply
for listing on such national securities exchanges. In addition, if we fail to meet the criteria set forth in SEC regulations, various
requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited
investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which may further affect
its liquidity. This would also make it more difficult for us to raise additional capital.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
elimination of monetary liability against our directors, officers, and employees under Nevada law and the existence of indemnification
rights for our obligations to our directors, officers, and employees may result in substantial expenditures by us and may discourage
lawsuits against our directors, officers, and employees.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Articles of Incorporation contain a provision permitting us to eliminate the personal liability of our directors to us and our
stockholders for damages for the breach of a fiduciary duty as a director or officer to the extent provided by Nevada law. We
may also have contractual indemnification obligations under any future employment agreements with our officers or agreements entered
into with our directors. The foregoing indemnification obligations could result in us incurring substantial expenditures to cover
the cost of settlement or damage awards against directors and officers, which we may be unable to recoup. These provisions and
the resulting costs may also discourage us from bringing a lawsuit against directors and officers for breaches of their fiduciary
duties and may similarly discourage the filing of derivative litigation by our stockholders against our directors and officers
even though such actions, if successful, might otherwise benefit us and our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue additional shares of Common Stock or preferred stock in the future, which could cause significant dilution to all stockholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Articles of Incorporation authorize the issuance of up to 95,000,000 shares of Common Stock and 5,000,000 shares of Preferred Stock,
with a par value of $0.001 per share. As of March 31, 2022, we had 71,501,667 shares of Common Stock and 0 shares of Preferred
Stock, outstanding; however, we may issue additional shares of Common Stock or Preferred Stock in the future in connection with a financing
or an acquisition. Such issuances may not require the approval of our stockholders. Any issuance of additional shares of our Common Stock,
or equity securities convertible into our Common Stock, including but not limited to, Preferred Stock, warrants, and options, will dilute
the percentage ownership interest of all stockholders, may dilute the book value per share of our Common Stock, and may negatively impact
the market price of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-takeover
effects of certain provisions of Nevada state law hinder a potential takeover of us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada
has a business combination law that prohibits certain business combinations between Nevada corporations and &#8220;interested
stockholders&#8221; for three years after an &#8220;interested stockholder&#8221; first becomes an &#8220;interested stockholder,&#8221;
unless the corporation&#8217;s board of directors approves the combination in advance. For purposes of Nevada law, an &#8220;interested
stockholder&#8221; is any person who is (i) the beneficial owner, directly or indirectly, of ten percent or more of the voting
power of the outstanding voting shares of the corporation or (ii) an affiliate or associate of the corporation and at any time
within the three previous years was the beneficial owner, directly or indirectly, of ten percent or more of the voting power of
the then outstanding shares of the corporation. The definition of the term &#8220;business combination&#8221; is sufficiently
broad to cover virtually any kind of transaction that would allow a potential acquirer to use the corporation&#8217;s assets to
finance the acquisition or otherwise to benefit its own interests rather than the interests of the corporation and its other stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of Nevada&#8217;s business combination law is potentially to discourage parties interested in taking control of us from
doing so if they cannot obtain the approval of our Board. Both of these provisions could limit the price investors would be willing
to pay in the future for shares of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we do not intend to pay any cash dividends on our Common Stock, our stockholders will not be able to receive a return on their
shares unless they sell them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any
cash dividends on our Common Stock in the foreseeable future. Declaring and paying future dividends, if any, will be determined
by our Board, based upon earnings, financial condition, capital resources, capital requirements, restrictions in our Articles
of Incorporation, contractual restrictions, and such other factors as our Board deems relevant. Unless we pay dividends, our stockholders
will not be able to receive a return on their shares unless they sell them. There is no assurance that stockholders will be able
to sell shares when desired or for prices that they deem acceptable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_005"></span>NOTE
ABOUT FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Statements
under &#8220;Prospectus Summary,&#8221; &#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations,&#8221; &#8220;Description of Business&#8221; and elsewhere in this prospectus may be &#8220;forward-looking
statements.&#8221; Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements
include, among other things, statements regarding:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    growth of our business and revenues and our expectations about the factors that influence our success;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    plans to continue to invest in systems, facilities, and infrastructure, increase our hiring and grow our business;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    plans for the build out, expansion and funding of;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    ability to identify and acquire waste management facilities that are accretive to future earnings; </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    ability to identify and acquire;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    ability to identify joint ventures and other business combinations;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    ability to attain funding for the development of;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    ability to attain funding and the sufficiency of our sources of funding;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    expectation that our cost of revenues, development expenses, sales and marketing expenses, and general and administrative expenses
    will increase;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">fluctuations
    in our capital expenditures; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">our
    plans for potential business partners and any acquisition plans.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">as
well as other statements regarding our future operations, financial condition and prospects, and business strategies. These statements
are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements
due to numerous factors, including those described above and those risks discussed from time to time in this registration statement,
of which this prospectus is a part, including the risks described under &#8220;Risk Factors.&#8221; Any forward-looking statements speak
only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect
events or circumstances that occur in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results
may vary materially from what we may have projected. Any forward-looking statements you read in this prospectus reflect our current views
with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results
of operations, financial condition, growth strategy and liquidity. You should specifically consider the factors identified in this prospectus
that could cause actual results to differ before making an investment decision. In addition, as discussed in &#8220;Risk Factors,&#8221;
our shares may be considered a &#8220;penny stock&#8221; and, as a result, the safe harbors provided for forward-looking statements made
by a public company that files reports under the federal securities laws may not be available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_006"></span>TAX
CONSIDERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are not providing any tax advice as to the acquisition, holding or disposition of the securities offered herein. In making an investment
decision, investors are strongly encouraged to consult their own tax advisor to determine the U.S. Federal, state and any applicable
foreign tax consequences relating to their investment in our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_007"></span>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
prospectus relates to shares of our common stock that may be offered and sold from time to time by the selling stockholders. We will
not receive any proceeds from the sale of shares of common stock in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>DETERMINATION
OF OFFERING PRICE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
pricing of the Shares has been arbitrarily determined and established by the Company. No independent accountant or appraiser has been
retained to protect the interest of the investors. No assurance can be made that the offering price is in fact reflective of the underlying
value of the Shares. Each prospective investor is urged to consult with his or her counsel and/or accountant as to offering price and
the terms and conditions of the Shares. Factors to be considered in determining the price include the amount of capital expected to be
required, the market for securities of entities in a new business venture, projected rates of return expected by prospective investors
of speculative investments, the Company&#8217;s prospects for success and prices of similar entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_008"></span>DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Not
applicable. We are not offering any shares in this registration statement. All shares are being registered on behalf of our selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>PLAN
OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders and any of its pledgees, donees, assignees and other successors-in-interest may, from time to time, sell any or
all of their shares of Common Stock on any market or trading facility on which the shares are traded or in private transactions. These
sales may be at fixed or negotiated prices. On July 29, 2022, the last reported sales price for our Common Stock was $0.2695
per share. We urge prospective purchasers of our Common Stock to obtain current information about the market prices of our Common Stock.
The Company will not receive any of the proceeds from the sale by the Selling Shareholders. A Selling Shareholder may use any one or
more of the following methods when selling securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits the purchaser;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as
    principal;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">facilitate
    the transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">an
    exchange distribution in accordance with the rules of the applicable exchange;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">privately-negotiated
    transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">broker-dealers
    may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">through
    the writing of options on the shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    combination of any such methods of sale; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">any
    other method permitted pursuant to applicable law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
selling stockholders may also sell shares under Rule 144 of the Securities Act, if available, rather than under this prospectus. The
selling stockholders shall have the sole and absolute discretion not to accept any purchase offer or make any sale of shares if it deems
the purchase price to be unsatisfactory at any particular time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
selling stockholders or their respective pledgees, donees, transferees or other successors in interest, may also sell the shares directly
to market makers acting as principals and/or broker-dealers acting as agents for themselves or their customers. Such broker-dealers may
receive compensation in the form of discounts, concessions or commissions from the selling stockholders and/or the purchasers of shares
for whom such broker-dealers may act as agents or to whom they sell as principal or both, which compensation as to a particular broker-dealer
might be in excess of customary commissions. Market makers and block purchasers purchasing the shares will do so for their own account
and at their own risk. It is possible that a selling stockholder will attempt to sell shares of common stock in block transactions to
market makers or other purchasers at a price per share which may be below the then existing market price. We cannot assure that all or
any of the shares offered in this prospectus will be issued to, or sold by, the selling stockholders. The selling stockholders and any
brokers, dealers or agents, upon effecting the sale of any of the shares offered in this prospectus, may be deemed to be &#8220;underwriters&#8221;
as that term is defined under the Securities Exchange Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the
rules and regulations of such acts. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are required to pay all fees and expenses incident to the registration of the shares, including fees and disbursements of counsel to
the selling stockholders, but excluding brokerage commissions or underwriter discounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
selling stockholders, alternatively, may sell all or any part of the shares offered in this prospectus through an underwriter. The selling
stockholders have not entered into any agreement with a prospective underwriter and there is no assurance that any such agreement will
be entered into.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
selling stockholders may pledge their shares to their brokers under the margin provisions of customer agreements. If a selling stockholder
defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares. The selling stockholders and any other
persons participating in the sale or distribution of the shares will be subject to applicable provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations under such Act, including, without limitation, Regulation M. These provisions may
restrict certain activities of and limit the timing of purchases and sales of any of the shares by, the selling stockholders or any other
such person. In the event that any of the selling stockholders are deemed an affiliated purchaser or distribution participant within
the meaning of Regulation M, then the selling stockholders will not be permitted to engage in short sales of common stock. Furthermore,
under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and
certain other activities with respect to such securities for a specified period of time prior to the commencement of such distributions,
subject to specified exceptions or exemptions. In addition, if a short sale is deemed to be a stabilizing activity, then the selling
stockholders will not be permitted to engage in a short sale of our common stock. All of these limitations may affect the marketability
of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
a selling stockholder notifies us that it has a material arrangement with a broker-dealer for the resale of the common stock, then we
would be required to amend the registration statement of which this prospectus is a part and file a prospectus supplement to describe
the agreements between the selling stockholder and the broker-dealer.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="ss_001"></span>SELLING
SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus covers the resale from time to time by the selling shareholders identified in the table below of up to 7,000,000 shares
of our common stock, which were issued in various transactions exempt from registration under the Securities Act, as follows:</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
shares to be offered by the Selling Shareholders named in this prospectus are &#8220;restricted&#8221; securities under applicable federal
and state securities laws and are being registered under the Securities Act to give those Selling Shareholders the opportunity to publicly
sell these shares, if they elect to do so. The registration of these shares does not require that any of the shares be offered or sold
by the Selling Shareholders. We are registering the shares in order to permit the Selling Shareholders to offer the shares for resale
from time to time. For additional information regarding these shares, see &#8220;<i>Private Placement of Securities</i>&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below lists the Selling Shareholders and other information regarding the beneficial ownership of shares of common stock by each
of the Selling Shareholders. The first column in the table below lists the name of each Selling Shareholder. The second column lists
the number of shares of common stock beneficially owned by each Selling Shareholder, based on its ownership of the shares of common stock,
as of July 29, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
fourth column lists the shares of common stock being offered by this prospectus by the Selling Shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
accordance with the terms of a registration rights agreement between the Company and the Selling Shareholders, this prospectus generally
covers the resale of all shares of common stock held by the Selling Shareholders. The fourth column assumes the sale of all of the shares
offered by the Selling Shareholders pursuant to this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Selling Shareholders may sell all, some or none of their shares in this offering. See &#8220;<i>Plan of Distribution</i>.&#8221;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Stockholder</b></span></td>
    <td>&#160;</td>
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(ii)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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of<br />
Common Stock <br />
Owned <br />
Before <br />
Offering<br />
(ii)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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in Prospectus</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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(iii)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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of <br />
Common Stock <br />
Owned <br />
After the Offering <br />
(iii)</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%"><span style="font-size: 10pt">Sunstate Futures, LLC</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right; width: 10%"><span style="font-size: 10pt">7,000,000</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td>
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    <td style="width: 1%"><span style="font-size: 10pt">%</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right; width: 10%"><span style="font-size: 10pt">7,000,000</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right; width: 10%"><span style="font-size: 10pt">0</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right; width: 10%"><span style="font-size: 10pt">0.00</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt"><b>TOTAL</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">7,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">8.63</span></td>
    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">7,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">0</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">0.00</span></td>
    <td><span style="font-size: 10pt">%</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>*
Less than 1%</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(i)
These columns represent the aggregate maximum number and percentage of shares that the selling stockholders can own at one time (and
therefore, offer for resale at any one time).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif">(ii)
The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Securities Exchange Act of
1934, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial
ownership includes any shares as to which the selling stockholders has sole or shared voting power or investment power and also any
shares, which the selling stockholders has the right to acquire within 60 days. The percentage of shares owned by each selling
stockholder is based on 81,077,355 shares that is comprised of 79,327,355 shares of common stock issued and
outstanding as of July 29, 2022, 1,500,000 shares of common stock issuable upon exercise of the options issued to our Chief Executive Officer, Chief
Financial Officer and Chief Cultivation Officer and 250,000 shares of common stock issuable upon exercise of the warrant issued in
connection with the July 2020 Securities Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">(iii)
Assumes that all securities registered will be sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
Included within Sunstate Futures, LLC&#8217;s beneficial ownership includes 7,000,000 shares of common stock issued in
connection with the Common Stock Purchase Agreement dated July 8, 2022. The principal for Sunstate Futures, LLC is Jim
Kelly and its address is 3507 Acorn St., Tampa, FL 33619.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_009"></span>DESCRIPTION
OF SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Description
of Registrant&#8217;s Securities to be Registered.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are registering on this Registration Statement only our common stock, the terms of which are described below. However, because our preferred
stock will remain outstanding following the effectiveness of this Registration Statement, we also describe below the terms of our preferred
stock to the extent such terms qualify the rights of our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital consists of 95,000,000 shares of common stock, par value $.0001 per share (the &#8220;Common Stock&#8221;) and 5,000,000
are shares of preferred stock, par value $.0001 per share (the &#8220;Preferred Stock&#8221;). At March 31, 2022, December 31,
2021 and December 31, 2020, the Company had 71,501,667, 71,501,667 and 68,613,541 shares of Common Stock
issued and outstanding, respectively, and 0, 0 and 0 shares of Preferred Stock issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the 95,000,000 shares of Common Stock authorized by the Company&#8217;s Articles of Incorporation, 71,501,667 shares of Common
Stock are issued and outstanding as of March 31, 2022. Each holder of Common Stock is entitled to one vote per share on all matters
to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common Stock
are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally
available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend to pay
any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings, if any,
for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders of Common
Stock are entitled, unless otherwise provided by law or the Company&#8217;s Articles of Incorporation, including any certificate of designations
for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences of preferred
stockholders. Holders of the Company&#8217;s Common Stock do not have preemptive, conversion, or other subscription rights. There are
no redemptions or sinking fund provisions applicable to the Company&#8217;s Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Board is authorized, without further approval from the Company&#8217;s stockholders, to create one or more series of preferred stock,
and to designate the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly,
the Board may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other
rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of the Company&#8217;s Common Stock, diluting the voting power of its Common
Stock, impairing the liquidation rights of its Common Stock, or delaying or preventing a change in control of the Company, all without
further action by its stockholders. Of the 5,000,000 shares of preferred stock, par value $0.001 per share, authorized in the Company&#8217;s
Articles of Incorporation, 2,500 shares are designated as Series A Convertible Preferred Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Series
A Convertible Preferred Stock</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $1,000) by the conversion price (currently, $0.75).
The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation. The Company is
prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion, the
holder (together with such holder&#8217;s affiliates and any persons acting as a group with holder or any of such holder&#8217;s affiliates)
would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion. A holder, upon notice to us, may increase or decrease this beneficial ownership
limitation; provided, that, in no event can the holder increase the beneficial ownership limitation in excess of 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon the conversion of
the Series A Preferred Stock then held by holder. Such increase of the beneficial ownership limitation cannot be effective until the
61<sup>st</sup> day after such notice is given to us and shall apply only to such holder. The Series A Preferred Stock has no voting
rights; however, as long as any shares of Series A Preferred Stock are outstanding, the Company is not permitted, without the affirmative
vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock to (i) alter or change adversely the
powers, preferences, or rights given to the Series A Preferred Stock or alter or amend the Series A Preferred Stock Certificate of Designation,
(ii) amend the Company&#8217;s Articles of Incorporation or other charter documents in any manner that adversely affects any rights of
the holders, (iii) increase the number of authorized shares of Series A Preferred Stock, or (iv) enter into any agreement with respect
to any of the forgoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022, December 31, 2021 and December 31, 2020, there are 0, 0 and 0 shares of Series A Preferred Stock
issued and outstanding, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Options
and Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company has 1,500,000 options and 250,000 warrants outstanding. Please see <b>Note 13 &#8212;
Stock Based Compensation</b> within the Company&#8217;s financial statement for the three months ended March 31, 2022 for further
information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">To
date, no warrants or options have been issued under shareholder approved plans and no shareholder approved plans currently exist. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Transfer
Agent and Registrar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
transfer agent and registrar for our common stock is Transhare Corporation whose address is Bayside Center 1, 17755 North US Highway
19, Suite #140, Clearwater, FL 33764 and phone number is (303) 662-1112.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>INTERESTS
OF NAMED EXPERTS AND COUNSEL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
validity of the shares of common stock offered hereby will be passed upon for the Registrant by the Law Offices of Gary L. Blum, 3278
Wilshire Boulevard, Suite 603, Los Angeles, CA 90010. The financial statements for the years ended December 31, 2021 and 2020
for MJ Holdings, Inc. included in this prospectus and elsewhere in the registration statement have been audited by Sadler Gibb, 344
W. 13800 S., Suite 250, Draper, UT 84020 as indicated in its report with respect thereto, and are included herein in reliance upon the
authority of said firm as experts in auditing and accounting in giving said reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_010"></span>DIVIDEND
POLICY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
have never paid any cash dividends on our common stock and anticipate that, for the foreseeable future, no cash dividends will be paid
on our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>INFORMATION WITH RESPECT TO THE REGISTRANT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_1"></span>Description
of Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Organization</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development &#8211; currently concentrated in the Las Vegas market. It is the Company&#8217;s intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to &#8220;prove the concept&#8221; profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Current
Initiatives include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
    three-acre, hybrid, outdoor, marijuana-cultivation facility </b>(the &#8220;Cultivation Facility&#8221;) located in the Amargosa
    Valley of Nevada. The Company had the contractual right to manage and cultivate marijuana on this property until 2026, for which
    it would have received sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent
    (25%) of the net revenues from equipment rental. The licensed facility is owned by Acres Cultivation, LLC, a wholly owned subsidiary
    of Curaleaf Holdings, Inc. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. During the year ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its 260 Acres
    adjacent to the Acres lease. The Company will not generate any further revenue under the Acres relationship. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>260
    acres of farmland for the purpose of cultivating additional marijuana</b> (the &#8220;260 Acres&#8221;) purchased in January of 2019.
    The Company intends to utilize the state-of-the-art <i>Cravo&#174; </i>cultivation system for growing an additional five acres of
    marijuana on this property. The <i>Cravo&#174; </i>system will allow multiple harvests per year and should result in higher annual
    yields per acre. The land has more than 180-acre feet of permitted water rights, which will provide more than sufficient water to
    markedly increase the Company&#8217;s marijuana cultivation capabilities. This facility, upon receipt of its business license in
    Nye County and its final inspection by the Cannabis Compliance Board (&#8220;CCB&#8221;), is expected to become operational in the
    summer of 2022. During the year ended December 31, 2021, the Company elected to relocate all of its equipment utilized on the Acres
    lease to its 260 Acres adjacent to the Acres lease. The Company will utilize the 260 Acres for its own harvest along with additional
    harvests under any Cultivation and Sales Agreements. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cultivation
    and Sales Agreements</b> entered into for multiple grows on the Company&#8217;s 260 Acres located in the Amargosa Valley of Nevada.
    During the years ended December 31, 2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the
    Company shall retain certain independent growers to provide oversight and management of the Company&#8217;s cultivation and sale
    of products at its 260 Acres. The independent growers shall pay to the Company a royalty of net sales revenue with a minimum royalty
    after two years. As of the date of this filing, the Company is waiting on its business license in Nye County and its final inspection
    by the Cannabis Compliance Board before it can commence its operations under the Agreement.</span></td></tr>

</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
    nearby commercial trailer and RV park</b> (THC Park &#8211; Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company&#8217;s farm employees. After the Company&#8217;s 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company&#8217;s restricted common stock. At present, the Company&#8217;s construction
    and completion of this community is approximately seventy-five present complete. The impact of COVID-19 in obtaining inspections
    and permitting significantly delayed the completion of this community. The Company has elected to cease any renovations or additions
    at its Tiny Home Community until it plants its first grow on the 260 Acres and can better evaluate the need for additional housing.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>an
    agreement to acquire a cultivation license and production license,</b> both currently located in Nye County Nevada. On February 5,
    2021, the Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;) with MJ Distributing,
    Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing
    P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional medical
    and recreational production license. In consideration of the sale, transfer, assignment and delivery of the Membership Interests
    to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash, promissory notes,
    and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00) in cash and/or promissory notes and 200,000
    shares of the Company&#8217;s restricted common stock, all of which constitutes the consideration agreed to herein for (the &#8220;<span style="text-decoration: underline">Purchase
    Price</span>&#8221;), payable as follows: (i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021,
    (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid
    on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on
    June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business
    days after the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser. On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>indoor
    cultivation facility build-out in the City of Las Vegas </b>(the &#8220;Indoor Facility&#8221;). <span style="background-color: white">Through
    its former subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;), the Company held a Medical Marijuana Establishment Registration
    Certificate, Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase Agreement (the &#8220;Agreement&#8221;)
    with Element NV, LLC (&#8220;Element&#8221;), to sell a 49% interest in the license. Under the terms of the Agreement, Element was
    required to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on the facility from December 2019
    through March 2020 but failed to make any additional payments. On June 11, 2020, the Company entered into the First Amendment (&#8220;First
    Amendment&#8221;) to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was adjusted to $441,000,
    and Element was required to make a capital contribution (the &#8220;Initial Contribution Payment&#8221;) to the Target Company in
    the amount of $120,000 and was required to make an additional cash contribution (the Final Contribution Payment&#8221;) in the amount
    of $240,000. The Company terminated its discussions with Element regarding its past due payments. </span>On or about May 7, 2021,
    Red Earth, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding the transfer of ownership
    of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus
    a Category II violation. On July 27, 2021, Red Earth entered into a Stipulation and Order for Settlement of Disciplinary Action (the
    &#8220;Stipulation Order&#8221;) with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the CCB,
    by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth would be returned to the original owners.
    The Parties to the Stipulation Order resolved the matter without the necessity of taking formal action. Red Earth agreed to pay a
    civil penalty of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company&#8217;s Chief Cultivation
    Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement. Under the terms of the Termination
    Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated December 15, 2017, entered into between the Company
    and Red Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr.
    Balaouras. Neither party shall have any further obligation to one another pursuant to the terms of the Purchase Agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Cultivation
and Sales Agreements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>MKC
Development Group, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
January 22, 2021 (the &#8220;effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with MKC Development Group, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall
retain the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley,
NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $600,000 non-refundable deposit upon execution of the Agreement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    security deposit of $10,000 to be applied against the last month&#8217;s obligations and a $10,000 payment to be applied against
    the first month&#8217;s rent;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for security and compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $83,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">90%
    of Net Sales Revenue to the Company as the Management Fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction closed on January 27, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties
are awaiting the issuance of a business license from Nye County before any grow can be initiated. It is anticipated that the license
will be approved and issued during the third quarter of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Natural
Green, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
March 26, 2021 (the &#8220;effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with Natural Green, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall retain
the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley, NV
farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $500,000 Product Royalty deposit to be applied to the first Product Royalty or Product Royalties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">90%
    of Net Sales Revenue to the Company as the Management Fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 26, 2021, MJNE and the Company entered into an Amendment to the Agreement whereby MJNE waived the Company&#8217;s requirement to
obtain liability insurance and required the Company to pay MJNE $40,000 for capital expenditures costs. The transaction closed on April
7, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of
a business license from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during
the third quarter of 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Green
Grow Investments Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
May 7, 2021 (the &#8220;Effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with Green Grow Investments Corporation (the &#8220;Company&#8221;). Under the terms of the Agreement,
MJNE shall retain the Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa
Valley, NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew
for a period of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters,
policies and procedures, testing, record keeping, security and marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    $600,000 Product Royalty of which $50,000 is due upon signing, $150,000 upon MJNE obtaining the licenses from MJ Distributing, Inc.
    and affiliates and $200,000 for each of the first and second years&#8217; harvests;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>RK
Grow, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
June 22, 2021 (the &#8220;Effective Date&#8221;), MJ Holdings, Inc. (&#8220;MJNE&#8221;) entered into a Cultivation and Sales Agreement
(the &#8220;Agreement&#8221;) with RK Grow, LLC (the &#8220;Company&#8221;). Under the terms of the Agreement, MJNE shall retain the
Company to provide oversight and management of MJNE&#8217;s cultivation and sale of products at MJNE&#8217;s Amargosa Valley, NV farm.
The Agreement shall commence on the Effective Date, continue for a period of fifteen (15) years and automatically renew for one fifteen
(15) year period. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing. The Agreement is for a designated 40 acres for cultivation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
deposits, security and royalty, the Company shall pay to MJNE:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Product Royalty Deposit of $3,000,000.00 to be applied to the first Product Royalty or Product Royalties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    deposit of $20,000 to be applied against the first and last month&#8217;s Security and Compliance fee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">$10,000
    on the first of each month for Security and Compliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    royalty of 10% of gross revenue less applicable taxes (hereinafter &#8220;Net Sales Revenue&#8221;) on all sales of product by the
    Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Minimum
    Monthly Product Royalty: Minimum Monthly Product Royalty (MMPR) shall be calculated on a per annum basis. Therefore, Company will
    have satisfied all MMPR obligations for the year upon remitting $1,080,000.00 to MJNE; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">MJNE
    agrees to provide access to water for the Designated Acreage without charge to the Company. However, Company will be responsible
    for any construction required to have the water actually delivered to its Designated Acreage from the source.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">As
compensation, MJNE shall pay to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Termination
of Acres Cultivation, LLC Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2021, the Company received a Notice of Termination (the &#8220;Notice&#8221;), effective immediately, from Acres Cultivation,
LLC (&#8220;Acres&#8221;) on the following three (3) agreements (collectively, herein the &#8220;Cooperation Agreement&#8221;):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Cultivation and Sales Agreement entered into by and between MJNE and Acres, dated as of January 1, 2019 (the &#8220;Cultivation and
    Sales Agreement&#8221; or &#8220;CSA&#8221;), pursuant to Sections 5.3, and 16.20 (cross-default);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Consulting Agreement, by and between Acres and MJNE, made as of January 1, 2019 (the &#8220;Consulting Agreement&#8221;), pursuant
    to Sections 10 and 11.10 (cross-default); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Equipment Lease Agreement between Acres and MJNE, dated as of January 1, 2019 (the &#8220;Equipment Lease Agreement&#8221;), pursuant
    to Sections 8(ii), 8(iv), and 29 (cross-default).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company initiated relocating its equipment to its 260-acre farm at the end of the first quarter and does not anticipate that it will
generate any further revenue under the Acres relationship.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company may also continue to seek to identify potential acquisitions of revenue producing assets and licenses within legalized cannabis
markets that can maximize shareholder value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company&#8217;s
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors, and it will continue to focus on this area of its operations. The Company still faces challenges engaging and retaining
senior managers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Consulting
Agreements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2021, the Company entered into a Consulting Agreement (the &#8220;Agreement&#8221;) with Sylios Corp (the &#8220;Consultant&#8221;).
Under the terms of the Agreement, the Consultant shall prepare the Company&#8217;s filings with the Securities and Exchange Commission
(the &#8220;SEC&#8221;) including its Annual report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The
Consultant shall receive $50,000 in cash compensation plus 225,000 shares of the Company&#8217;s common stock. The Agreement has a term
of the latter of one (1) year or until the Company&#8217;s Annual Report for the period ended December 31, 2021 is filed with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 17, 2021, the Company entered into a Consulting Agreement (the &#8220;Agreement&#8221;) with Wolfpack Consulting, LLC (the &#8220;Consultant&#8221;).
Under the terms of the Agreement, the Consultant shall use its commercially reasonable efforts and adequate business time and attention
to identify various properties that may fit into Client&#8217;s business model to develop, cultivate, and produce marijuana related products.
The Consultant shall receive $25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of:
(a) the first anniversary of the Effective Date (i.e., one year), or (b) either Party&#8217;s receipt of written notice from the other
party of its intent to terminate this Agreement after the expiration of the first anniversary (the &#8220;Term&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Corporate
Advisory Agreement (Research &amp; Development)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Research &amp; Development Agreement (the &#8220;Research Agreement&#8221;), GYB, LLC (the &#8220;Advisor&#8221;) shall
report to Company, in writing, on a quarterly basis beginning on July 1, 2021, on the status of the psychedelics industry including,
but not limited to, those areas of importance identified in the Recitals, identify entities operating within the legally regulated psychedelics
industry that may be suitable as a potential acquisition or merger candidate and other such services the parties agree upon. The Research
Agreement has a term of one year and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor
$310,000 upon execution of the Research Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Corporate
Advisory Agreement (M&amp;A and Funding)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the M&amp;A and Funding Agreement (the &#8220;M&amp;A Agreement&#8221;), GYB, LLC (the &#8220;Advisor&#8221;) shall identify
prospective funding sources, identify potential companies for acquisition within the cannabis industry, identify pertinent technology
companies that drive-up point of sale solutions and other such services the parties agree upon. The M&amp;A Agreement has a term of two
years and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor $290,000 upon execution of
the M&amp;A Agreement.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Background:
MJ Holdings, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to the formation
of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability Company, formed
on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to change its name to Securitas
EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR Filings, Inc., a Nevada corporation.
On February 14, 2014, the Company amended and restated its Articles of Incorporation and changed its name to MJ Holdings, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its stockholders
an offer to exchange (the &#8220;Exchange Offer&#8221;) its common stock for shares in MJ Real Estate Partners, LLC, (&#8220;MJRE&#8221;)
a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company accepted for exchange
1,800,000 shares of its Common Stock in exchange for 1,800,000 shares of MJRE&#8217;s common units, representing membership interests
in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real estate properties and its subsidiaries,
through which the Company held ownership of the real estate properties, to MJRE. MJRE also assumed the senior notes and any and all obligations
associated with the real estate properties and business, effective February 1, 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Acquisition
of Red Earth</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2017, the Company acquired all of the issued and outstanding membership interests of Red Earth, LLC, a Nevada limited liability
company (&#8220;Red Earth&#8221;) established in October 2016, in exchange for 52,732,969 shares of its Common Stock and a promissory
note in the amount of $900,000. The acquisition was accounted for as a &#8220;Reverse Merger&#8221;, whereby Red Earth was considered
the accounting acquirer and became its wholly owned subsidiary. Upon the consummation of the acquisition, the now former members of Red
Earth became the beneficial owners of approximately 88% of the Company&#8217;s Common Stock, obtained controlling interest of the Company,
and retained certain of its key management positions. In accordance with the accounting treatment for a &#8220;reverse merger&#8221;
or a &#8220;reverse acquisition&#8221;, the Company&#8217;s historical financial statements prior to the reverse merger will be replaced
with the historical financial statements of Red Earth prior to the reverse merger in all future filings with the SEC. Red Earth is the
holder of a Nevada Marijuana Establishment Certificate for the cultivation of marijuana.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements after completion of the reverse merger included: the assets, liabilities, and results of operations
of the combined company from and after the closing date of the reverse merger, with only certain aspects of pre-consummation stockholders&#8217;
equity remaining in the consolidated financial statements. In February of 2019, the Company repurchased, from the Company&#8217;s largest
shareholder, 20,000,000 of the 26,366,484 shares of common stock that this shareholder originally received in connection with the Reverse
Merger - for a total purchase price of $20,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;)
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $10,000, which
was paid on July 29, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
&#8220;Agreement&#8221;) with Red Earth, LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for
expenses related to the activation and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at 12% per annum
and increase to 18% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $5,000
to $7,500 per month. As of March 31, 2022, the amount due the Company under the short-term loan is $138,316.</span> Please <i>see</i> <b>Note 14 &#8212; Related Party Transactions</b> within the Company&#8217;s financial statement
for the three months ended March 31, 2022 for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2021, the Company and the Company&#8217;s Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. Please <i>see</i> <b>Note 15 &#8212; Gain on Disposal of Subsidiary </b>within the Company&#8217;s
financial statement for the year ended December 31, 2021 for further information<b>.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Our
Business History</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2018, the Company entered into a management
agreement with Acres Cultivation, LLC, a Nevada limited liability company (the &#8220;Licensed Operator&#8221;) that holds a license
for the legal cultivation of marijuana for sale under the laws of the State of Nevada. In January of 2019, the Company entered into a
revised agreement, which replaced the April 2018 agreement, with the Licensed Operator in order to be more stringently aligned with Nevada
marijuana laws. The material terms of the agreement remain unchanged. The Licensed Operator is contractually obligated to pay over to
the Company sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent (25%) of the
net revenues from equipment rental. The agreement is to remain in force until April 2026. In April 2019, the Licensed Operator was acquired
by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. The acquisition was subject to all of the contractual obligations
between the Company and the Licensed Operator.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2018, the State of Nevada finalized and
approved the transfer of provisional Medical Marijuana Establishment Registration Certificate No. 012 (the &#8220;Certificate&#8221;)
from Acres Medical, LLC to the Company&#8217;s former wholly owned subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;). HDGLV, LLC (&#8220;HDGLV&#8221;),
a wholly owned subsidiary of Red Earth, holds a triple-net leasehold interest in a 17,298 square-foot commercial building located on
Western Avenue in the City of Las Vegas, which will be home to the Company&#8217;s indoor cultivation facility (the &#8220;Western Facility&#8221;).
The initial term of the lease is for a period of ten years with two additional five-year lease options. HDGLV also possesses an option
to purchase the building for $2,607,880 which is exercisable between months 25 and 60 of the initial term of the lease. In August of
2018, the Company received final approval from the State of Nevada, Department of Taxation, to commence cultivation activities with respect
to the Certificate. Contemporaneously therewith, Red Earth was issued a Business License by the City of Las Vegas to operate a marijuana
cultivation facility at the Western Facility. In October of 2018, the Company was requested by the City of Las Vegas Department of Building
&amp; Safety to make additional modifications to the building, specifically the removal and remediation of all asbestos materials in
the building, which was completed in June of 2019 at a cost of approximately $140,000. In July of 2019, the City of Las Vegas asked the
Company to amend its Business License and modify its Special Use Permit (&#8220;SUP&#8221;) to conform with updated marijuana cultivation
requirements within the City. A new SUP was granted on October 9, 2019. As of August 26, 2021, the Company was no longer the owner of
HDGLV as per the terms of the Termination Agreement between the Company and Paris Balaouras. Please <i>see</i> <b>Note 7 &#8212; Intangible
Assets</b> and <b>Note 15 &#8212; Gain on Disposal of Subsidiary </b>within the Company&#8217;s financials for the year ended December
31, 2021 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August of 2018, the Company executed a letter
of intent (&#8220;LOI&#8221;) for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
(&#8220;Farm Road&#8221;). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement (&#8220;MIPA&#8221;)
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company&#8217;s restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the &#8220;Promissory
Note&#8221;) in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) (&#8220;FRH&#8221;) in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company&#8217;s Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please <i>see </i><b>Note 9 &#8212; Notes Payable </b>within the
Company&#8217;s financial statement for the three months ended March 31, 2022 for further information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has joined with more than 15 other
plaintiffs in an action against the State of Nevada in regard to how the applications were scored and as to why licenses were granted
to other applicants in contravention of the guidelines published by the State of Nevada. On August 23, 2019, a Nevada District Court
judge issued a preliminary injunction enjoining any of the entities that were granted licenses from opening new dispensaries based upon
the failure of NVDOT (the administrative body tasked with adopting and enforcing marijuana regulations within the State of Nevada) to
enforce a provision of Ballot Question 2 (&#8220;BQ2&#8221;), that was approved by Nevada voters in 2016 and adopted by the Nevada legislature
and codified as NRS 453D, which legalized the sale and distribution of recreational use marijuana. The law requires that &#8220;each
prospective owner, officer and board member of a marijuana establishment license applicant&#8221; undergo a background check. The judge
found that many of the successful license applicants failed to comply with this requirement. On August 29, 2019, the judge modified the
ruling and is allowing thirteen of the successful license applicants who the State of Nevada have certified as having complied with the
requirements of BQ2 to open new dispensaries as granted in December of 2018. The plaintiffs shall now continue to trial on the merits
of the pending litigation against the State of Nevada. In March of 2020, counsel for Red Earth withdrew from its representation of Red
Earth. Red Earth is actively trying to retain substitute counsel, which as of the date of this filing Red Earth remains unrepresented
in this matter. The trial, which was scheduled to commence in April of 2020, has been postponed by the State of Nevada as part of their
implementation measures to stop the spread of COVID-19, as of the date of this filing the trial has not commenced.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October of 2018, the Company entered into a
Revenue Participation Rights Agreement (the &#8220;RPRA&#8221;) with Let&#8217;s Roll NV, LLC and Blue Sky Companies, LLC (together,
the &#8220;Subscribers&#8221;). Under the terms of the RPRA, the Company transferred its ownership interest in 3.95% of the gross revenue
from the &#8220;Amargosa Outdoor Grow&#8221; to the Subscribers in exchange for $100,000 cash payment and a Subscription Agreement in
the amount of $1,142,100. On or before April 30<sup>th</sup> for the next 8 years (2019-2026), the Company shall calculate the pro rata
gross revenue due to the Subscribers with payments being made on or before May 31<sup>st </sup>of each year. On March 24, 2021, the Company
entered into a Termination Agreement (the &#8220;Agreement&#8221;) with the Subscribers. Under the terms of the Agreement, the Company
has decided to terminate its involvement in the Amargosa Outdoor Grow facility to capitalize on additional strategic opportunities for
further co-ops and/or additional outdoor grow expansions on adjacently owned properties; and further that such termination of the Amargosa
Grow would result in a complete loss of revenue sharing opportunities for the Subscribers under the terms of the RPRA. In consideration
of termination of the RPRA, the Company compensated the Partners; (i) $136,684, and (ii) 1,000,000 shares of common stock.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January of 2019, the Company formed Coachill-Inn,
LLC (&#8220;Coachill-Inn&#8221;), a subsidiary of Alternative Hospitality (&#8220;AH&#8221;), to develop a proposed hotel in Desert Hot
Springs, CA. From January through June of 2019, the Company was actively engaged in negotiations with the property owner of the proposed
location. In June of 2019, Coachill-Inn executed a purchase and sale agreement with Coachillin&#8217; Holdings, LLC (&#8220;CHL&#8221;)
to acquire a 256,132 sq. ft. parcel of land within a 100-acre industrial cannabis park in Desert Hot Springs, CA (the &#8220;Property&#8221;)
to develop its first hotel project. The purchase price for the property was $5,125,000. CHL was to contribute $3,000,000 toward the purchase
price of this property in exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable
deposit in the amount of $150,000 toward the purchase of the Property. As of the date of this filing, the Company has terminated its
participation in the development due to financing issues. The $150,000 deposit is classified as an impaired asset. Please <i>see</i>
<b>Note 9 &#8212;Asset Impairment</b> within the Company&#8217;s financial statement for the year ended December 31, 2021 for further
information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 15, 2019, the Company entered into
a Licensing Agreement (the &#8220;Agreement&#8221;) with Highland Brothers, LLC, (&#8220;HB&#8221;) an entity controlled by the Company&#8217;s
former Chief Executive Officer and current director. Under the terms of the Agreement, HB granted the Company an exclusive license to
use any and all branding materials of HB including, without limitation, its name, logo, and any and all intellectual property rights.
In consideration of the license, the Company agreed to compensate HB seven percent (7%) of the net sales generated by the Company for
any products utilizing and/or integrating property rights, brands or logos of HB commencing in 2020. The Agreement has a term of ten
(10) years.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 8, 2019, the Company entered into a fifteen-year
Suite License Agreement (the &#8220;Agreement&#8221;) with LV Stadium Events Company, LLC (&#8220;LV Stadium&#8221;) for the lease of
a suite within the multipurpose stadium (the &#8220;Stadium&#8221;) constructed in Clark County, Nevada that is intended to be the home
stadium for the Raiders National Football League team. Under the terms of the Agreement, the Company paid the initial deposit of $75,000,
the second payment of $150,000 and the final payment on approximately October 15, 2020. Commencing with year 6 of the Term, the License
Fee for each year of the Term shall be increased by an amount not to exceed three percent (3%) of the License Fee payable for the immediately
preceding year.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April of 2019, Roger Bloss was appointed to
the Board of Directors of the Company.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April of 2019, the Company executed a Membership
Interest Purchase Agreement (the &#8220;MIPA&#8221;) to acquire all of the membership interests in two Nevada limited liability companies
that are each the holder of a State of Nevada marijuana license. Marijuana Establishment Registration Certificate, Application No. C202
and Marijuana Establishment Registration Certificate, Application No. P133 (collectively the &#8220;Certificates&#8221;). The terms of
the MIPA required the Company to purchase the licenses for the total sum of $1,250,000 each - $750,000 in cash per license and $500,000
of the Company&#8217;s restricted common stock per license. The terms of the MIPA provide for a $250,000 non-refundable down payment
and include a short term note in the amount of $500,000 carrying an annual interest rate of two percent (2%) that was due and payable
on or before October 18, 2019. On October 17, 2019, the State of Nevada&#8217;s Governor issued an executive order restricting the transfer
of all Nevada marijuana licenses (the &#8220;Moratorium&#8221;). As of the date of this filing, the Company has made deposits totaling
$550,000 and has reduced the principal of the aforementioned note to $250,000. The Company is required to issue $1,000,000 of shares
of its restricted common stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been
issued. The Company also executed a $750,000 long term note (the &#8220;LT Note&#8221;) in favor of the current license holders that
becomes due and payable upon the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months after
the production/cultivation is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On February 19,
2020, the Company was put on notice by the Seller that it is in default under the terms of the MIPA. Additionally, pursuant to the terms
of the MIPA, the Company was required to enter into a $15,000 per month sub-lease (retroactive to March 1, 2019) for the 10-acre cultivation/production
facility located in Pahrump, Nye County, NV and install a mobile production trailer. The Company failed to make the required payments
under the MIPA and the Agreement was terminated. Please <i>see</i> <b>Note 9 &#8212;Asset Impairment </b>within the Company&#8217;s financial
statement for the year ended December 31, 2021 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April of 2019, the Company consummated its
purchase of an approximately 50-acre, commercial trailer and RV park (the &#8220;Trailer Park&#8221;) in close proximity to its Amargosa
Valley cultivation facilities. The Trailer Park can accommodate up to 90 trailers and RV&#8217;s. There presently are 17 occupied trailers
in the Trailer Park, and the Company is making the necessary upgrades to bring additional units to the facility to provide housing for
its farm personnel. The Company purchased the Trailer Park for a total of $600,000 in cash and $50,000 of the Company&#8217;s restricted
common stock, resulting in the issuance of 66,667 shares. The Sellers hold a $250,000 note, bearing interest at six and one-half percent
resulting in monthly payments in the amount of $2,178 based upon a 15-year amortization schedule (the &#8220;TP Note&#8221;). The TP
Note requires additional principal reduction payments in the amount of $50,000 on or before April 5, 2020 and April 5, 2021, respectively.
As of the date of this filing, the Company has failed to make the required principal reduction payment that was due on April 5, 2020.
Additionally, due to the ongoing effects of COVID-19, the Company has been unable to make its monthly payments of $2,178 pursuant to
the terms of the TP Note. The Company is in arrears to the holders of the TP Note in the amount of $58,711. The principal and interest
payments will be recalculated based on a 15-year a amortization schedule upon each principal reduction payment. A final balloon payment
of any and all outstanding principal and accrued interest is due and payable on or before April 5, 2022. There are no prepayment penalties
should the Company elect to retire the note prior to its maturity date.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 25, 2019, the Company entered into a Series
Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement (the &#8220;Agreement&#8221;) with Innovation Labs,
Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company purchased 238,096 Series Post Seed Preferred Stock Shares
and 238,096 Series Post Seed Preferred Units for a purchase price of $250,000. Please <i>see</i> <b>Note 9 &#8212;Asset Impairment</b>
within the Company&#8217;s financial statement for the year ended December 31, 2021 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 28, 2019, the Company entered into a
Membership Interest Purchase Agreement (the &#8220;Agreement&#8221;) with Element NV, LLC, an Ohio limited liability company (the &#8220;Buyer&#8221;),
to sell forty-nine percent (49%) of the membership interests in the Company&#8217;s wholly owned subsidiary, Red Earth, LLC (&#8220;Red
Earth&#8221;) for $441,000. The $441,000 was paid to the Company on August 30, 2019. The Agreement required the Buyer to make an additional
payment, in the amount of $3,559,000, to be utilized for the improvement and build-out of the Company&#8217;s Western Avenue leasehold
in Las Vegas, Nevada. The payment was due within ten (10) days of the receipt by Red Earth of a special use permit (&#8220;SUP&#8221;)
from the City of Las Vegas for its Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in
conjunction with the Company, will jointly manage and operate the facility upon completion. The Agreement also requires the Buyer to
make a final payment to the Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June
11, 2020, the Company entered into the First Amendment (&#8220;First Amendment&#8221;) to the Agreement. Under the terms of the First
Amendment, the Closing Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the &#8220;Initial
Contribution Payment&#8221;) to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash contribution
(the Final Contribution Payment&#8221;) in the amount of $240,000. The Buyer failed to make the required payments under the Agreement
and the Agreement was thus terminated in 2021. Please <i>see</i> <b>Note 7 &#8212; Intangible Assets</b> and <b>Note 15 &#8212; Gain on
Disposal of Subsidiary </b>within the Company&#8217;s financial statement for the year ended December 31, 2021 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 22, 2020, the Company&#8217;s President,
Richard S. Groberg, tendered his resignation to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;). The Board accepted
Mr. Groberg&#8217;s resignation effective immediately. The Company and Mr. Groberg executed a mutual Separation Agreement. On May 12,
2021, the Company entered into a Cooperation and Release Agreement (the &#8220;Agreement&#8221;) with Richard S. Groberg and RSG Advisors,
LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and
waived any right to any future stock issuances except for 100,000 shares to be retained by Mr. Groberg.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 22, 2020 the Board appointed the Company&#8217;s
Secretary and Chief Administrative Officer, Terrence M. Tierney, JD, age 58, to the additional position of interim President. Mr. Tierney
was a consultant to the Company from July 1, 2018 until September 18, 2018 when he was appointed Secretary of the Company. On October
15, 2018, Mr. Tierney became the Chief Administrative Officer of the Company and signed a three-year employment agreement with the Company
(which agreement has been previously filed with the SEC) that expires on September 30, 2021. There were no changes to Mr. Tierney&#8217;s
current employment agreement other than his additional duties as President. Mr. Tierney had day-to-day oversight of the Company&#8217;s
operations and continue to advise the Board on strategic initiatives and business development.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 20, 2020, the Company&#8217;s subsidiary,
Alternative Hospitality, Inc. (the &#8220;Borrower&#8221;), issued a Short-Term Promissory Note (the &#8220;Note&#8221;) to Pyrros One,
LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director of the Company, in the amount of $110,405 that matures
on February 19, 2021. The Note shall bear interest at a rate of 9% per annum with interest-only payments in the amount of $825 due on
or before the twentieth day of each month commencing on April 20, 2020. The Borrower was required to make an interest and principal reduction
payment in the amount of $1,233 on or before March 20, 2020. The Holder was granted a security interest in that certain real property
located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which is owned by the Borrower. Please <i>see </i><b>Note 11 &#8212; Notes Payable
&#8211; related parties</b> within the Company&#8217;s financial statement for the year ended December 31, 2021 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 2, 2020, Mr. Ruhe tendered his resignation
to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;). The Board accepted Mr.Ruhe&#8217;s resignation effective immediately.
Mr. Ruhe also stepped down as an advisor to the Company&#8217;s Audit Committee. Additionally, pursuant to the terms of Mr. Ruhe&#8217;s
employment contract with the Company Mr. Ruhe shall forfeit 11,709 shares of invested common stock previously issued to Mr. Ruhe. The
Board has commenced a search to find a suitable individual to replace Mr. Ruhe.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On March 31, 2020, the Company&#8217;s subsidiary,
Condo Highrise Management, LLC (the &#8220;Borrower&#8221;), issued a Short-Term Promissory Note (the &#8220;Note&#8221;) to Pyrros One,
LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director of the Company, in the amount of $90,000 that matures
on March 30, 2021. The Note shall bear interest at a rate of 9% per annum with interest-only payments in the amount of $675 due on or
before the first day of each month commencing on May 1, 2020. The Holder was granted a security interest in that certain real property
located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by the Borrower. Please <i>see</i> <b>Note 11 &#8212; Notes Payable &#8211;
related parties </b>within the Company&#8217;s financial statement for the year ended December 31, 2021 for further information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 22, 2020, the Company entered into a Securities
Purchase Agreement (the &#8220;Agreement&#8221;) with an accredited investor (the &#8220;Investor&#8221;). Under the terms of the Agreement,
the Investor agreed to purchase 4,500,000 shares of the Company&#8217;s common stock at $0.088808889 per share for a total purchase price
of $400,000. The Investor was also to be issued a warrant granting the Investor the right to acquire 1,000,000 shares of the Company&#8217;s
common stock at an exercise price of $0.10. The warrant was to be dated August 3, 2020 and have a term of three years. The Investor funded
$250,000 of the purchase amount on July 31, 2020. On August 10, the Company returned $125,465 of the funds to the Investor for a net
investment of $124,535. The Company issued the Investor 1,402,279 shares of common stock and a warrant granting the Investor the right
to purchase 250,000 shares of common stock under the revised terms of the Agreement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 7, 2020, the Company&#8217;s Board of
Directors terminated, with cause, the employment of Terrence M. Tierney, the Company&#8217;s former President and Secretary, effective
immediately. On March 9, 2021, Terrence Tierney filed for arbitration with the American Arbitration Association for: (i) breach of contract,
(i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the
amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On
April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for
accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise
has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed
fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess
of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone
the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 1, 2020, the Company entered into
an Employment Agreement (the &#8220;Agreement&#8221;) with Paris Balaouras (the &#8220;Employee&#8221;). Under the terms of the Agreement,
the Employee shall serve as the Company&#8217;s Chief Cultivation Officer for a term of three (3) years (the &#8220;Term&#8221;) commencing
on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible to receive an annual discretionary
bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount
equal to up to 100% of Employee&#8217;s base salary for the then current fiscal year, shall be eligible to receive an annual discretionary
stock grant during the Term which shall be vested in equal increments of 1/3<sup>rd</sup> each over a three year period beginning on
the first anniversary of employment, shall be eligible to receive a compensatory stock grant of 667,000 shares for and in consideration
of past compensation (approximately $500,000 over the past 2.5 years) foregone by Employee; such grant exercisable at Employee&#8217;s
option as such time as Employer is profitable at the NOI level on a trailing twelve (12) month basis or upon other commercial reasonable
terms as the Board may determine and shall be awarded options to purchase 500,000 shares of the Company&#8217;s common stock, exercisable
at a price of $.75 per share.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 1, 2020, the Company entered into
an Employment Agreement (the &#8220;Agreement&#8221;) with Roger Bloss. Under the terms of the Agreement, the Employee shall serve as
the Company&#8217;s Interim Chief Executive Officer for a term of six (6) months and the Chief Executive Officer and for an additional
two (2) years and six (6) months as the Chief Executive Officer for a total of three (3) years (the &#8220;Term&#8221;) commencing on
September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible to receive an annual discretionary
bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount
equal to up to 100% of Employee&#8217;s base salary for the then current fiscal year, shall be eligible to receive an annual discretionary
stock grant during the Term which shall be vested in equal increments of 1/3<sup>rd </sup>each over a three year period beginning on
the first anniversary of employment and shall be awarded options to purchase 500,000 shares of the Company&#8217;s common stock, exercisable
at a price of $.75 per share.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On September 1, 2020, the Company entered into
an Employment Agreement (the &#8220;Agreement&#8221;) with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve
as the Company&#8217;s Secretary/Treasurer for a term of three (3) years (the &#8220;Term&#8221;) commencing on September 15, 2020. The
Employee shall receive a base salary of $60,000 annually, shall be eligible to receive an annual discretionary bonus during the Term,
based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount equal to up to 200%
of Employee&#8217;s base salary for the then current fiscal year, shall, at commencement of the Term receive a grant of stock of 500,000
shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in equal increments
of 1/3<sup>rd</sup> each over a three year period beginning on the first anniversary of employment and shall be awarded options to purchase
500,000 shares of the Company&#8217;s common stock, exercisable at a price of $.75 per share.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss, Dear and Balaouras (collectively, the &#8220;Directors&#8221;).
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($15,000.00), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares
of the Company&#8217;s common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 1, 2020, the Company entered into an
Employment Agreement (the &#8220;Agreement&#8221;) with Jim Kelly. The Agreement became effective as of October 1, 2020. Under the terms
of the Agreement, the Employee shall serve as the Company&#8217;s Interim Chief Financial Officer for a term of (i) the sooner of six
(6) months, or (ii) the completion of all regulatory filings, including but not limited to the Company&#8217;s 2019 Annual Report on
Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly Report on Form 10-Q, the September 30, 2020
Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities and Exchange Commission (&#8220;SEC&#8221;)
to bring the Company current with the SEC. The Employee shall receive a base salary of $24,000 annually, shall be eligible to receive
an annual discretionary bonus during the Term, based on performance criteria determined by the C-Suite of the Company in its sole discretion,
in an amount equal to up to 400% of the Employee&#8217;s base salary for the then current fiscal year, and at commencement of the Term
the Employee shall receive a grant of stock of 500,000 restricted shares of the Company&#8217;s common stock. <span style="background-color: white">On
March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial Officer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 8, 2020, the Company entered into
Amendment No. 1 (the &#8220;Amendment&#8221;) to the Revenue Participation Rights Agreement previously entered into with Blue Sky Companies,
LLC and Let&#8217;s Roll NV, LLC. Under the terms of the Amendment, the new effective Date of the Agreement shall be revised to the date
that the first payment shall be due in 2021 from the 2020 3-acre grow. In addition, (i) the Company&#8217;s 2020 obligation under the
original Agreement for the 2019 grow is deemed satisfied in full, (ii) on or before April 30, 2027, the Company shall pay a $26,000 exit
fee.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 12, 2021, the Company completed the
sale of its commercial building for $1,627,500. On December 12, 2020, the Company, through its wholly owned subsidiary (Prescott Management,
LLC), entered into a sales contract with Helping Hands Support, Inc. for the sale of the Company&#8217;s commercial building located
at 1300 South Jones Boulevard, Las Vegas, Nevada 89146.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">On February
17, 2021, the Company entered into a Stock Purchase Agreement (the &#8220;Agreement&#8221;) with ATG Holdings, LLC (the &#8220;ATG&#8221;).
Under the terms of the Agreement, the Company purchased&#160;1,500,000,000&#160;shares of common stock of Healthier Choices Management
Corp (&#8220;HCMC&#8221;) from ATG for the purchase price of $200,000. The transaction closed on February 19, 2021. During the year ended
December 31, 2021, the Company liquidated its marketable securities that it received in the Agreement with ATG.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="background-color: white">On March
12, 2021, the Company (the &#8220;Holder&#8221;) was issued a Convertible Promissory Note (the &#8220;Note&#8221;) by GeneRx (the &#8220;Borrower&#8221;),
a Delaware corporation, in the amount of $300,000. The Note has a term of one year (April 7, 2022 Maturity Date) and accrues interest
at two percent (2%) per annum. The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a
fixed conversion price of $1.00 per share. Upon an Event of Default, the Conversion Price shall equal the Alternate Conversion Price
(as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating
to the Borrower&#8217;s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). The &#8220;Alternate Conversion Price&#8221; shall equal the lesser of (i) 80% multiplied
by the average of the three lowest daily volume weighted average prices (&#8220;VWAP&#8221;) during the previous twenty (20) Trading
Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the Market
Price (as defined herein) (representing a discount rate of 20%). &#8220;Market Price&#8221; means the average of the three lowest daily
VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion
Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent
(24%) per annum from the due date thereof until the same is paid (the &#8220;Default Interest&#8221;). The Company funded $300,000 on
March 15, 2021, $150,000 on April 5, 2021 and $50,000 on April 7, 2021. Please <i>see</i></span> <b>Note 5 &#8212; Note Receivable</b>
within the Company&#8217;s financial statement for the three months ended March 31, 2022 for further information.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 13, 2021, the Company entered into a
Storage and Purchase Agreement (the &#8220;Agreement&#8221;) with AP Management, LLC (&#8220;AP&#8221;). Under the terms of the Agreement,
AP agreed to store the Company&#8217;s fresh frozen marijuana (the &#8220;Product&#8221;) while granting AP the right to purchase the
Product at $175 per pound. In the event that AP does not purchase 500 pounds of the Product, the Company shall reimburse AP for any costs
incurred for storage.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 14, 2021, the Company entered into a
Storage Agreement (the &#8220;Agreement&#8221;) with TapRoot Labs (&#8220;TapRoot&#8221;). Under the terms of the Agreement, the TapRoot,
agreed to store the Company&#8217;s fresh frozen marijuana (the &#8220;Product&#8221;). As compensation for storage, the Company was
to pay TapRoot the equivalent of $6,000 per month from product held in storage.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 12, 2021, the Company entered into a Cooperation
and Release Agreement (the &#8220;Agreement&#8221;) with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement,
Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and waived any right to any future stock issuances
except for 100,000 shares to be retained by Mr. Groberg.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On June 17, 2021, the Company entered into a Consulting
Agreement (the &#8220;Agreement&#8221;) with Wolfpack Consulting, LLC (the &#8220;Consultant&#8221;). Under the terms of the Agreement,
the Consultant shall use its commercially reasonable efforts and adequate business time and attention to identify various properties
that may fit into Client&#8217;s business model to develop, cultivate, and produce marijuana related products. The Consultant shall receive
$25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of: (a) the first anniversary
of the Effective Date (i.e., one year), or (b) either party&#8217;s receipt of written notice from the other party of its intent to terminate
this Agreement after the expiration of the first anniversary (the &#8220;Term&#8221;).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Corporate
Entities</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    Holdings, Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">This
    entity, the Company, serves as a holding company for all of the operating businesses/assets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Prescott
    Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Prescott
    Management is a wholly owned subsidiary of the Company that provides day-to-day management and operational oversight to the Company&#8217;s
    operating subsidiaries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Icon
    Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Icon
    is a wholly owned subsidiary of the Company that provides Human Resource Management (&#8220;HR&#8221;) services to the Company. Icon
    is responsible for all payroll activities and administration of employee benefit plans and programs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Farm
    Road, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Farm
    Road, LLC is a wholly owned subsidiary of the Company that owns 260 acres of farmland in Amargosa, NV. The Company acquired all of
    the membership interests of Farm Road in January of 2019.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Condo
    Highrise Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Condo
    Highrise Management is a wholly owned subsidiary of the Company that manages the Company owned Trailer Park in Amargosa, Nevada.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth Holdings, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth Holdings, LLC is a wholly owned subsidiary of the Company that will eventually be the holder of the Company&#8217;s primary
    cannabis license assets. As of the date of this report, Red Earth Holdings has no operations and holds no assets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">Red
    Earth, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><p style="margin-top: 0; margin-bottom: 0">Red
                                            Earth, established in 2016, was a wholly owned subsidiary of the Company from December 15,
                                            2017 until August 30, 2019 prior to the Company selling a forty-nine percent (49%) interest
                                            in Red Earth to Element NV, LLC, an unrelated third party (See further description of the
                                            transaction hereinabove). Red Earth&#8217;s assets consist of: (i) a cultivation license
                                            to grow marijuana within the City of Las Vegas in the State of Nevada, and (ii) all of the
                                            outstanding membership interests in HDGLV, which holds a triple net leasehold interest in
                                            a 17,298 square-foot building in Las Vegas, Nevada, which it expects to operate as an indoor
                                            marijuana cultivation facility. In July 2018, the Company completed the first phase of construction
                                            on this facility, and it received a City of Las Vegas Business License to operate a marijuana
                                            cultivation facility. On August 26, 2021, the Company and the Company&#8217;s Chief Cultivation
                                            Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
                                            Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase
                                            Agreement&#8221;), dated December 15, 2017, entered into between the Company and the Red
                                            Earth was terminated as of the date of the Termination Agreement resulting in the return
                                            of ownership of Red Earth to Mr. Balaouras. Please <i>see</i> <span style="background-color: white"><b>Note
                                            7 &#8212; Intangible Assets and Note 14 &#8212; Related Party Transactions</b></span> within
                                            the Company&#8217;s financial statement for the three months ended March 31, 2022
                                            for further information.</p>
                                                                                          <p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                          <p style="margin-top: 0; margin-bottom: 0"></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font: 10pt Times New Roman, Times, Serif">HDGLV,
    LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">HDGLV
    is a wholly owned subsidiary of Red Earth, LLC and is the holder of a triple net lease on a commercial building in Las Vegas, Nevada
    which is being developed to house the Company&#8217;s indoor grow facility.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Alternative
    Hospitality, Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Alternative
    Hospitality is a Nevada corporation formed in November of 2018. MJ Holdings owns fifty-one percent (51%) of the company and the remaining
    forty-nine percent (49%) is owned by TVK, LLC, a Florida limited liability company. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    International Research Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">MJ
    International is a wholly owned subsidiary of the Company that is headquartered in Dublin, Ireland. MJ International is the sole
    shareholder of MJ Holdings International Single Member S.A. and Gioura International Single Member Private Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s corporate headquarters is located at 2580 S. Sorrel St., Las Vegas, NV 89146 and its telephone number is (702) 879-4440.
The Company&#8217;s website address is: www.mjholdingsinc.com. Information on or accessed through its website is not incorporated into
this Form 10-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Common Stock is not listed on any national stock exchange but is quoted on the OTCQB Marketplace under the symbol
&#8220;MJNE.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Licenses:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
February 5, 2021, the Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;) with
MJ Distributing, Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership interests of MJ Distributing C202, LLC
and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional
medical and recreational production license. At present, the Company is waiting for the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;)
to provide notice that the licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Patents/Trademarks:</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
currently hold no patents or trademarks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Research
&amp; Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had no expenses in Research and Development costs during the three months ended March 31, 2022 or for the years
ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Compliance
Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
company incurs annual expenses to comply with state corporate governance and business licensing requirements. We estimate these costs
to be under $20,000 per year for the establishment of foreign corporations in other states that we plan to operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Principal
Products or Services and Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal services provided by the Company
are cultivation management and infrastructure development catering to cannabis and hemp growth.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company does not consider its business to be seasonal.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Leases</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company anticipates its most significant lease obligations will be classified as fixed assets that will be used in the normal course
of its business.&#160; Some lease obligations may include renewal or purchase options, escalation clauses, restrictions, penalties or
other obligations that we will consider in determining minimum lease payments. The leases will be classified as either operating leases
or capital leases, as appropriate.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Employees
and Consultants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of the date of this
Report, we have 9 full-time and 3 part-time employees inclusive of a Chief Executive Officer, Interim Chief Financial Officer,
Secretary and Chief Cultivation Officer. We contract all labor for public company governance services, website
development, accounting, legal and daily activities outside of management. Please <i>see </i><b>DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS,
AND CONTROL PERSONS </b>for additional information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Amount
Spent on Research and Website Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the three months ended March 31, 2022 and years ended December 31, 2021 and 2020, the Company spent $0, $0
and $0 on research and website development, respectively.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Compliance Expenses</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our company incurs annual expenses to comply with
state corporate governance and business licensing requirements. We estimate these costs to be under $20,000 per year for the establishment
of foreign corporations in other states that we plan to operate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Insurance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">MJ Holdings, Inc. currently
offers health, dental and vision insurance to its employees at an estimated monthly cost of $7,500. MJ Holdings, Inc. also carries
general liability insurance. We do not currently hold any other forms of insurance, including directors&#8217; and officers&#8217; insurance.
Because we do not have any insurance, if we are made a party of a legal action, we may not have sufficient funds to defend the litigation.
If that occurs a judgment could be rendered against us that could cause us to cease operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Patents/Trademarks:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We currently hold no patents or trademarks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Competitors,
Methods of Completion, Competitive Business Conditions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="background-color: white">The Company
may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been granted
cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company&#8217;s
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors and it will continue to focus on this area of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Competitors include private and public companies
such as: Acres Cultivation, LLC, 8lFold, The Apothecary Shoppe, Bond Road Cannabis Company, Floravega, Remedy Cultivation and Flower
One.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. I addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business. There is no pending litigation involving the Company at this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MJ
Holdings, Inc. Complaint</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2021, MJ Holdings, Inc. (the &#8220;Plaintiff&#8221;) filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie
Small (collectively, the &#8220;Defendants&#8221;). In the Complaint, the Plaintiff alleges that the Defendants have refused to return
the cannabis that was being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to
return the cannabis to Plaintiff, or Plaintiff&#8217;s designee, the Defendants have deprived Plaintiff of the ability to sell, transfer
or market the product. In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of
dollars in money and/or cannabis in exchange for returning the cannabis. As of the date of this filing, pleadings are pending.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gappy
and Shaba Compliant</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 3, 2021, a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the &#8220;Defendants&#8221;)
by Ziad Gappy and David Shaba (collectively, the &#8220;Plaintiffs&#8221;). In the Complaint, the Plaintiffs allege the Defendants made
misleading statements and/or omissions relating to the Company in the Plaintiffs&#8217; negotiation to purchase shares of MJ Holdings,
Inc. In addition, the Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and
Defendants, MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and
the Defendants have failed to start the Western Project. <span style="background-color: white">The Defendants will vigorously defend
themselves against this action and will file </span>an appropriate and timely answer to the Complaint including a lengthy and comprehensive
series of affirmative defenses and liability and damage avoidances. As of the date of this filing, the Defendants have yet to file an
answer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DGMD
Complaint</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, a Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras,
Dimitri Deslis, ATG Holdings, LLC and Curaleaf, Inc. (collectively, the &#8220;Defendants&#8221;) by DGMD Real Estate Investments, LLC,
ARMPRO, LLC, Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the &#8220;Plaintiffs&#8221;) in the
District Court of Clark County, Nevada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Complaint, the Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put
that money towards the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants&#8217;
agents, and (ii) the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings &#8220;Investment
Schemes&#8221;, and (iii) the Defendants intended to fraudulently obtain Plaintiffs&#8217; money for the purpose of harming the Plaintiffs
to benefit the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement
to defraud the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company&#8217;s consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
appropriate and timely answer to the Complaint including a lengthy and comprehensive series of affirmative defenses and liability and
damage avoidances. As of the date of this filing, discovery has commenced and written discovery has been exchanged between the parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tierney
Arbitration</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 9, 2021, Terrence Tierney, the Company&#8217;s
former President and Secretary, filed for arbitration with the American Arbitration Association for: (i) breach of contract, (i) breach
of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the amount of $501,085
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On April 7, 2021, the
Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for accrued vacation
and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise has no liability.
The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed fraud, malfeasance
and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess of any monetary claim
made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone the June arbitration and have
referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and
conferred and are scheduled to proceed with arbitration on November 7-10, 2022.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Sources
and Availability of Raw Materials</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
do not use raw materials in our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Seasonal
Aspect of our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None
of our products are affected by seasonal factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Reports
to Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are required to file reports and other information with the SEC. You may read and copy any document that we file at the SEC&#8217;s public
reference facilities at 100 F. Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 for more information about
its public reference facilities. Our SEC filings are available to you free of charge at the SEC&#8217;s web site at www.sec.gov. We are
an electronic filer with the SEC and, as such, our information is available through the Internet site maintained by the SEC that contains
reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. This information
may be found at www.sec.gov and posted on our website for investors at http://www.mjholdingsinc.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_012"></span>PROPERTIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s principal office is located at 2580 S. Sorrel St., Las Vegas, NV 89146<span style="background-color: white">. </span>In
January 2021, the Company sold its commercial office building located at 1300 South Jones Boulevard, Las Vegas, NV 89146.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company held a triple net leasehold interest, through its former subsidiary Red Earth LLC (&#8220;Red Earth&#8221;), in a 17,298 square
foot building located at 2310 Western Avenue, Las Vegas, Nevada (the &#8220;Western lease&#8221;). The lease was for an initial term
of 10 years, with a 12-month rent abatement. The commencement date of the lease was June 29, 2017. The lease included two options to
extend, each for an additional 5 years. The lease granted the Company an option to purchase the property on or after the 25<sup>th </sup>month
of the lease and continuing through the 60<sup>th</sup> month of the lease for the sum of $2,607,880. On August 26, 2021, the Company
and the Company&#8217;s Chief Cultivation Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement.
Under the terms of the Termination Agreement, the Purchase Agreement, dated December 15, 2017, entered into between the Company and Red
Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr. Balaouras.
As such, the Company no longer holds any interest in the Western lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In August of 2018, the Company executed a letter
of intent (&#8220;LOI&#8221;) for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
(&#8220;Farm Road&#8221;). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement (&#8220;MIPA&#8221;)
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company&#8217;s restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the &#8220;Promissory
Note&#8221;) in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) (&#8220;FRH&#8221;) in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company&#8217;s Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please <i>see</i> <b>Note 9 &#8212; Notes Payable</b> within the
Company&#8217;s financial statement for the three months ended March 31, 2022 for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
August 1, 2019, the Company entered into an agreement to lease an approximately 17,000 sq. ft. commercial building in Pahrump, NV. The
lease is for a term of ten years at an initial monthly rent of $10,000 per month with rent increases each August 1<sup>st </sup>during
the term of the lease equal to the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for CPI W (Urban
Wage Earners and Clerical Workers) for Las Vegas, Nevada. The Company paid the property owner a security deposit in the amount of $20,000.
While the Company took possession of the premises on August 1, 2019, the monthly rent commenced on October 1, 2019. The Company has an
option, exercisable between July 1, 2020 and July 1, 2024, to purchase the property for $1,800,000. The leasehold has previously been
utilized as a fully licensed State of Nevada marijuana cultivation facility. On November 29, 2019, the building suffered significant
damage after a windstorm swept through the town of Pahrump. The storm caused structural damage as well as damage to the plumbing and
electrical supply to the building, making the facility unusable. Pursuant to the terms of the lease, the inability to occupy and utilize
the facility relieves us of any obligation to pay rent. As of the date of this filing, repairs to the building have not yet commenced.
It was the Company&#8217;s intention to move its marijuana processing into this facility upon receipt of all required regulatory approvals.
The Company has no intention to occupy the leased space.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
believe that our facilities are adequate for our current needs and that, if required, we will be able to expand our current space or
locate suitable new office space and obtain a suitable replacement for our executive and administrative headquarters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_013"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>AND
RESULTS OF OPERATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Please
read the following discussion of our financial condition and results of operations in conjunction with financial statements and notes
thereto, as well as the &#8220;Risk Factors&#8221; and &#8220;Description of Business&#8221; sections included elsewhere in this prospectus.
The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could
differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this prospectus, particularly in &#8220;Risk Factors&#8221;.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development &#8211; currently concentrated in the Las Vegas market. It is the Company&#8217;s intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to &#8220;prove the concept&#8221; profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Current
Initiatives include:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><b>a three-acre,
                                            hybrid, outdoor, marijuana-cultivation facility</b> (the &#8220;Cultivation Facility&#8221;)
                                            located in the Amargosa Valley of Nevada. The Company had the contractual right to manage
                                            and cultivate marijuana on this property until 2026, for which it would have received sixty
                                            percent (60%) of the net revenues realized from its management of this facility and twenty-five
                                            percent (25%) of the net revenues from equipment rental. The licensed facility is owned by
                                            Acres Cultivation, LLC, a wholly owned subsidiary of Curaleaf Holdings, Inc. On January 21,
                                            2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
                                            LLC. During the year ended December 31, 2021, the Company relocated all of its equipment
                                            utilized on the Acres lease to its 260 Acres adjacent to the Acres lease. The Company will
                                            not generate any further revenue under the Acres relationship.</p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"></p></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>260
    acres of farmland for the purpose of cultivating additional marijuana</b> (the &#8220;260 Acres&#8221;) purchased in January of 2019.
    The Company intends to utilize the state-of-the-art <i>Cravo&#174; </i>cultivation system for growing an additional five acres of
    marijuana on this property, that is contiguous to the three-acre property that it manages in Amargosa. The <i>Cravo&#174; </i>system
    will allow multiple harvests per year and should result in higher annual yields per acre. The land has more than 180-acre feet of
    permitted water rights, which will provide more than sufficient water to markedly increase the Company&#8217;s marijuana cultivation
    capabilities. This facility, upon receipt of required funding, is expected to become operational in the summer of 2021. Subsequent
    to year end, the Company elected to relocate all of its equipment utilized on the Acres lease to its 260 acres adjacent to the Acres
    lease. The Company will utilize the 260 Acres for its own harvest along with additional harvests under any Cultivation and Sales
    Agreements. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>Cultivation and Sales Agreements</b> entered into
    for multiple grows on the Company&#8217;s 260 Acres located in the Amargosa Valley of Nevada. During the years ended December 31,
    2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the Company shall retain certain independent
    growers to provide oversight and management of the Company&#8217;s cultivation and sale of products at its 260 Acres. The independent
    growers shall pay to the Company a royalty of net sales revenue with a minimum royalty after two years. As of the date of this filing,
    the Company is waiting on its business license in Nye County and its final inspection by the Cannabis Compliance Board before it
    can commence its operations under the Agreement.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>a
    nearby commercial trailer and RV park</b> (THC Park &#8211; Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company&#8217;s farm employees. After the Company&#8217;s 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company&#8217;s restricted common stock. The Company has elected to reinitiate renovations
    and/or additions at its Tiny Home Community so that workers on the 260 Acres will be afforded housing. </span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>an
    agreement to acquire an additional cultivation license and production license, </b><span style="background-color: white">both currently
    located in Nye County Nevada. On February 5, 2021, the Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase
    Agreement (&#8220;MIPA3&#8221;) with MJ Distributing, Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership
    interests of MJ Distributing C202, LLC and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and
    recreational cultivation license and a provisional medical and recreational production license. In consideration of the sale, transfer,
    assignment and delivery of the Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agrees
    to pay a combination of cash, promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00)
    in cash and/or promissory notes and 200,000 shares of the Company&#8217;s restricted common stock, all of which constitutes the consideration
    agreed to herein for (the &#8220;<span style="text-decoration: underline">Purchase Price</span>&#8221;), payable as follows: (i) a non-refundable down payment in the amount
    of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a
    deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against the June 12, 2021 payment due
    under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, and (v) $250,000 shall be deposited within five (5) business days
    after the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser. </span>On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>indoor
                                            cultivation facility build-out in the City of Las Vegas</b> (the &#8220;Indoor Facility&#8221;).
                                            <span style="background-color: white">Through its former subsidiary, Red Earth, LLC (&#8220;Red
                                            Earth&#8221;), the Company held a Medical Marijuana Establishment Registration Certificate,
                                            Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase
                                            Agreement (the &#8220;Agreement&#8221;) with Element NV, LLC (&#8220;Element&#8221;), to
                                            sell a 49% interest in the license. Under the terms of the Agreement, Element was required
                                            to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on
                                            the facility from December 2019 through March 2020 but failed to make any additional payments.
                                            On June 11, 2020, the Company entered into the First Amendment (&#8220;First Amendment&#8221;)
                                            to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was
                                            adjusted to $441,000, and Element was required to make a capital contribution (the &#8220;Initial
                                            Contribution Payment&#8221;) to the Target Company in the amount of $120,000 and was required
                                            to make an additional cash contribution (the Final Contribution Payment&#8221;) in the amount
                                            of $240,000. The Company terminated its discussions with Element regarding its past due payments.
                                            </span>On or about May 7, 2021, Red Earth, received an inquiry from the State of Nevada Cannabis
                                            Compliance Board (&#8220;CCB&#8221;) regarding the transfer of ownership of the Subsidiary
                                            from its previous owners to the Company. The CCB has determined that the transfer was not
                                            formally approved, thus a Category II violation. On July 27, 2021, Red Earth entered into
                                            a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;)
                                            with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the
                                            CCB, by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth
                                            would be returned to the original owners. The Parties to the Stipulation Order resolved the
                                            matter without the necessity of taking formal action. Red Earth agreed to pay a civil penalty
                                            of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company&#8217;s
                                            Chief Cultivation Officer and previous owner of Red Earth, Paris Balaouras, entered into
                                            a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement
                                            (the &#8220;Purchase Agreement&#8221;), dated December 15, 2017, entered into between the
                                            Company and Red Earth was terminated as of the date of the Termination Agreement resulting
                                            in the return of ownership of Red Earth to Mr. Balaouras. Neither party shall have any further
                                            obligation to one another pursuant to the terms of the Purchase Agreement.</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The below discussions are as of the date stated
(unless specifically noted otherwise) and should be read in conjunction with financial statements and notes thereto for the applicable
period referenced. These discussions may include information that has since changed and may not be consistent with other sections of
this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; background-color: white"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Three
Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenue was $31,841 for the three months ended March 31, 2022, compared to $307,375 for the three
months ended March 31, 2021. The decrease in revenue for the three months ended March 31, 2022 versus the three
months ended March 31, 2021 was largely attributable to the termination of the management agreement with Acres Cultivation,
LLC. Revenue, by class, is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Revenues:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Rental income (i)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">31,841</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,861</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (85%) percent of gross revenues defined as
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    in force until April 2026. In April 2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian
    cannabis company. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Operating
Expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
costs of revenues were $- and $- for the three months ended March 31, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td><td style="font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
direct costs of revenue of $- for the three months ended March 31, 2022 is attributable to: labor, compliance, testing
and others related expenses &#8211; all of which are directly related to the Consulting and Equipment Lease Agreements with the Licensed
Operator.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>General
and administrative</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, our general and administrative expenses were $1,764,943 compared to $2,805,927
for the three months ended March 31, 2021, resulting in a decrease of $1,040,984. The decrease was largely
attributable to the termination of the management agreement with Acres Cultivation, LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, our other income (expense) were $59,896 compared to $9,836,205 for
the three months ended March 31, 2021, resulting in a decrease in other income of $9,776,309. The decrease
was largely attributable to the Company&#8217;s liquidation of its marketable securities held for sale&#8239;during the three months
ended March 31, 2021 as compared to no liquidation of marketable securities in the three months ended March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>Net
Income (Loss)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss attributable to common shareholders was ($1,720,482) for the three months ended March 31, 2022, compared to net income
of $7,240,183 for the three months ended March 31, 2021. The decrease in net income for the three months
ended March 31, 2022 as compared to the same period in 2021 is largely attributable to the Company&#8217;s liquidation
of its marketable securities held for sale during the three months ended March 31, 2021 as compared to no liquidation of marketable
securities in the three months ended March 31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
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to the Year ended December 31, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s historical financial statements prior to the reverse merger were replaced with the historical financial statements of
Red Earth, the &#8220;accounting acquirer,&#8221; based on the accounting treatment for reverse merger transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (85%) percent of gross revenues defined as
    gross proceeds from sales of marijuana products minus applicable state excise taxes and local sales tax. The agreement is to remain
    in force until April 2026. In April 2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian
    cannabis company. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Please <i>see</i> <b>Note 4 &#8212; Inventory </b>within the Company&#8217;s financial statement for the year ended December 31, 2021
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
cost of revenue was $341,626 for the year ended December 31, 2021 compared to $1,206,960 for the year ending December 31, 2020, resulting
in a decrease of $865,334. The decrease was largely attributable to the termination of the management agreement with Acres Cultivation,
LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Rental income</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative, marketing and selling expenses were $4,903,085 for the year ended December 31, 2021 compared to $2,064,911 for the
year ended December 31, 2020, resulting in an increase of $2,838,174. The increase was largely attributable to an increase in the Company&#8217;s
payment for payroll expenses and the settlement of its rights participation agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
and amortization were $293,937 for the year ended December 31, 2021 compared to $453,887 for the year ended December 31, 2020, resulting
in a decrease of $159,950. The decrease was largely attributable to disposal of the Company&#8217;s subsidiary, Red Earth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income (expenses)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income (expenses) were $12,454,417 for the year ended December 31, 2021 compared to ($147,878) for the year ended December 31, 2020,
resulting in an increase of $12,602,295. The increase was largely attributable to the gain on sale of marketable securities of $9,857,429
and other income of $2,416,357.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
income (loss)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
income (loss) was $3,530,331 for the year ended December 31, 2021 compared to loss of ($3,973,128) for the year ended December 31, 2020,
resulting in an increase of $7,503,459. The increase in net income in 2021 is largely attributable to the gain on sale of marketable
securities of $9,857,429 and other income of $2,416,357.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Working
Capital</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the working capital at March 31, 2022 and December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">At March 31, 2022, the
Company had cash of $3,321,111 and total current assets of $3,980,880 compared with cash of $4,699,372 and total current assets of $5,247,526
at December 31, 2021. The decrease in total current assets largely attributable to the termination of the management agreement with Acres
Cultivation, LLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The overall working capital (deficit) increased from $857,542 at December
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,378,621</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had cash of $3,321,111 at March 31, 2022 compared with cash of $7,478,360 at March 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Operating
Activities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities for the three months ended March 31, 2022, was $930,110 versus $2,685,338
for the three months ended March 31, 2021. The decrease in cash used in operating activities for the three months
ended March 31, 2022 included a net loss of $1,720,482 offset by an increase in accounts payable and
accrued expenses of $799,166.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Investing
Activities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash (used in) provided by investing activities during the three months ended March 31, 2022, was ($98,151)
as compared to $11,223,890 for the three months ended March 31, 2021. The decrease in cash provided by investing
activities for the three months ended March 31, 2022 is largely attributable to the proceeds from the sale of its marketable
securities held for sale related to the sale of the Company&#8217;s equity holding in the common stock of Healthier Choice Management
Corporation (&#8220;HCMC&#8221;) during the three months ended March 31, 2021 as compared to no liquidation of marketable securities
in the three months ended March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Financing
Activities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash (used in) financing activities during the three months ended March 31, 2022, was ($350,000) as compared to
($1,177,728) for the three months ended March 31, 2021. The decrease in cash flow from financing activities for
the three months ended March 31, 2022 is largely attributable to repayment on notes payable of $350,000.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that
will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are dependent on the sale of our securities to fund our operations and will remain so until we generate sufficient revenues to pay for
our operating costs. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the
form of cash advances, loans and/or financial guarantees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals.
There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have
not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing
in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we
are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we
fail to raise funds, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern and
believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. Please <i>see </i></span><b>Note
3 &#8212; Going Concern</b> within the Company&#8217;s financial statement for the three months ended March
31, 2022 for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
do not have any off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Critical
Accounting Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Recent
Accounting Pronouncements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There
were various updates recently issued, most of which represented technical corrections to the accounting literature or application to
specific industries and are not expected to a have a material impact on the Company&#8217;s consolidated financial position, results
of operations or cash flows. See the Notes to the Financial Statements for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>OTC
Markets Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed elsewhere in this registration statement, the Company&#8217;s common stock is currently traded on the OTCQB Marketplace
under the symbol &#8220;MJNE.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_014"></span>DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Directors
and Executive Officers </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors
are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly
elected and qualified. The officers are elected by our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-size: 10pt"><b>Name of Officer/Director</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: center"><span style="font-size: 10pt"><b>Position with Company</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-size: 10pt"><b>Director Since</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Paris Balaouras (1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Chief Cultivation Officer and Chairman of the Board of Directors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">December 15, 2017</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Roger J. Bloss (2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Chief Executive Officer and Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">April 1, 2019</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Bernard Moyle (3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer and <span style="font-size: 10pt">Secretary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#8212;&#8212;&#8212;&#8212;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">David Dear ()</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">67</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">October 1, 2020</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Mr. Balaouras was appointed to the Board of Directors on December
    15, 2017 and retained as the Company&#8217;s Chief Cultivation Officer on September 15, 2020.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Mr. Bloss was appointed to the Board of Directors on April 1, 2019 and retained as the Company&#8217;s
    interim Chief Executive Officer on September 15, 2020.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Mr. Moyle was retained as the Company&#8217;s corporate Secretary on September 15, 2020. On
    March 16, 2021, Mr. Moyle was appointed as Interim Chief Financial Officer upon the resignation of Mr. Kelly. Mr. Moyle currently
    serves as the Company&#8217;s Secretary and Interim Chief Financial Officer.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Mr. Dear was appointed to the Board of Directors on October 1, 2020.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Business Experience</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following is a brief overview of the education
and business experience of each of the Company&#8217;s directors and executive officers during at least the past five years, including
their principal occupations or employment during the period, the name and principal business of the organization by which they were employed,
and certain of their other directorships:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Paris Balaouras</b> has served as
Chief Cultivation Officer since September 15, 2020 and Chairman of the Board since December 15, 2017. Mr. Balaouras has more than ten
years of experience in the development and operations of legal cannabis businesses, including license acquisition, facility management,
cannabis cultivation, and legislative initiatives. Mr. Balaouras was the founding and managing partner of Acres Medical, LLC (&#8220;Acres
Medical&#8221;) from April 2014 until February 2016. While with Acres Medical, Mr. Balaouras was instrumental in raising investment capital
for the acquisition of five Nevada Medical and Recreational Marijuana Establishment Certificates, the development and opening of a 20,000
square foot dispensary in Las Vegas, Nevada, and the acquisition of a 37-acre cultivation facility in the Amargosa Valley, Nevada, creating
the largest cultivation site in the State of Nevada. From 2012 until 2016, while serving as the Principal Officer at Natural Remedy Patient
Center, Mr. Balaouras obtained an Arizona dispensary, cultivation, and production license. Mr. Balaouras is a member of the Nevada Dispensary
Association, Americans for Safe Access, and the National Organization for the Reform of Marijuana Law. Mr. Balaouras&#8217; extensive
experience and background with entities related to the Company&#8217;s core business initiatives uniquely qualifies him to serve on the
Company&#8217;s Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Roger J. Bloss </b>has served as
interim Chief Executive Officer of September 15, 2020 and elected to the Company&#8217;s Board of Directors on April 1, 2019. Mr. Bloss
has more than 40 years of experience in the hospitality industry and has served in executive positions with several major hotel franchise
companies including as Executive VP and President of Global Development at Red Lion Hotels Corp. and President and Chief Executive Officer
of Vantage Hospitality Group, Inc. which he co-founded in 1996. Mr. Bloss&#8217; vast business and senior level management experience,
with both private and public companies, makes him highly qualified to serve on the Company&#8217;s Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Bernard Moyle</b> has served as
the Company&#8217;s Secretary since September 15, 2020. From 1987 to present, Mr. Moyle served as Founder and Chief Operating Officer
of Cal-Vegas, Ltd, a hotel management company and its parent company, Thirty-Eight Street, Inc. The former is focused on hotel management
and the latter on providing accounting and bookkeeping services. From 1999 to present, Mr. Moyle served as Founder and Chief Operating
Officer of VHGI, Inc., f/k/a Vantage Hospitality Group, Inc (&#8220;VHGI&#8221;). In late 2016, VHGI along with an affiliate, sold its
approximately 1,400 franchisee/member Hotel Brands and operations to Red Lion Hotel Corporation (&#8220;RLH Corp&#8221;), a publicly
traded company. Mr. Moyle became an Executive Vice-President and Chief Operating Officer of RLH Corp through the transition and held
this post for approximately two years. Mr. Moyle remains a consultant to RLH Corp. Mr. Moyle also serves as the Managing Partner and
President of The Country Club of Coral Springs, an 18-hole, par 71 Championship Golf Course and Country Club located in Coral Springs,
FL. Mr. Moyle has held several volunteer posts for the City of Coral Springs, FL, including Chairman of the Board for the Economic Development
Foundation, Vice Chair of the Community Redevelopment Authority and twice Chair of the Charter Review Committee. Mr. Moyle has also served
as a member of the board of the Florida Restaurant &amp; Lodging Association, both State and Broward County (Fort Lauderdale) and is
a past Co-Chair of the Tourism Committee of the Broward Workshop. Prior to founding Cal-Vegas, Mr. Moyle practiced law for 18 years in
Fort Lauderdale, FL. Mr. Moyle holds a Bachelor&#8217;s degree from Salisbury State University, Salisbury, MD and Juris Doctor from the
Shepard Broad School of Law at Nova Southeastern University, FL where he was recognized as a Distinguished Alumni of the Year and is
a former treasurer and president of the alumni association. Mr. Moyle also holds a Certified Hotel Administrator accreditation via the
American Hotel &amp; Lodging Association, Education Institute.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>David Dear</b> was appointed to
the Company&#8217;s Board of Directors on October 1, 2020. From 2015 to the present, David C. Dear has served as the President of Newgrass
Brewing Company as well as the Managing Member for Hudson Phoenix, LLC, a property management company. From 2011-2015, Mr. Dear served
as an economic development consultant for Industrial Recruiting. Prior to that, Mr. Dear served in several different roles, such as grant
administrator, data processing manager, county finance director and county manager/administrator with local government administrations.
Mr. Dear currently serves as the Board Chairman for the local government Federal Credit Union of Raleigh, NC as well as a director on
the Board of Trustees of the North Carolina State Retirement Systems. Mr. Dear received his Bachelor of Sciences degree in Accounting
with a minor in Finance from the University of North Carolina Charlotte.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Significant Employees</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At March 31, 2022
and December 31, 2021, the Company did not have any significant employees other than its executive officers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b></b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There
are no family relationships among the directors and executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_015"></span>EXECUTIVE
COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Executive
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Summary
Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table provides
certain summary information concerning the compensation earned for services rendered to the Company for the fiscal years ended December
31, 2021 and 2020, by its Chief Executive Officer and its other most highly compensated executive officers (the &#8220;named
executive officers&#8221;) who served in such capacities at the end of the fiscal year ended December 31, 2020. Except as provided below,
none of its named executive officers received any other compensation required to be disclosed by law in excess of $10,000 annually.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Outstanding Equity Awards at Fiscal Year-End</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information with
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
have no plans in place and have never maintained any plans that provide for the payment of retirement benefits or benefits that will
be paid primarily following retirement including, but not limited to, tax qualified deferred benefit plans, supplemental executive retirement
plans, tax-qualified deferred contribution plans and nonqualified deferred contribution plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Except
as indicated below, we have no contracts, agreements, plans or arrangements, whether written or unwritten, that provide for payments
to the named executive officers listed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Equity
Compensation, Pension or Retirement Plans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">No
retirement, pension, profit sharing or insurance programs or other similar programs have been adopted by the Company for
the benefit of its employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
and Compensation Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
October 2, 2019, the Company established an audit committee which is chaired by Roger Bloss, the Company&#8217;s Interim Chief Executive
Officer and a Director of the Company and established a compensation committee which is chaired by Paris Balaouras, the Company&#8217;s
Chief Cultivation Officer and a Director of the Company. The Company&#8217;s common stock is not currently listed on any national exchange
and it is not required to maintain such committees by any self-regulatory agency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Options/SARS
Grants During Last Fiscal Year</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Directors&#8217;
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss, Dear and Balaouras (collectively, the &#8220;Directors&#8221;).
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($15,000.00), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares
of the Company&#8217;s common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 26, 2021, the Company&#8217;s Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors&#8217; cash compensation was revised to stock compensation in the following manner: $3,750 divided by the closing
stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2021, the Company&#8217;s Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company&#8217;s common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Code of Ethics</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company has adopted a code of ethics within
the meaning of Item 406 of Regulation S-K promulgated under the Securities Act of 1933, as amended, titled, &#8220;Business Conduct:
&#8220;Code of Conduct and Policy,&#8221; that applies to all of the Company&#8217;s employees, including its principal executive officer,
principal financial officer and principal accounting officer, and the Board. The Company intends to disclose any changes in or waivers
from its code of ethics by posting such information on its website or by filing a Current Report on Form 8-K.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_016"></span>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth certain information, as of July 29, 2022, with respect to any person (including any &#8220;group&#8221;,
as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) who is
known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of
our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers
as a group. Unless otherwise specified in the table below, such information, other than information with respect to our directors and
executive officers, is based on a review of statements filed with the Securities and Exchange commission (the &#8220;Commission&#8221;)
pursuant to Sections 13 (d), 13 (f), and 13 (g) of the Exchange Act with respect to our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
                                            number of shares of common stock beneficially owned by each person is determined under the
                                            rules of the Commission and the information is not necessarily indicative of beneficial ownership
                                            for any other purpose. Under such rules, beneficial ownership includes any shares as to which
                                            such person has sole or shared voting power or investment power and also any shares which
                                            the individual has the right to acquire within sixty (60) days after the date hereof, through
                                            the exercise of any stock option, warrant or other right. Unless otherwise indicated, each
                                            person has sole investment and voting power (or shares such power with his or her spouse)
                                            with respect to the shares set forth in the following table. The inclusion herein of any
                                            shares deemed beneficially owned does not constitute an admission of beneficial ownership
                                            of those shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows the number of shares beneficially owned as of July 29, 2022 by each of our individual directors and executive
officers, by other holders of 5% or more of the outstanding stock and by all our current directors and executive officers as a group.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
percentage of beneficial ownership is based on 81,077,355 shares of our common stock as of July 29, 2022 that includes,
79,327,355 shares of common stock outstanding as of July 29, 2022, 1,500,000 shares issuable upon exercise of the options
issued to our executive officers and 250,000 shares issuable upon exercise of the warrant issued in connection with the July 2020 Securities
Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><b>Common Stock</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><b>Beneficially</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><b>Percentage of</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt"><b>Name of Beneficial Owner (1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><b>Owned</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt"><b>Common Stock (2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Roger Bloss (3)(4)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">2,640,226</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">3.26</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bernard Moyle (5)(6)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,028,200</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.27</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Paris Balaouras (7)(8)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">20,936,913</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">25.82</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">David Dear (9)(10)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,720,965</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2.12</td>
    <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Officers and Directors as a Group</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">26,326,304</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">32.47</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt"><b>Five Percent Beneficial Owners:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Doug Brown (11)(12)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,652,279</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14.37</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sunstate Futures, LLC (13)(14)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">7,000,000</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">8.63</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">%</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Equals
                                            less than 1%</span></td></tr></table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<!-- Field: Rule-Page --><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 25%; margin-bottom: 0pt"><div style="border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34px; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment
    power with respect to securities. Shares of common stock subject to options, warrants, or convertible debt currently exercisable
    or convertible, or exercisable or convertible within 60 days of July 29, 2022 are deemed outstanding for computing percentage
    of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages
    are based on a total of shares of common stock outstanding on July 29, 2022, and the shares issuable upon exercise of options,
    warrants exercisable, and debt convertible on or within 60 days of July 29, 2022.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of common shares outstanding used in computing the percentages is 81,077,355.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    within Roger Bloss&#8217; beneficial ownership includes 2,140,226 shares of common stock and 500,000 shares of common stock
    issuable upon exercise of the option issued to Mr. Bloss as per the terms of the Employment Agreement dated September 1, 2020.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    address for Mr. Bloss is 2580 S. Sorrel St, Las Vegas, NV 89146.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">Included within Bernard Moyle&#8217;s
    beneficial ownership includes 528,200 shares of common stock and 500,000 shares of common stock issuable upon exercise of the option
    issued to Mr. Moyle as per the terms of the Employment Agreement dated September 1, 2020.</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">The address for Mr. Moyle is
    2580 S. Sorrel St, Las Vegas, NV 89146.</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
                                            within Paris Balaouras&#8217; beneficial ownership includes 20,319,500 shares of common stock
                                            held by Roll On, LLC, 117,413 shares of common stock held in Mr. Balaouras&#8217;
                                            name and 500,000 shares of common stock issuable upon exercise of the option issued to Mr.
                                            Balaouras as per the terms of the Employment Agreement dated September 1, 2020. Mr. Balaouras
                                            is the sole owner of Roll On, LLC, a Nevada limited liability company.</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">The address for Mr. Balaouras
    and Roll On, LLC is 2580 S. Sorrel St, Las Vegas, NV 89146.</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(9)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">Included
                                            within David Dear&#8217;s beneficial ownership includes 1,720,965 shares of common
                                            stock.</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(10)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
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<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(11)</span></td>
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                                            within Doug Brown&#8217;s ownership include 10,000,000 shares of common stock acquired in
                                            May of 2019 pursuant to the Company&#8217;s Regulation D private placement offering, 1,402,279
                                            shares of common stock issued as per the terms of the Securities Purchase Agreement in July
                                            2020 and 250,000 shares issuable upon exercise of the warrant issued in connection with the
                                            July 2020 Securities Purchase Agreement.</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(12)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    address for Mr. Brown is 1300 South Dekalb St., Shelby, NC 28152.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">(13)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">Included within Sunstate Futures,
    LLC&#8217;s beneficial ownership includes 7,000,000 shares of common stock issued as per the terms of the Common Stock Purchase Agreement
    between the Company and Sunstate Futures, LLC dated July 8, 2022.</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">(14)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">The principal of Sunstate Futures,
    LLC is Jim Kelly and its address is 3507 Acorn St., Tampa, FL 33619.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_022"></span>MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Market
Price of and Dividends on the Registrant&#8217;s Common Equity and Related Stockholder Matters.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Market
Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Stock of the Company is currently trading on the OTCQB Marketplace under the symbol &#8220;MJNE.&#8221; The following information
reflects the high and low closing prices of the Company&#8217;s common stock on the OTCQB Marketplace.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">0.235</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.29</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.11</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.09</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.45</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.253</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.28</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.11</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 0.25in">&#160;</td>
  <td style="width: 0.25in">&#9679;</td>
  <td style="text-align: justify">Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down
  or commission and may not necessarily represent actual transactions.</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 29, 2022, the approximate number of stockholders of record of the Common Stock of the Company was 147.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company has never declared or paid any cash dividends on its common stock. We currently intend to retain future earnings, if any, to
finance the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Indemnification
for Securities Act Liabilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Certificate of Incorporation provides to the fullest extent permitted by Nevada Law that our directors or officers shall not be
personally liable to us or our shareholders for damages for breach of such director&#8217;s or officer&#8217;s fiduciary duty. The effect
of this provision of our Articles of Incorporation is to eliminate our rights and our shareholders (through shareholders&#8217; derivative
suits on behalf of our company) to recover damages against a director or officer for breach of the fiduciary duty of care as a director
or officer (including breaches resulting from negligent or grossly negligent behavior), except under certain situations defined by statute.
We believe that the indemnification provisions in our Articles of Incorporation, as amended, are necessary to attract and retain qualified
persons as directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
By-Laws also provide that the Board of Directors may also authorize us to indemnify our employees or agents, and to advance the reasonable
expenses of such persons, to the same extent, following the same determinations and upon the same conditions as are required for the
indemnification of and advancement of expenses to our directors and officers. As of the date of this Registration Statement, the Board
of Directors has not extended indemnification rights to persons other than directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
us pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_017"></span>Where
You Can Find More Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock we and
the selling stockholders are offering by this prospectus. This prospectus does not contain all of the information included in the registration
statement. For further information pertaining to us and our common stock, you should refer to the registration statement and to its exhibits.
Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily
complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract, agreement or
other document.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are subject to the informational requirements of the Securities Exchange Act of 1934 and file annual, quarterly and current reports,
proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet
at the SEC&#8217;s website at www.sec.gov. You may also read and copy any document we file with the SEC at its public reference facility
at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">You
may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_018"></span>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has
a material interest adverse to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None
    of our executive officers or directors have (i) been involved in any bankruptcy proceedings within the last five years, (ii) been
    convicted in or has pending any criminal proceedings (other than traffic violations and other minor offenses), (iii) been subject
    to any order, judgment or decree enjoining, barring, suspending or otherwise limiting involvement in any type of business, securities
    or banking activity or (iv) been found to have violated any Federal, state or provincial securities or commodities law and such finding
    has not been reversed, suspended or vacated.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MJ
Holdings, Inc. Complaint</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2021, MJ Holdings, Inc. (the &#8220;Plaintiff&#8221;) filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie
Small (collectively, the &#8220;Defendants&#8221;). In the Complaint, the Plaintiff alleges that the Defendants have refused to return
the cannabis that was being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to
return the cannabis to Plaintiff, or Plaintiff&#8217;s designee, the Defendants have deprived Plaintiff of the ability to sell, transfer
or market the product. In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of
dollars in money and/or cannabis in exchange for returning the cannabis. As of the date of this filing, pleadings are pending.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gappy
and Shaba Compliant</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 3, 2021, a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the &#8220;Defendants&#8221;)
by Ziad Gappy and David Shaba (collectively, the &#8220;Plaintiffs&#8221;). In the Complaint, the Plaintiffs allege the Defendants made
misleading statements and/or omissions relating to the Company in the Plaintiffs&#8217; negotiation to purchase shares of MJ Holdings,
Inc. In addition, the Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and
Defendants, MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and
the Defendants have failed to start the Western Project. <span style="background-color: white">The Defendants will vigorously defend
themselves against this action and will file </span>an appropriate and timely answer to the Complaint including a lengthy and comprehensive
series of affirmative defenses and liability and damage avoidances. As of the date of this filing, the Defendants have yet to file an
answer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DGMD
Complaint</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, a Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras,
Dimitri Deslis, ATG Holdings, LLC and Curaleaf, Inc. (collectively, the &#8220;Defendants&#8221;) by DGMD Real Estate Investments, LLC,
ARMPRO, LLC, Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the &#8220;Plaintiffs&#8221;) in the
District Court of Clark County, Nevada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Complaint, the Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put
that money towards the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants&#8217;
agents, and (ii) the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings &#8220;Investment
Schemes&#8221;, and (iii) the Defendants intended to fraudulently obtain Plaintiffs&#8217; money for the purpose of harming the Plaintiffs
to benefit the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement
to defraud the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company&#8217;s consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
appropriate and timely answer to the Complaint including a lengthy and comprehensive series of affirmative defenses and liability and
damage avoidances. As of the date of this filing, discovery has commenced and written discovery has been exchanged between the parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tierney
Arbitration</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 9, 2021, Terrence Tierney, the Company&#8217;s former President and Secretary, filed for arbitration with the American Arbitration
Association for: (i) breach of contract, (i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim.
Mr. Tierney demanded payment in the amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued
vacation and severance pay. On April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of
$59,583 for wages and $2,854 for accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full
and that the Company otherwise has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract
of employment, committed fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary
damages well in excess of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties
agreed to postpone the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_019"></span>Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the shares of common stock offered hereby will be passed upon for the Registrant by Law Offices of Gary L. Blum. The financial
statements for the years ended December 31, 2021 and 2020 for MJ Holdings, Inc. included in this prospectus and elsewhere
in the registration statement have been audited by Sadler, Gibb &amp; Associates, LLC as indicated in its report with respect thereto,
and are included herein in reliance upon the authority of said firm as experts in auditing and accounting in giving said reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Changes
in and Disagreements with Accountants on Accounting and Financial Disclosure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_020"></span>CORPORATE
GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Governance
of Our Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
seek to maintain high standards of business conduct and corporate governance, which we believe are fundamental to the overall success
of our business, serving our shareholders well and maintaining our integrity in the marketplace. Our corporate governance guidelines
and code of business conduct, together with our Articles of Incorporation, Bylaws and the charters for each of our Board committees,
form the basis for our corporate governance framework. We also are subject to certain provisions of the Sarbanes-Oxley Act and the rules
and regulations of the SEC. The full text of the Code of Conduct is available on our website at https://www.mjholdingsinc.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Our
Board of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
Board currently consists of three members. The number of directors on our Board can be determined from time to time by action
of our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
Board believes its members collectively have the experience, qualifications, attributes and skills to effectively oversee the management
of our Company, including a high degree of personal and professional integrity, an ability to exercise sound business judgment on a broad
range of issues, sufficient experience and background to have an appreciation of the issues facing our Company, a willingness to devote
the necessary time to their Board and committee duties, a commitment to representing the best interests of the Company and our stockholders
and a dedication to enhancing stockholder value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Risk
Oversight.</i> Our Board oversees the management of risks inherent in the operation of our business and the implementation of our business
strategies. Our Board performs this oversight role by using several different levels of review. In connection with its reviews of the
operations and corporate functions of our Company, our Board of Directors addresses the primary risks associated with those operations
and corporate functions. In addition, our Board of Directors reviews the risks associated with our Company&#8217;s business strategies
periodically throughout the year as part of its consideration of undertaking any such business strategies. Each of our Board committees
also coordinates oversight of the management of our risk that falls within the committee&#8217;s areas of responsibility. In performing
this function, each committee has full access to management, as well as the ability to engage advisors. The Board also is provided updated
by the CEO and other executive officers of the Company on a regular basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Shareholder
Communications. </i>Although we do not have a formal policy regarding communications with the Board, shareholders may communicate with
the Board by writing to us at 2580 S. Sorrel St., Las Vegas, NV 89146, Attention: Investor Relations or via e-mail communication
at info@mjholdingsinc.com. Shareholders who would like their submission directed to a member of the Board may so specify, and the
communication will be forwarded, as appropriate. Please note that the foregoing communication procedure does not apply to (i) shareholder
proposals pursuant to Exchange Act Rule 14a-8 and communications made in connection with such proposals or (ii) service of process or
any other notice in a legal proceeding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Board
Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
October 2, 2019, the Company established an audit committee which is chaired by Roger Bloss, the Company&#8217;s Interim Chief Executive
Officer and a Director of the Company and established a compensation committee which is chaired by Paris Balaouras, the Company&#8217;s
Chief Cultivation Officer and a Director of the Company. The Company&#8217;s common stock is not currently listed on any national exchange
and it is not required to maintain such committees by any self-regulatory agency.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Director Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2020, the Company entered into a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss,
Dear and Balaouras (collectively, the &#8220;Directors&#8221;). Under the terms of the Agreement, each of the Directors shall provide
services to the Company as a member of the Board of Directors for a period of not less than one year. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company&#8217;s common stock on the last calendar day of each quarter.
The Agreement for each of the Directors is effective as of October 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 26, 2021, the Company&#8217;s Board of Directors elected to revise the terms of the Board of Directors Services Agreement for each
director. Section 2 (Compensation) was revised such that the directors&#8217; cash compensation was revised to stock compensation in
the following manner: $3,750 divided by the closing stock price on the last business day of each quarter multiplied by 1.10. The remainder
of Section 2 is unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2021, the Company&#8217;s Board of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original
terms. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four
(4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company&#8217;s common
stock on the last calendar day of each quarter. The revision became effective on September 30, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Code of Ethics</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company has adopted a code of ethics within
the meaning of Item 406 of Regulation S-K promulgated under the Securities Act of 1933, as amended, titled, &#8220;Business Conduct:
&#8220;Code of Conduct and Policy,&#8221; that applies to all of the Company&#8217;s employees, including its principal executive officer,
principal financial officer and principal accounting officer, and the Board. The Company intends to disclose any changes in or waivers
from its code of ethics by posting such information on its website or by filing a Current Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="s_001"></span><span style="font-size: 10pt"><b>INDEX
                                            TO FINANCIAL STATEMENTS</b></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Page</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#L_001">Condensed
    Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#L_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Operations for the three and three months ended March 31, 2022 and 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#L_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Changes in Stockholders&#8217; Equity (Deficit) for the three months ended March 31, 2022 and 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#L_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#L_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Condensed Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-5</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_024">Report
    of Independent Registered Public Accounting Firm</a> (PCAOB ID: 3627)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-19</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_025">Consolidated
    Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-20</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_026">Consolidated
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-21</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_027">Consolidated
    Statements of Changes in Stockholders&#8217; Equity (Deficit) for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_028">Consolidated
    Statements of Cash Flows for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_029">Notes
    to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-24</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="L_001"></span>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

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    <td id="xdx_49B_20220331_zHKloriDTRW" style="display: none; text-align: right">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td id="xdx_496_20211231_zi7pGsJRN9lc" style="display: none; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
<tr id="xdx_403_eus-gaap--NotesAndLoansReceivableNetCurrent_i02I_maCzJBg_zYqGMatPDyal" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr id="xdx_408_eus-gaap--AssetsCurrent_i02TI_mtCzJBg_maAzGHa_zVV9F8VtBp19" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total current assets</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_i01I_pp0p0_maANzAmP_zIvl4di8g3U5" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td></tr>
<tr id="xdx_403_eus-gaap--DepositsAssetsNoncurrent_i01I_pp0p0_maANzAmP_z1EBBRZhaXU4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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  <tr id="xdx_401_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_maANzAmP_zZSryoJYVYo4" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Operating lease - right-of-use asset</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--AssetsNoncurrent_i01TI_pp0p0_mtANzAmP_maAzGHa_zsJ5V7xtXuDe" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--Assets_i01TI_pp0p0_mtAzGHa_zMeLDw3yD94i" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_pp0p0_maLCzRHY_zUDpM0MeLRU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,655,128</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,750,402</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_pp0p0_maLCzRHY_zWprA324Fynb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Contract liabilities</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,735,000</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,404,444</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DepositLiabilityCurrent_i02I_maLCzRHY_z4XXg1iwKs05" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Deposits</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--TaxesPayableCurrent_i02I_pp0p0_maLCzRHY_zkIBDzDdxri6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Income taxes payable</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">277,000</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="margin: 0"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">277,000</ix:nonFraction></p></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--OtherLiabilitiesCurrent_i02I_maLCzRHY_ziEv11RQyr9d" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Other current liabilities</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0092">-</span></td>
    <td>&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_i02I_maLCzRHY_z0BwrJrqDEw8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Notes</span><span style="font-size: 10pt"> payable &#8211; related
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0095">-</span></td>
    <td>&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--NotesPayableCurrent_i02I_pp0p0_maLCzRHY_zwgHbEDbzFug" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Current portion of long-term notes payable</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,020,139</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pp0p0_maLCzRHY_zlrPeQf2Hlg9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Current portion of operating</span><span style="font-size: 10pt">
    lease obligation</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">83,410</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">83,410</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesCurrent_i02TI_pp0p0_mtLCzRHY_maLzld9_zJBQzgKKibB2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total current liabilities</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,770,677</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,389,984</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrentAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Non-current liabilities</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_ecustom--LongTermNotesPayables_i02I_maLNzjOE_zaN5JKKUkEz9" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Long-term notes payable, net of current portion</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td></tr>
<tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_pp0p0_maLNzjOE_zYSyfDvMm2Yi" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Operating lease obligation, net of current portion</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">686,274</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">686,274</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesNoncurrent_i02TI_pp0p0_mtLNzjOE_maLzld9_zzYmR55tQ1b1" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total non-current liabilities</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">686,274</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">686,274</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--Liabilities_i01TI_pp0p0_mtLzld9_maLASEzHVZ_zVGulHNmEeW8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total liabilities</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,456,951</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CommitmentsAndContingencies_i01I_pp0p0_maLASEzHVZ_zTXiNyc09sC1" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Commitments and contingencies (Note 10)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Stockholders&#8217; equity (deficit)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PreferredStockValue_i02I_pp0p0_maSEzcCs_z4bS6uFefhZd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--CommonStockValue_i02I_pp0p0_maSEzcCs_zoZQvtiSFFq1" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">71,500</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_i02I_pp0p0_maSEzcCs_zf8VwuuC6ki5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Additional paid-in capital</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,286,607</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,279,897</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_ecustom--CommonStockIssuable_i02I_pp0p0_maSEzcCs_zCz4e3y44uef" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Common stock issuable</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="MJNE:CommonStockIssuable" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">84</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="MJNE:CommonStockIssuable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">84</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pp0p0_maSEzcCs_zyKYBHQuPr2i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Accumulated deficit</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">18,193,111</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">16,472,629</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--StockholdersEquity_i02TI_pp0p0_mtSEzcCs_maSEIPAzAti_z9iUIEu6hb3i" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Total stockholders&#8217; equity attributable to MJ Holdings, Inc.</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,165,080</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,878,852</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--MinorityInterest_i02I_pp0p0_maSEIPAzAti_zbrl5YWdMWRe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Noncontrolling interests</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">112,469</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">112,469</ix:nonFraction></span></td>
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  <tr id="xdx_401_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_pp0p0_mtSEIPAzAti_maLASEzHVZ_zXPRwn6jrzxl" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Total shareholders&#8217; equity</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">Total liabilities and stockholders&#8217; equity</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,509,562</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,842,641</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="L_002"></span>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_306_113_ziCZYI7kKWoc" summary="xdx: Statement - Condensed Consolidated Statements of Operations" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td id="xdx_49D_20220101__20220331_zDdV7ZZIs3Zg" style="display: none; text-align: right">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td id="xdx_493_20210101__20210331_zu7fvXwy4lS8" style="display: none; text-align: right">&#160;</td>
    <td style="display: none">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>March 31,</b></span></td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maOILzur7_zo4d5bdVh9c8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 12%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">307,375</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td style="padding-left: 10pt"><span style="font-size: 10pt">Cost of sales</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-left: 10pt"><span style="font-size: 10pt">Depreciation</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">97,470</ix:nonFraction></span></td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0214">-</span></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="padding-left: 10pt">Professional fees</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td></tr>
<tr id="xdx_402_eus-gaap--DepreciationAndAmortization_i01_maOEz5MV_zvQ01newvOq" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Depreciation and amortization</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_pp0p0_mtOEz5MV_msOILzur7_zJBW05f8x2Lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total operating expenses</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,812,219</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,903,397</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_iT_pp0p0_mtOILzur7_maILFCOzkZk_z9zM5hMbPGud" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Operating loss</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,596,022</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--NonoperatingIncomeExpenseAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Other income (expense)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--InterestExpense_i01N_pp0p0_di_msNIEztTx_z1ZAJ6sscCoe" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Interest expense</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">26,028</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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<tr id="xdx_401_eus-gaap--InvestmentIncomeInterest_i01_pp0p0_maNIEztTx_zQ8aKkOCXcNj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Interest income</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,980</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,662</ix:nonFraction></span></td>
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  <tr id="xdx_40D_ecustom--MiscellaneousExpense_i01N_pp0p0_di_msNIEztTx_zzHrQjRqDDa8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Miscellaneous expense</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0237">-</span></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="MJNE:MiscellaneousExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,586</ix:nonFraction></span></td>
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  <tr id="xdx_409_ecustom--LossOnImpairmentOfInvestments_i01_maNIEztTx_zvqzzqsZIKga" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Loss on impairment of investments</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td></td></tr>
<tr id="xdx_405_ecustom--MiscellaneousIncome_i01_pp0p0_maNIEztTx_zJVgFZUwYLs8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Miscellaneous income</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="MJNE:MiscellaneousIncome" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,500</ix:nonFraction></p></td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0244">-</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_400_ecustom--LossOnConversionOfRelatedPartyNotePayable_i01N_pp0p0_di_msNIEztTx_z9KH4YlK1Epe" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0246">-</span></td>
    <td style="padding-bottom: 1.5pt"></td>
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    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="MJNE:LossOnConversionOfRelatedPartyNotePayable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">310,526</ix:nonFraction></span></td>
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  <tr id="xdx_40F_eus-gaap--DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown_i01N_di_msNIEztTx_zgQdI8rBd4a" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Gain on write-down of accrued interest</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"></td>
    <td>&#160;</td></tr>
<tr id="xdx_401_ecustom--LossOnSaleOfFixedAssets_i01N_di_msNIEztTx_zxrv6WDQxOHh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Loss on sale of fixed assets</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
<tr id="xdx_402_eus-gaap--MarketableSecuritiesGainLoss_i01_pp0p0_maNIEztTx_zfFDnAVXKPj1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Gain on sale of marketable securities</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0255">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="padding-left: 10pt">Gain on sale of luxury box</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:GainsLossesOnSalesOfAssets" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">44,444</ix:nonFraction></p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0259">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--GainLossOnSaleOfProperties_i01_pp0p0_maNIEztTx_zaYFeZj7qdef" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Gain on sale of commercial building</span></td>
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<tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpense_i01T_pp0p0_mtNIEztTx_maILFCOzkZk_zbtMLQENViW6" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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<tr id="xdx_40E_eus-gaap--NetIncomeLoss_mtNILzjcU_zmhDY42S7EM8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
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<tr id="xdx_40E_eus-gaap--EarningsPerShareAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.25pt; text-align: right"></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.25pt"></td>
    <td style="padding-bottom: 2.25pt; text-align: right"></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--EarningsPerShareBasic_i01_pdd" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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<tr id="xdx_409_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_z2NDVVFAZd1b" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="L_003"></span>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS&#8217; EQUITY (DEFICIT)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_307_114_zGoHtqDZIS5j" summary="xdx: Statement - Condensed Consolidated Statement of Stockholders&apos; Equity (Deficit)" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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  <tr id="xdx_403_eus-gaap--ShareBasedCompensation_zyZtavfLYy08" style="vertical-align: bottom; background-color: White">
    <td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock based
    compensation</span></td><td style="font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0315">-</span></span></td><td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0316">-</span></span></td><td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0320">-</span></span></td><td style="font-size: 9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40F_eus-gaap--ProfitLoss_zTO5xWkoesTj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="L_004"></span>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

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March 31,</b></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"></td>
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<tr id="xdx_40D_ecustom--GainOnSaleOfCostMethodInvestments_i02N_di_msCzyeb_zdtGrXWiyOCf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_401_ecustom--CommonStockIssuedForWagesPayable_i02_maCzyeb_z9vR98L07Trg" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<tr id="xdx_408_eus-gaap--GainsLossesOnSalesOfAssets_i02N_di_msCzyeb_zY3LC2MLcGMj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--LossOnConversionOfRelatedPartyNotesPayable_i02N_di_maCzyeb_zTxxTVMyPvti" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Loss on conversion of related party note payable</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_407_eus-gaap--OtherNoncashExpense_i02_maCzyeb_zav00nUBeY49" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_40C_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zug1MEHtNZGg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Changes in operating assets and liabilities:</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msCzyeb_zmw3Mk1ETsF7" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Accounts receivable</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msCzyeb_zm1lGm2oTLNc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Prepaid expenses</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,604</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInDepositOtherAssets_i03N_di_msCzyeb_zklxftd85DNa" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Deposits</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDepositOtherAssets" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,444</ix:nonFraction></span></td>
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    <td><span style="font-size: 10pt">Accounts payable and accrued liabilities</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i03_maCzyeb_zMM01uZezcn9" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"></td>
    <td style="font-family: Times New Roman, Times, Serif"></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_msCzyeb_zwldpP9FU3B7" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Other current assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0516">-</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span></td>
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  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInOtherCurrentLiabilities_i03_maCzyeb_zFCV0nliy2jf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Other current liabilities</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">66,352</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maCzyeb_z16PkJk5zD3" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Operating lease liability</span></td>
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    <td style="padding-bottom: 1.5pt"></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">19,468</ix:nonFraction></span></td>
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  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCzyeb_maCzgmq_zJf0pAuKIKPc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Net cash (used in) operating activities</span></td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">930,110</ix:nonFraction></span></td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,685,338</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zYnXrCyptCK3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>Cash Flows from Investing Activities</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzwRo_zYvEGJPfXja4" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Purchase of property and equipment</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0531">-</span></td>
    <td><span style="font-size: 10pt"></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">111,039</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromSaleOfBuildings_i01_maCzwRo_zwKLlDIfmQg8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Proceeds from sale of commercial building</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0534">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfBuildings" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,627,500</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--PaymentsToAcquireMarketableSecurities_i01N_di_msCzwRo_zqh2chptSs3e" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Purchase of marketable securities</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0537">-</span></span></td>
    <td><span style="font-size: 10pt"></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquireMarketableSecurities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--PaymentsToAcquireNotesReceivable_i01N_di_msCzwRo_z02OzAe7PKae" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Proceeds from the issuance of convertible note receivable</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0540">-</span></span></td>
    <td></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquireNotesReceivable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_maCzwRo_zzZmbMMH6g2b" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zLaplQps7xq" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zGlsmKGPRoE4" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--InterestPaidNet_i01_zcNpnz7KzOf6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">Interest paid</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0589">-</span></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zSlEPo8DTGB6" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"></td>
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<tr id="xdx_40A_ecustom--CommonStockIssuedForStockSubscriptionsPayable_i01_zFbbk6DyFJGl" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="L_005"></span>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80C_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zUH6FxBgEB98" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span id="xdx_827_z8v6O7jc13X">Nature of the Business</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development &#8211; currently concentrated in the Las Vegas market. It is the Company&#8217;s intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to &#8220;prove the concept&#8221; profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to
the formation of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability
Company, formed on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to
change its name to Securitas EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR
Filings, Inc., a Nevada corporation. On February 14, 2014, the Company amended and restated its Articles of Incorporation and
changed its name to MJ Holdings, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its stockholders
an offer to exchange (the &#8220;Exchange Offer&#8221;) its common stock for shares in MJ Real Estate Partners, LLC, (&#8220;MJRE&#8221;)
a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company accepted for
exchange <span id="xdx_907_ecustom--NumberOfCommonStocksExchangedDuringPeriod_c20170109__20170110__srt--ConsolidatedEntitiesAxis__custom--MJRealEatstePartnersMember_zPvovTu9Tbvf" title="Number of common stocks exchanged during period"><ix:nonFraction name="MJNE:NumberOfCommonStocksExchangedDuringPeriod" contextRef="From2017-01-092017-01-10_custom_MJRealEatstePartnersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,800,000</ix:nonFraction></span> shares of its Common Stock in exchange for 1,800,000 shares of MJRE&#8217;s common units, representing membership
interests in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real estate properties and
its subsidiaries, through which the Company held ownership of the real estate properties, to MJRE. MJRE also assumed the senior
notes and any and all obligations associated with the real estate properties and business, effective February 1, 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zpL97Vp5gG3i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; <span id="xdx_82D_zaHW40CJGRqg">Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_841_eus-gaap--ConsolidationPolicyTextBlock_zuXHOwIYgcWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zgwuawq6GR49">Principles
of Consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include
the accounts of the Company and its wholly owned subsidiaries, Icon Management, LLC, Condo Highrise Management, LLC, Prescott Management,
LLC and its majority owned subsidiary, Alternative Hospitality, Inc. Inter-company balances and transactions have been eliminated in
consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84F_eus-gaap--UseOfEstimates_z0yglByRoOAg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zIe5Wxtsctte">Use
of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in the determination
of the fair value of financial instruments and the valuation of stock-based compensation. Some of these judgments can be subjective and
complex, and, consequently, actual results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84F_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zJB8Hm2n88q8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86E_zPawEI5ibvRf">Cash</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash includes cash on hand and deposits placed
with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months
or less. The Company maintains its cash in bank deposit accounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, at various times throughout the year,
had cash in financial institutions in excess of Federally insured limits. However, the Company has not experienced any losses in such
accounts and believes it is not exposed to any significant credit risk on its credit balances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_842_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zQWyrwfxjyj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zdps9AuoAnO">Fair
Value of Financial Instruments</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March
31, 2022 and December 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated
their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate
carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they
are payable on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement
assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 84; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
1:</i> The preferred inputs to valuation efforts are &#8220;quoted prices in active markets for identical assets or liabilities,&#8221;
with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations
of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively
few items, especially physical assets, actually trade in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
2</i>: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they
do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided
a second level of inputs that can be applied in these situations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities
are less precise. The board describes Level 3 inputs as &#8220;unobservable,&#8221; and limits their use by saying they &#8220;shall
be used to measure fair value to the extent that observable inputs are not available.&#8221; This category allows &#8220;for situations
in which there is little, if any, market activity for the asset or liability at the measurement date&#8221;. The FASB explains
that &#8220;observable inputs&#8221; are gathered from sources other than the reporting company and that they are expected to
reflect assumptions made by market participants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"><p id="xdx_845_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zAyhIciN5GJ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zNoAPaTkChz">Accounts
Receivable and Allowance for Doubtful Accounts:</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established,
as necessary, based on past experience and other factors which, in management&#8217;s judgment, deserve current recognition in
estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for
doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due
from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts
are determined based on assessing the Company&#8217;s portfolio on an individual customer and on an overall basis. This process
consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition
of the Company&#8217;s customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific
customers and the accounts receivable portfolio as a whole.</span></p>

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                                            of Accounts Receivable and Allowance for Doubtful Accounts</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    31,<br />
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    accounts receivable</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A9_zUVeWzIARh15" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DebtPolicyTextBlock"><p id="xdx_844_eus-gaap--DebtPolicyTextBlock_zDoIxnPyP3Zd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_z18RGdLO6xFf">Debt
Issuance Costs</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
associated with obtaining, closing, and modifying loans and/or debt instruments are netted against the carrying amount of the
debt instrument, and charged to interest expense over the term of the loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_84C_eus-gaap--InventoryPolicyTextBlock_za4zMxDNr3T" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zZsUeMPS2tYc">Inventory</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory is comprised of raw materials, finished
goods and work-in-process such as pre-harvested cannabis plants and by-products to be extracted. The costs of growing cannabis, including
but not limited to labor, utilities, nutrition and supplies, are capitalized into inventory until the time of harvest. All direct and
indirect costs related to inventory are capitalized when incurred, and subsequently classified to cost of goods sold in the Consolidated
Statements of Operations. Work-in-process is stated at the lower of cost or net realizable value, determined using the weighted average
cost. Raw materials and finished goods inventory is stated at the lower of cost or net realizable value, with cost being determined on
the first-in, first-out (&#8220;FIFO&#8221;) method of accounting. Net realizable value is determined as the estimated selling price
in the ordinary course of business less estimated costs to sell. The Company periodically reviews physical inventory for excess, obsolete,
and potentially impaired items and reserves. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such
inventory is written down to net realizable value. Packaging and supplies are initially valued at cost. The reserve estimate for excess
and obsolete inventory is based on expected future use. The reserve estimates have historically been consistent with actual experience
as evidenced by actual sale or disposal of the goods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_845_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z2fySLQqNGd3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zCdn5qUTqym2">Property
and Equipment</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line
method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs
that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated
depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
in progress primarily represents the construction or the renovation costs stated at cost less any accumulated impairment loss,
which is not depreciated. Costs incurred are capitalized and transferred to property and equipment upon completion, at which time
depreciation commences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="MJNE:ScheduleOfUsefulLivesForPropertyPlantEquipmentTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfUsefulLivesForPropertyPlantEquipmentTableTextBlock_zENGoItSPU1l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are depreciated over their estimated useful lives as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BA_zmfDJidK3fZh" style="display: none">Schedule
of Property and Equipment Estimated Useful Lives</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 50%; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zvn2JEllEAVd" title="Buildings"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_BuildingMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">12</ix:nonNumeric></span> years</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Construction in progress</span></td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Machinery and Equipment</span></td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Furniture and Fixtures</span></td>
    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zcPads1R0w7f" title="Furniture and Fixtures"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span> years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zxTHvo9iyRQc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84E_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z0kRKIUWFQI3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zaNoKmmLPSf9">Long&#8211;lived
Assets</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, including real estate property and intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their
carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired,
the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_z6esYAIfA7B" style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i><span id="xdx_865_zt18RsSojNG8">Impairment
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset&#8217;s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, &#8220;Impairment
or Disposal of Long-Lived Assets.&#8221; ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted
cash flow analysis or appraisals. The Company recorded an impairment of its long-lived assets in the amount of $<span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_c20220101__20220331_zK17KzrrB3Oe"><b><span style="-sec-ix-hidden: xdx2ixbrl0653">-</span>
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</span></span><span style="font-family: Times New Roman, Times, Serif">for the three months ended March 31, 2022 and year
ended December 31, 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="MJNE:NonControllingInterestPolicyTextBlock"><p id="xdx_845_ecustom--NonControllingInterestPolicyTextBlock_zmZoyUbglTQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zjVUV6BQnZF9">Non-
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s non-controlling interest represents the minority shareholder&#8217;s ownership interest related to the Company&#8217;s
subsidiary, Alternative Hospitality, Inc. The Company reports its non-controlling interest in subsidiaries as a separate component of
equity in the Consolidated Balance Sheets and reports both net loss attributable to the non-controlling interest and net loss attributable
to the Company&#8217;s common shareholders on the face of the Consolidated Statements of Operations. The Company&#8217;s equity interest
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Customers</i> using the modified retrospective method. There was no impact upon adoption of ASC 606 on our consolidated financial statements.
The new revenue standard was applied prospectively in the Company&#8217;s consolidated financial statements from January 1, 2018 forward
and reported financial information for historical comparable periods will not be revised and will continue to be reported under the accounting
standards in effect during those historical periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process
outlined in the Accounting Standards Codification (&#8220;ASC&#8221;) 606:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
1 &#8211; Identify the Contract with the Customer &#8211; A contract exists when (a) the parties to the contract have approved
the contract and are committed to perform their respective obligations, (b) the entity can identify each party&#8217;s rights
regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to
be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of
the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
2 &#8211; Identify Performance Obligations in the Contract &#8211; Upon execution of a contract, the Company identifies as performance
obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct
goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract
includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are
capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted
for as a combined performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
3 &#8211; Determine the Transaction Price &#8211; When (or as) a performance obligation is satisfied, the Company shall recognize
as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to
determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration,
the Company would determine the amount of variable consideration that should be included in the transaction price based on expected
value method. Variable consideration would be included in the transaction price, if in the Company&#8217;s judgement, it is probable
that a significant future reversal of cumulative revenue under the contract would not occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
4 &#8211; Allocate the Transaction Price &#8211; After the transaction price has been determined, the next step is to allocate
the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the
entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction
price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
5 &#8211; Satisfaction of the Performance Obligations (and Recognize Revenue) &#8211; Revenue is recognized when (or as) goods
or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of
the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use
of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from
directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present
obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s).
Performance obligations can be satisfied at a point in time or over time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&#8217;s revenue, during the three months ended March 31, 2022, was derived as rental income from the Company&#8217;s THC
Park. The majority of the Company&#8217;s revenue, during the three months ended March 31, 2021, was derived under the agreements,
Consulting Agreement and Equipment Lease Agreement, entered into with Acres Cultivation, LLC. Revenue derived from consulting services
fees are recognized over the term of the arrangement as services are provided. Revenue is presented net of discounts, fees and other
related taxes. Revenue derived from equipment leases </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
recognized when the lease agreement is entered into and control of the equipment has passed to the customer. The Company&#8217;s remaining
revenue is derived from its rental property in Nye County, Nevada. Rental revenue for operating leases is recognized on a straight-line
basis over the term of the lease. Rental revenue recognition commences when the leased space is available for use by the lessee.&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <td style="width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5in"><span id="xdx_F02_zL8SvuMkzKie" style="font-size: 10pt">(i)</span></td>
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  <tr style="vertical-align: top">
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    Acres Cultivation, LLC, a Nevada limited liability company (the &#8220;Licensed Operator&#8221;) that holds a license for the legal
    cultivation of marijuana for sale under the laws of the State of Nevada. In January of 2019, the Company entered into a revised agreement,
    which replaced the April 2018 agreement, with the Licensed Operator in order to be more stringently aligned with Nevada marijuana
    laws. The material terms of the agreement remain unchanged. The Licensed Operator is contractually obligated to pay over to the Company
    eighty-five (<span id="xdx_900_ecustom--PercentageOfGrossRevenuePayable_pid_dp_c20180401__20180430__us-gaap--TypeOfArrangementAxis__custom--ManagementAgreementMember__dei--LegalEntityAxis__custom--AcresCultivationLLCMember_zHJDcffBVm25" title="Revenue payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlbnRhbCBSZXZlbnVlIFJlY29nbml0aW9uIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="MJNE:PercentageOfGrossRevenuePayable" contextRef="From2018-04-012018-04-30_custom_ManagementAgreementMember_custom_AcresCultivationLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span>%) percent of gross revenues defined as gross proceeds from sales of marijuana products minus applicable state excise
    taxes and local sales tax. The agreement is to remain in force until <span id="xdx_90D_ecustom--AgreementExpirationDate_dd_c20180401__20180430__us-gaap--TypeOfArrangementAxis__custom--ManagementAgreementMember__dei--LegalEntityAxis__custom--AcresCultivationLLCMember_zekZ4yfpNFh3" title="Expiration date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlbnRhbCBSZXZlbnVlIFJlY29nbml0aW9uIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2018-04-012018-04-30_custom_ManagementAgreementMember_custom_AcresCultivationLLCMember" format="ixt:datemonthyearen" name="MJNE:AgreementExpirationDate">April 2026</ix:nonNumeric></span>. In April 2019, the Licensed Operator was acquired
    by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. On January 21, 2021, the Company received a Notice of Termination,
    effective immediately, from Acres Cultivation, LLC. The Company will not generate any further revenue under the Acres relationship.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AC_zMfgdfDFtGWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="MJNE:ContractBalancesPolicyTextBlock"><p id="xdx_847_ecustom--ContractBalancesPolicyTextBlock_ztjWQVTHljRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zAOLKXqZH0Tj">Contract
Balances</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company receives payments for new Cultivation
and Sales Agreements (the &#8220;Agreements&#8221;) upon signing and defers revenue recognition for these payments until certain milestones
are met as per the terms of the Agreements. In addition, the Company sold its luxury suite at the Raiders Stadium and amortizes the income
from this sale at each home game. These payments represent contract liabilities and are recorded as such on the balance sheet. As of
March 31, 2022 and December 31, 2021, the Company had $<span id="xdx_909_eus-gaap--ContractWithCustomerLiability_iI_c20220331_zFyEul8az1Na" title="Contract with customer liability"><ix:nonFraction name="us-gaap:ContractWithCustomerLiability" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,735,000</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--ContractWithCustomerLiability_iI_c20211231_zbSjuaDeI0Z5" title="Contract with customer liability"><ix:nonFraction name="us-gaap:ContractWithCustomerLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,404,444</ix:nonFraction></span> contract liabilities, respectively.</p>
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                                         Compensation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s share-based payment awards principally consist of grants of common stock. In accordance with the applicable accounting
guidance, stock-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company
measures compensation cost based on the grant date fair value and recognizes compensation expense in the consolidated statements
of operations over the requisite service or performance period the award is expected to vest. The fair value of liability-classified
awards is at each reporting date through the settlement date. Change in fair value during the requisite service period will be
remeasured as compensation cost over that period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes its historical stock price to determine the volatility of any stock-based compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expected dividend yield is 0% as the Company has not paid any dividends on its common stock and does not anticipate it will pay
any dividends in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant date with a term equal to
the expected term of the stock-based award.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
stock-based financial instruments issued to parties other than employees, the Company uses the contractual term of the financial
instruments as the expected term of the stock-based financial instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used in calculating the fair value of stock-based financial instruments represent its best estimates, but these estimates
involve inherent uncertainties and the application of management judgment. As a result, if factors change and it uses different assumptions,
its stock-based compensation expense could be materially different in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_845_eus-gaap--LesseeLeasesPolicyTextBlock_zjNvkCPzCgul" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zV12Ybnw2CL3">Operating
                                         Leases</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC Topic 842, Leases, on
January 1, 2019. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (&#8220;ROU&#8221;)
assets and lease liabilities. ROU assets represent the Company&#8217;s right to use underlying assets for the lease terms and lease liabilities
represent the Company&#8217;s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease
liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. As
the Company&#8217;s leases do not provide an implicit rate, the Company used its estimated incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. A number of the lease agreements contain options to
renew and options to terminate the leases early. The lease term used to calculate ROU assets and lease liabilities only includes renewal
and termination options that are deemed reasonably certain to be exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized lease liabilities, with
corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months.
The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized
lease incentives provided by lessors. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease
term and is recorded in selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes
and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable
lease payments are based occur. The Company has elected not to separate lease and non-lease components for all property leases for the
purposes of calculating ROU assets and lease liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zyC9jWy43QM5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zuT1e6GPNOK5">Income
                                         Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers
it is more likely than not that some portion or all of the deferred tax assets will not be realized.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of
being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred
as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of
the reporting periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zIuFKSlzBgfj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_86B_zoDWTBsIngza" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Accounting Pronouncements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Based Compensation:</b> In June 2018, FASB issued ASU No. 2018-07, <i>Compensation &#8211; Stock Compensation (Topic 718)</i>,
<i>Improvements to Nonemployee Share Based Payment Accounting. </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments in this Update expand the scope of stock compensation to include share-based payment transactions for acquiring goods
and services from nonemployees. The guidance in this Update does not apply to transactions involving equity instruments granted
to a lender or investor that provides financing to the issuer. The guidance is effective for fiscal years beginning after December
31, 2018 including interim periods within the fiscal year. The Company adopted with an effective date of January 1, 2019.</span></p>

</ix:nonNumeric><p id="xdx_85C_zO5iBtci4cf7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_809_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zyjehAdqb1n3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212; <span id="xdx_82E_zbdBhBmJ86tl">Going Concern</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has recurring net losses, which have resulted in an accumulated deficit of $<span id="xdx_90E_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20220331_zYtFzWhLvSG5"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">18,193,111</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of March 31, 2022. The Company
had negative cash flows from operations of $<span id="xdx_906_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220101__20220331_zOpXGlX8KvVc"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">930,110</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the three months ended March 31, 2022.
These factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern for one year from the issuance
of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company&#8217;s ability to
further implement its business plan, raise capital, and generate revenues. The Financial Statements do not include any adjustments that
might be necessary if the Company is unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s current capital resources include cash. Historically, the Company has financed its operations
principally through equity and debt financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 88; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_808_eus-gaap--InventoryDisclosureTextBlock_zlnqBrYN3ii4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span id="xdx_824_zos7n2Wd1jx5">Inventory</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_ze56jHMsZ7cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
at March 31, 2022 and December 31, 2021 consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_z66D0IoAu0if" style="display: none">Schedule
of Inventory</span> </span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, <br />
2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br />
 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F46_z3MUbdC1npGk" style="width: 60%; text-align: left">Inventory &#8211; finished goods (i)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--InventoryFinishedGoods_iI_c20211231_fKGkp_zLr0vTomUZJl" title="Inventory - finished goods" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2021-12-31" id="Fact000711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,271,402</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Storage inventory (ii)(iii)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less reserve</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--InventoryValuationReserves_iNI_di_c20220331_zslHtCGg4saf" title="Less reserve" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,770,077</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--InventoryValuationReserves_iNI_di_c20211231_z4DqT2e989wc" title="Less reserve" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,770,077</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InventoryNet_iNI_di_c20220331_zGw2IvmZVr4i" title="Inventory, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0721">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--InventoryNet_iNI_di_c20211231_zlSfemo6nEw2" title="Inventory, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0723">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_zvxiul09f0a5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zoszj9Vi7T1j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000724" xml:lang="en-US">On
    January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation, LLC. During the year
    ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its <span id="xdx_901_ecustom--EquipmentUtiluzed_iI_uAcre_c20210121_zQRMJ8VSt0hd" title="Lease acres" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVudG9yeSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="MJNE:EquipmentUtiluzed" contextRef="AsOf2021-01-21" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">260</ix:nonFraction></span> Acres adjacent to the
    Acres lease. As part of the termination, the Company was granted the right to retain 3,654 lbs. of cannabis from the Cultivation
    Facility.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zUGJigCd7odi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zGXpmk8o2id1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000727" xml:lang="en-US">On
    April 14, 2021, the Company entered into a storage work order with TapRoot Labs (&#8220;TapRoot&#8221;). Under the terms of the work
    order, the Company stored 1827 lbs. of fresh frozen flower (&#8220;Product&#8221;) with TapRoot at a rate of $<span id="xdx_904_eus-gaap--PaymentsForRent_c20210401__20210414_z4peIbivP8B2" title="Rent payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVudG9yeSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-04-012021-04-14" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,000</ix:nonFraction></span>/ month. Rent
    was payable through Product stored with TapRoot at the rate of $175/lb. The work order had a term of 5 months and then continued
    on a month-to-month basis upon the same terms. At March 31, 2022, the Company had 979.41 lbs. stored with TapRoot. The Company
    has elected to reserve the full amount of Product stored with TapRoot as it does not anticipate any future sales will be made.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F01_zVh0bvpy8lTg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zcaqiFd3XNO8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000730" xml:lang="en-US">On
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    (&#8220;AP&#8221;). Under the terms of the Agreement, the Company stored 1827 lbs. of fresh frozen flower (&#8220;Product&#8221;)
    with AP. AP was granted the exclusive right to purchase the Product at a rate of $175/lb for the first 30 days of storage. After
    30 days, the Company had the right to make sales to third parties. At March 31, 2022, the Company had 1827 lbs. stored with AP.
    The Company has elected to reserve the full amount of Product stored with AP as it does not anticipate any future sales will be made.
    Please <i>see</i> <b>Item 1. Legal Proceedings </b>for further information.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8AF_zyeeo7xwUQzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"><p id="xdx_80E_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_z0Ly9U0z7bE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5 &#8212; <span id="xdx_82A_zuz84CaIFBV7">Note Receivable</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock_zcKEKshZnXj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note receivable at March 31, 2022 and December
31, 2021 consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B8_zAIRHlGU2awd" style="display: none">Schedule
of Note Receivable</span>&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20220331_zWdiPdUtu0lj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, <br />
2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20210331_zVH1xVj8axv1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br />
2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--NotesReceivableNet_iI_hdei--LegalEntityAxis__custom--GeneRxMember_zV4w4Vyluy33" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F4F_zy9toogf5jvk" style="width: 60%; text-align: left; padding-bottom: 1.5pt">Note receivable- GeneRx (i)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2022-03-31_custom_GeneRxMember" id="Fact000736" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2021-03-31_custom_GeneRxMember" id="Fact000737" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></p></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--NotesReceivableNet_iI_zdCxcmBLVpC8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; text-align: justify">&#160;</td>
    <td style="width: 0.5in; text-align: justify"><span id="xdx_F0C_zdIJjZ4CF722" style="font-size: 10pt">i.</span></td>
    <td style="text-align: justify"><span id="xdx_F17_znEFChEl8Kn7" style="font-size: 10pt"><ix:footnote id="Footnote000741" xml:lang="en-US">On March 12, 2021, the Company (the &#8220;Holder&#8221;)
was issued a Convertible Promissory Note (the &#8220;Note&#8221;) by GeneRx (the &#8220;Borrower&#8221;), a Delaware corporation, in
the amount of $</ix:footnote></span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zZRGOZtv8Fub" style="font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span><span style="font-size: 10pt">.
The Note has a term of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--DebtInstrumentTerm_dc_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_z4QJ0BHxB8d4" style="font-size: 10pt"><ix:nonNumeric contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">one
year</ix:nonNumeric></span> <span style="font-size: 10pt">(March 12, 2022 Maturity Date) and accrues interest at two percent
(</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_z14oOJIGUP4f" style="font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span><span style="font-size: 10pt">%)
per annum. </span><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--DebtConversionDescription_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zOET5g05vRPj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" name="us-gaap:DebtConversionDescription">The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a fixed conversion price of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_znHCkY3929Hg" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span></ix:nonNumeric></span>
per share. Upon an Event of Default, the Conversion Price shall equal the
Alternate Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings
by the Borrower relating to the Borrower&#8217;s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization,
reclassifications, extraordinary distributions and similar events). The &#8220;Alternate Conversion Price&#8221; shall equal the lesser
of (i) </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zAm1lBbH2tm2" style="font-size: 10pt"><ix:nonFraction name="us-gaap:DebtWeightedAverageInterestRate" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span><span style="font-size: 10pt">%
multiplied by the average of the three lowest daily volume weighted average prices (&#8220;VWAP&#8221;) during the previous twenty (</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uDays_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zsw9oLWzwGec" style="font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Days">20</ix:nonFraction></span><span style="font-size: 10pt">)
Trading Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the
Market Price (as defined herein) (representing a discount rate of 20%). &#8220;Market Price&#8221; means the average of the three lowest
daily VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion
Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent
(24%) per annum from the due date thereof until the same is paid (the &#8220;Default Interest&#8221;). The Company funded $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--ProceedsFromNotesPayable_c20210314__20210315_zM95wjpjXXV7" style="font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-03-142021-03-15" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction>
</span><span style="font-size: 10pt">on March 15, 2021, $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--ProceedsFromNotesPayable_c20210401__20210402_z9F2nyX4dVW5" style="font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-04-012021-04-02" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction>
</span><span style="font-size: 10pt">on April 2, 2021 and $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_900_eus-gaap--ProceedsFromNotesPayable_c20210405__20210407_zVTahFtYkhNk" style="font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-04-052021-04-07" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction>
</span><span style="font-size: 10pt">on April 7, 2021. As of March 31, 2022, $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20220331_zMfDP4b6jcnd" style="font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction>
</span><span style="font-size: 10pt">principal was due on the Note.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span id="xdx_F0B_zpagvFK9aTma" style="font-size: 10pt">ii.</span></td>
    <td style="text-align: justify"><span id="xdx_F1B_zwIOrTRJYNn8" style="font-size: 10pt"><ix:footnote id="Footnote000753" xml:lang="en-US">The convertible note receivable is considered available for sale
    debt securities with a private company that is not traded in active markets. Since observable price quotations were not available
    at acquisition, fair value was estimated based on cost less an appropriate discount upon acquisition. The discount of each instrument
    is accreted into interest income over the respective term as shown within the Company&#8217;s Condensed Consolidated Statements of
    Operations.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_8A5_zj11wKPDcRBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zRlNq04eoOy3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span id="xdx_82B_zU5jR0Vexx4e">Property and Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_zKhQqBTqAEhk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment at March 31, 2022 and December 31, 2021 consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B5_zjzbk4cbvoOl" style="display: none">Schedule
of Property and Equipment</span>&#160;</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20220331_zxJBMFTngTQ8" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">March
    31,<br /> 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20211231_z8yjIMKn0Rq5" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br /> 2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znZZXKgEZPO2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    Improvements</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_LeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">256,323</ix:nonFraction></span></p></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_LeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">654,628</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_za4CowOv95we" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Machinery
    and Equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">646,025</ix:nonFraction></span></p></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">244,583</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandBuildingsAndImprovementsMember_zo3sbqQoVcI9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Building
    and Land</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_LandBuildingsAndImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,650,000</ix:nonFraction></span></p></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_LandBuildingsAndImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,650,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zSuiTUCI1x3a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Furniture
    and Fixtures</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">566,220</ix:nonFraction></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">566,220</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzHBg_zLU71zBFpqdf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    property and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,118,568</ix:nonFraction></span></p></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,115,431</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzHBg_zw2fEs36jOm3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    Accumulated depreciation</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A2_zfn00Mutaoa2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the three months ended March 31, 2022 and 2021 was $<span id="xdx_901_eus-gaap--Depreciation_c20220101__20220331__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zhjXdqMS0ix"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-03-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,394</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--Depreciation_c20210101__20210331__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_z8WkmBDnOul5" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-03-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,470</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_801_eus-gaap--IntangibleAssetsDisclosureTextBlock_zP2kKWiJFVpj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8212; <span id="xdx_825_z3oUDX1IAJJ">Intangible Assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2016, Red Earth, LLC (&#8220;Red Earth&#8221;), a Nevada limited liability company, entered into an Asset Purchase and Sale Agreement
with the owner of a provisional Medical Marijuana Establishment Registration Certificate (the &#8220;Provisional Grow License&#8221;)
issued by the state of Nevada for the cultivation of medical marijuana for $<span id="xdx_900_eus-gaap--PaymentsToAcquireIntangibleAssets_c20161001__20161031__dei--LegalEntityAxis__custom--RedEarthLLCMember__us-gaap--LeaseContractualTermAxis__custom--ProvisionalGrowLicenseMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAndSaleAgreementMember_zwaQrPnO2ijd" title="Agreement amount received from seller"><ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2016-10-012016-10-31_custom_RedEarthLLCMember_custom_ProvisionalGrowLicenseMember_custom_AssetPurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>. To initiate the purchase and transfer the Provisional
Grow License, the Company paid a $<span id="xdx_90D_eus-gaap--PaymentsForDeposits_c20161001__20161031__dei--LegalEntityAxis__custom--RedEarthLLCMember__us-gaap--LeaseContractualTermAxis__custom--ProvisionalGrowLicenseMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAndSaleAgreementMember_zCImCHuPrnie" title="Payment for deposit"><ix:nonFraction name="us-gaap:PaymentsForDeposits" contextRef="From2016-10-012016-10-31_custom_RedEarthLLCMember_custom_ProvisionalGrowLicenseMember_custom_AssetPurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> deposit to the seller in October 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Provisional Grow License remains in a provisional status until the Company has completed the build out of a cultivation facility and
obtained approval from the state of Nevada to begin cultivation in the approved facility. Once approval from the state of Nevada is received,
the Company begins the cultivation process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2017, the Company acquired <span id="xdx_90F_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20171215__us-gaap--BusinessAcquisitionAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_zqXMMK3lNunh" title="Outstanding membership interests acquired percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding membership interests of Red Earth for <span id="xdx_90C_ecustom--NumberOfCommonStocksExchangedDuringPeriod_pid_c20171214__20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zcFMF1tpZczf" title="Number of common stocks, exchanged during period"><ix:nonFraction name="MJNE:NumberOfCommonStocksExchangedDuringPeriod" contextRef="From2017-12-142017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,732,969</ix:nonFraction></span> shares of common stock
of the Company, par value $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zeGVlncMZBha" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> and a Promissory Note in the amount of $<span id="xdx_906_eus-gaap--NotesPayable_iI_c20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zeYrwvWZmwr8" title="Note payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,000</ix:nonFraction></span>. Red Earth became a wholly owned subsidiary (the &#8220;Subsidiary&#8221;)
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;)
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $<span id="xdx_905_eus-gaap--LegalFees_c20210724__20210729_zmPu7HeZuHr6" title="Civil penalty amount"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2021-07-242021-07-29" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>, which
was paid on July 29, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
&#8220;Agreement&#8221;) with Red Earth, LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for
expenses related to the activation and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zQyY6d8r2Kn4"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum
and increase to <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zUe2CkBxhMU8"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateIncreaseDecrease" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MinimumMember_zEqNBqCtdqw5"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span>
to $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_z4DIQzaHsBR4"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,500</ix:nonFraction></span> per month. As of March 31, 2022, the amount due the Company under the short-term loan is $<span id="xdx_90F_eus-gaap--ShortTermBorrowings_iI_c20220331__dei--LegalEntityAxis__custom--RedEarthLLCMember_zsZaW9yA29s7" title="Short-term loan, amount"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-03-31_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,165</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2021, the Company and the Company&#8217;s Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. Please <i>see</i> <b>Note 14 &#8212; Related Party Transactions</b> for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 89; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
                                         HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="MJNE:DepositsDisclosureTextBlock"><p id="xdx_801_ecustom--DepositsDisclosureTextBlock_z5uhQu5aBRp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8212;<span id="xdx_82E_z5DZuTQPjY3b">Deposits</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="MJNE:DepositsTableTextBlock"><p id="xdx_899_ecustom--DepositsTableTextBlock_zinVAMWshToe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
as of March 31, 2022 and December 31, 2021 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zqubXQhbqiD1" style="display: none">Schedule
of Deposits</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20220331_zvKQEdbDsEEb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">March
                                            31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_z96HW2gnPGI9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--Deposits_iI_hdei--LegalEntityAxis__custom--MJDistributingIncMember_zajyva9aJRbk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F47_zdPVWbHC100j" style="width: 64%; text-align: left; padding-bottom: 1.5pt">MJ Distributing, Inc. (i)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-03-31_custom_MJDistributingIncMember" id="Fact000809" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2021-12-31_custom_MJDistributingIncMember" id="Fact000810" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--Deposits_iI_zJxpErBdc9B8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span id="xdx_F04_z8jlptdogqFl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zIifItFQaFo" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000814" xml:lang="en-US">On
    February 5, 2021, the Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;)
    with MJ Distributing, Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership interests of MJ Distributing C202,
    LLC and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license
    and a provisional medical and recreational production license. In consideration of the sale, transfer, assignment and delivery of
    the Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of
    cash, promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($<span id="xdx_909_eus-gaap--DistributionMadeToLimitedPartnerCashDistributionsPaid_c20210204__20210205__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember__dei--LegalEntityAxis__custom--MJDistributingIncMember_zic6vZS0e1U4" title="Cash distributions paid" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DistributionMadeToLimitedPartnerCashDistributionsPaid" contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250,000.00</ix:nonFraction></span>) in cash and/or
    promissory notes and <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20210204__20210205__dei--LegalEntityAxis__custom--MJDistributingIncMember__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember_ztkIKlcDTsLk" title="Net of forfeitures shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> shares of the Company&#8217;s restricted common stock, all of which constitutes the consideration agreed
    to herein for (the &#8220;<span style="text-decoration: underline">Purchase Price</span>&#8221;), payable as follows: <span id="xdx_902_eus-gaap--DistributionPaymentMadeToLimitedPartnerFormsOtherThanCashOrStockDescription_c20210204__20210205__dei--LegalEntityAxis__custom--MJDistributingIncMember__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember_zcHZHdDguiNk" title="Distribution payment description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" name="us-gaap:DistributionPaymentMadeToLimitedPartnerFormsOtherThanCashOrStockDescription">(i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business days after the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) provides notice on its agenda that the Licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.</ix:nonNumeric></span></ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zUxK3i1eJ4Pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_803_eus-gaap--DebtDisclosureTextBlock_zZTD2ylbtxvh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8212;<span id="xdx_82E_zL6MTGGcH5e8"> Notes Payable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfDebtTableTextBlock_z6UnLqlCYUXb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable as of March 31, 2022 and December 31, 2021 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zXaNEGp2aDR1" style="display: none">Schedule
of Notes Payable</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20220331_z0o9xqJbYEGg" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">March
    31,<br /> 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20211231_zWrxQsRLIV9" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br /> 2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"></td><td style="display: none; font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--NotesPayable_iI_pp0p0_c20220331__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGkp_zHoR1RjeXJW4" title="Total notes payable" style="display: none; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-03-31_custom_NotePayableTwoMember" id="Fact000826" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">896,535</ix:nonFraction></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="display: none; font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGkp_zqI0rPuLCozj" title="Total notes payable" style="display: none; font-family: Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotePayableTwoMember" id="Fact000828" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; width: 64%"><span id="xdx_F41_zlAhtzyyHqp9" style="font-family: Times New Roman, Times, Serif">Note
    payable bearing interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zPDWrr3pkwe2" title="Debt interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span>%, originated January 17, 2019, due on January 31, 2022, originally $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zT7gACDlbCCg" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span> (i)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--NotesPayable_iI_pp0p0_c20220331__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGkp_zMnfARWmB4Tc" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-03-31_custom_NotePayableTwoMember" id="Fact000834" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">896,535</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGkp_zZgnq6Dziy1g" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotePayableTwoMember" id="Fact000836" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Note
    payable bearing interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zriFqjztFJi3"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">%
    originated April 1, 2019, due on March 31, 2022, originally $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zw9Yrde06SUh"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction>
    </span></span><span id="xdx_F4B_zGQ7KLShuqBa" style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--NotesPayable_iI_pp0p0_c20220331__us-gaap--DebtInstrumentAxis__custom--NotePayableThreeMember_fKGlpKQ_____zFl8QlpfO4o3" title="Total notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-03-31_custom_NotePayableThreeMember" id="Fact000840" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">123,604</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableThreeMember_fKGlpKQ_____zhJ1ZBRu3ghl" title="Total notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotePayableThreeMember" id="Fact000842" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">124,728</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--NotesPayable_c20220331_pp0p0" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,020,139</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--NotesPayable_c20211231_pp0p0" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--NotesPayableCurrent_iNI_pp0p0_di_zPziFjih60Og" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less:
    current portion</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,020,139</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40A_eus-gaap--LongTermNotesPayable_iI_pp0p0_zogLeNF98tFb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Long-term
    notes payable</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0851">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td id="xdx_F0E_zcMVqEAxkBw4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(i)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zrBXtsiOwAm3" style="font-size: 10pt; background-color: white"><ix:footnote id="Footnote000853" xml:lang="en-US">On
    January 17, 2019, the Company executed a promissory note for $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zV9cZPBM5JWi" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span>&#160;with
    FR Holdings LLC (the &#8220;Holder&#8221;), a Wyoming limited liability company. The Noted Secured by Deed of Trust (the
    &#8220;Secured Note&#8221;) accrues interest at&#160;<span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zFlSWSzXDQfd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction>%</span>&#160;per
    annum, payable in regular monthly installments of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pp0p0_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FRHoldingsLLCMember_zuSG8Cznieod" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,125</ix:nonFraction></span>,
    due on or before the same day of each month&#160;<span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateDescription_c20190116__20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zpuYyeSzZSxc" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-01-162019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" name="us-gaap:DebtInstrumentMaturityDateDescription">beginning February 1, 2019 until January 31, 2022 at which the entire principal and any then accrued interest thereon shall be due and payable. As of December 31, 2021, $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zfTUTELtHxRe" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span>&#160;principal and $<span id="xdx_902_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zWLRO8K3Aure" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span>&#160;interest remain due.</ix:nonNumeric></span> <span style="font-size: 10pt">On February 4, 2022, the Company entered into a Note Modification Agreement (the
    &#8220;Agreement&#8221;) with the Holder amending the terms of the Secured Note. The Parties agree that the maturity date of the
    Secured Note being January 31, 2022, had passed and that the balance of the Secured Note is now due (currently Seven-Hundred and
    Fifty-Thousand Dollars ($<span id="xdx_90A_eus-gaap--SecuredDebt_iI_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zD5j6ArFurSc" title="Secured note" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:SecuredDebt" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">750,000.00</ix:nonFraction></span>),
    and the parties also agree that the conditions in the Secured Note requiring the assessment of the additional Five-Hundred Thousand
    Dollars ($<span id="xdx_904_ecustom--ConsultingFee_iI_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zYWgRhAXABVk" title="Consulting fee" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="MJNE:ConsultingFee" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000.00</ix:nonFraction></span>)
    consulting fee was triggered bringing the total amount owed by the Company under the terms of the Secured Note to One-Million
    Two-Hundred Fifty-Thousand Dollars ($<span id="xdx_90A_eus-gaap--LongTermDebt_iI_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zcQCwAmKQzOg" title="Secured note principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250,000.00</ix:nonFraction></span>).
    Under the terms of the Agreement, the Company made a payment in the amount of $<span id="xdx_900_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_pp2d_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z4SNn4lAKaV" title="Payments for debt" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentAnnualPrincipalPayment" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">357,342.88</ix:nonFraction></span>&#160;bringing
    the new principal balance to $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zpPHm8iSHDui" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,000</ix:nonFraction></span>.
    The interest rate shall be&#160;<span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zzOqxeJun6K5" title="Debt percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>%
    per annum.&#160;<span id="xdx_90A_eus-gaap--DebtInstrumentPaymentTerms_pp2d_c20220203__20220204__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zX6nwBVrRiql" title="Payments terms description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2022-02-032022-02-04_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" name="us-gaap:DebtInstrumentPaymentTerms">Future
    payments shall be calculated on a 20-year amortization with a balloon payment in three years</ix:nonNumeric></span>.&#160;The first monthly payment
    of $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pp2d_c20220227__20220302__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zhuUz9Q1E29a" title="Periodic payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2022-02-272022-03-02_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">6,977.69</ix:nonFraction></span>&#160;was
    made on March 25, 2022 with the final balloon payment due on February 1, 2025.<b>&#160;</b>As of March 31, 2022, $<span id="xdx_903_eus-gaap--NotesPayable_iI_c20220331__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zpzDvIobqNk8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2022-03-31_custom_NotePayableOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">896,535</ix:nonFraction></span>
    principal remains due.</span></ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</td>
    <td id="xdx_F04_z1cbQwqzGrw2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in">(ii)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_F1A_zmSG5wcKibw4" style="background-color: white"><ix:footnote id="Footnote000877" xml:lang="en-US">On
                                                                              April 1, 2019, the Company executed a promissory note for $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zD2rS000Gw1c" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>&#160;with
                                                                              John T. Jacobs and Teresa D. Jacobs. The note accrues interest at&#160;<span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_ziS2mcc9Unf4" title="Debt interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction></span>%&#160;per
                                                                              annum, payable in regular monthly installments of $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pp0p0_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_z1DPvVkD2yge" title="Debt instrument monthly installments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,178</ix:nonFraction></span>,
                                                                              due on or before the same day of each month&#160;beginning May 1, 2019 until March 31, 2020&#160;at which time a principal reduction
                                                                              of $<span id="xdx_900_ecustom--DebtInstrumentPrincipalPaymentReduction_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_zd5qfJZY6Aqk" title="Debt instrument principal payment reduction" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="MJNE:DebtInstrumentPrincipalPaymentReduction" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>&#160;shall
                                                                              be due,&#160;<span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateTerms_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_z1H1g6arbJth" title="Debt instrument, interest rate terms" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" name="us-gaap:DebtInstrumentInterestRateTerms">the payments shall be re-amortized (15-year amortization).</ix:nonNumeric></span> On or before March 31, 2021, a second principal reduction of $<span id="xdx_90C_ecustom--DebtInstrumentPrincipalPaymentReduction_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_z4ygnw8U2jzl" title="Debt instrument principal payment reduction" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="MJNE:DebtInstrumentPrincipalPaymentReduction" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>&#160;shall
                                                                              be due, the payments shall be re-amortized (15-year amortization). Payments shall continue to be paid until March 31, 2022, at which
                                                                              time the entire sum of principal and accrued interest shall be due and payable. As of March 31, 2022, $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zdhp78LtfF96" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">123,604</ix:nonFraction></span>
                                                                              principal remains due.</ix:footnote></span></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A0_zNIzT6O7d0y7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zwbSkVrQ9f6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zec6efpAiIvj" style="display: none">Schedule
of Minimum Loan Payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20220331_zWM1vhGpcbi6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Fiscal
    year ending December 31:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_maLTDzL0d_ze994cJyoQx8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; width: 76%; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">2022
    </span><span style="font-family: Times New Roman, Times, Serif">(excluding the three months ended March 31, 2022)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,020,139</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_maLTDzL0d_zZaFK7mFNROl" style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt">2022</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_maLTDzL0d_zjK8GCppxoS" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0899">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_maLTDzL0d_z2GCW6LUvmp2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0901">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_maLTDzL0d_zXwF5vTs2iP3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0903">-</span></span></p></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_maLTDzL0d_zTjBGqtC0XG9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebt_iTI_pp0p0_mtLTDzL0d_zJ0ixkoZA2F3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    minimum loan payments</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,020,139</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

</ix:nonNumeric><p id="xdx_8A3_zhJdry6aF6Ok" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zxfN1y8KBeFh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8212; <span id="xdx_829_zxfwJxSNXPz8">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Employment
Agreements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zlLvmc2F0419" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Paris Balaouras (the &#8220;Employee&#8221;).
Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Chief Cultivation Officer for a term of three
(<span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--ChiefCultivationOfficerMember_zbUkhZ51urL3" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_ChiefCultivationOfficerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020</ix:nonNumeric></span>. The Employee shall receive a base salary of $<span id="xdx_90F_eus-gaap--OfficersCompensation_pp0p0_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zQeVC9di7V18" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> annually,
shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board
of directors of the Company in its sole discretion, in amount equal to up to <span id="xdx_903_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zJMtxI9fD0U1" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Employee&#8217;s base salary for the then
current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in
equal increments of 1/3<sup>rd</sup> each over a three year period beginning on the first anniversary of employment, shall be
eligible to receive a compensatory stock grant of <span id="xdx_900_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z15mTpQrtoa4" title="Stock reserved for future issuance"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">667,000</ix:nonFraction></span> shares for and in consideration of past compensation ($<span id="xdx_902_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z3KkSRh2onDj" title="Consideration of past compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">224,000</ix:nonFraction></span> at September
15, 2020) foregone by Employee; such grant exercisable at Employee&#8217;s option as such time as Employer is profitable at the
NOI level on a trailing twelve (12) month basis or upon other commercial reasonable terms as the Board may determine and shall
be awarded options to purchase <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zsg0fbgvviyd" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s common stock, exercisable at a price of $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z6SDJMaKzVc8" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zLrq9HFo35zb" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Roger Bloss. Under the
terms of the Agreement, the Employee shall serve as the Company&#8217;s Interim Chief Executive Officer for a term of six (6)
months and the Chief Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for
a total of three (<span id="xdx_904_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zPsawXmdaWR1" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020</ix:nonNumeric></span>. The Employee shall receive a base salary
of $<span id="xdx_906_eus-gaap--OfficersCompensation_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zMOtneA4ALDa" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria
determined by the board of directors of the Company in its sole discretion, in amount equal to up to <span id="xdx_905_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zKLqkUv4Pm7h" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Employee&#8217;s
base salary for the then current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term
which shall be vested in equal increments of 1/3<sup>rd </sup>each over a three year period beginning on the first anniversary
of employment and shall be awarded options to purchase <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zTeZseLo52Pb" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s common stock, exercisable at a price
of $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zlYStFvxW9zk" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zJPJoIbMb6Vd" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Secretary/Treasurer for a term of three (<span id="xdx_908_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember__srt--TitleOfIndividualAxis__custom--SecretaryOrTreasurerMember_zyLAYJbShrFh" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember_custom_SecretaryOrTreasurerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020.</ix:nonNumeric></span> The Employee shall receive a base salary of $<span id="xdx_903_eus-gaap--OfficersCompensation_pp0p0_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zNeTWdzfUYVg" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of
the Company in its sole discretion, in amount equal to up to <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zBtYRbinAMhl" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">200</ix:nonFraction></span>% of Employee&#8217;s base salary for the then current fiscal
year, shall, at commencement of the Term receive a grant of stock of <span id="xdx_90B_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zeMBotxNXiJ8" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares and shall be eligible to receive an annual
discretionary stock grant during the Term which shall be vested in equal increments of 1/3<sup>rd</sup> each over a three year
period beginning on the first anniversary of employment and shall be awarded options to purchase <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zxWh7d5GoXml" title="Share-based payment award, options, grants in period, gross"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s
common stock, exercisable at a price of $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zcv8DgrPnL96" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share. On March 16, 2021, Mr. Moyle assumed the role of interim Chief Financial
Officer upon the resignation of Mr. Kelly. The terms of Mr. Moyle&#8217;s Agreement did not change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Board
of Directors Services Agreements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss, Dear and Balaouras (collectively, the &#8220;Directors&#8221;).
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_zbymcvSub7t1" title="Stock issued during period, value, new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-09-142020-09-15_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000.00</ix:nonFraction></span>), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_z8HSf2q6m2t7" title="Stock issued during period, shares, new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-09-142020-09-15_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span>) shares
of the Company&#8217;s common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 26, 2021, the Company&#8217;s Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors&#8217; cash compensation was revised to stock compensation in the following manner: $<span id="xdx_902_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_c20210326__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember_ztthFalVVMYh" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-03-26_custom_BoardOfDirectorsServicesAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,750</ix:nonFraction></span>&#160;divided by the
closing stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2021, the Company&#8217;s Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($<span id="xdx_906_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20210101__20210930__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember_z92X1eNisnk3" title="Officer compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2021-01-012021-09-30_custom_BoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000.00</ix:nonFraction></span>), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (<span id="xdx_901_eus-gaap--SharesIssued_iI_c20210930__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember_zfYxv4Cmpcck" title="Shares issued for compensation"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-09-30_custom_BoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span>) shares of the Company&#8217;s common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 91; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8212; Commitments and Contingencies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Operating
Leases</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--LesseeOperatingLeaseDescription_c20220101__20220331_z70B572yCbTe" title="Operating lease description"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="us-gaap:LesseeOperatingLeaseDescription">The
Company leases a two production / warehouse facility under a non-cancelable operating lease that expires in June 2027 and September
2029, respectively</ix:nonNumeric></span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company recorded operating lease liabilities of $<span id="xdx_909_eus-gaap--OperatingLeaseLiability_iI_pp0p0_c20220331__srt--StatementScenarioAxis__custom--NonCancelableOperatingLeaseMember_zYJb4VLQ2Hpe"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-03-31_custom_NonCancelableOperatingLeaseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">686,274</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and right of use assets for operating leases
of $<span id="xdx_904_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0_c20220331__srt--StatementScenarioAxis__custom--NonCancelableOperatingLeaseMember_zne0YbHFXFcf"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-03-31_custom_NonCancelableOperatingLeaseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2022,
operating cash outflows relating to operating lease liabilities was $<span id="xdx_902_eus-gaap--OperatingLeasePayments_pp0p0_c20220101__20220331_zy739Owrzre7"><span style="-sec-ix-hidden: xdx2ixbrl0966">-</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2022, the Company&#8217;s
operating leases had a weighted-average remaining term of <span id="xdx_90A_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_c20220331_zx8DgfFOIMBk"><ix:nonNumeric contextRef="AsOf2022-03-31" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm">4.2</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zJYD0AIgUbBk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimal rental and lease commitments under non-cancelable operating leases with terms in excess of one year as of March 31, 2022,
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zJbD8J3yWo1" style="display: none">Schedule
of Future Minimum Rental and Lease Commitments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20220331_zrxAiCAJmFia" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ending December 31:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pp0p0_maLOLLPzf0q_zh309MseGdS6" style="vertical-align: bottom; background-color: White">
    <td style="width: 80%; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(excluding the three months ended March 31,
    2022)</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,000</ix:nonFraction></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzf0q_zaQCfcZBEFdf" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">2022</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0973">-</span></td>
    <td>&#160;</td></tr>
<tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maLOLLPzf0q_zul8N21oWMse" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maLOLLPzf0q_zfEmuLqLgaBe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_maLOLLPzf0q_z5h4UayLnl4j" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_maLOLLPzf0q_ztTV6V8yVFua" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">2026</td>
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<tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0p0_maLOLLPzf0q_zdCfd2olOsRa" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzf0q_zz39vo4BWEv8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total minimum
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    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">900,000</ix:nonFraction></p></td>
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_8AC_zmrs8ZFd0AMi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rent
expense, incurred pursuant to operating leases for the three months ended March 31, 2022 and 2021, was $<span id="xdx_904_eus-gaap--PaymentsForRent_pp0p0_c20220101__20220331_zRODSRPbwufj"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_905_eus-gaap--PaymentsForRent_pp0p0_c20210101__20210331_zADspRgh2AD3"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,937</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Litigation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">From time to time, the
Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. When the Company
is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result
and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition to the estimated
loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation is subject to
inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company business.
There is no pending litigation involving the Company at this time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>MJ Holdings, Inc.
Complaint</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On December 14, 2021,
MJ Holdings, Inc. (the &#8220;Plaintiff&#8221;) filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie Small (collectively,
the &#8220;Defendants&#8221;). In the Complaint, the Plaintiff alleges that the Defendants have refused to return the cannabis that was
being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to return the cannabis
to Plaintiff, or Plaintiff&#8217;s designee, the Defendants have deprived Plaintiff of the ability to sell, transfer or market the product.
In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of dollars in money and/or
cannabis in exchange for returning the cannabis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Gappy and Shaba Compliant</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On December 3, 2021,
a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the &#8220;Defendants&#8221;) by Ziad Gappy
and David Shaba (collectively, the &#8220;Plaintiffs&#8221;). In the Complaint, the Plaintiffs allege the Defendants made misleading
statements and/or omissions relating to the Company in the Plaintiffs&#8217; negotiation to purchase shares of MJ Holdings, Inc. In addition,&#160;the
Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and Defendants and that
MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and the Defendants
have failed to start the Western Project.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>DGMD Complaint</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 19, 2021, a
Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras, Dimitri Deslis,
ATG Holdings, LLC and Curaleaf, Inc. (collectively, the &#8220;Defendants&#8221;) by DGMD Real Estate Investments, LLC, ARMPRO, LLC,
Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the &#8220;Plaintiffs&#8221;) in the District Court
of Clark County, Nevada.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In the Complaint, the
Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put that money towards
the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants&#8217; agents, and (ii)
the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings &#8220;Investment Schemes&#8221;,
and (iii) the Defendants intended to fraudulently obtain Plaintiffs&#8217; money for the purpose of harming the Plaintiffs to benefit
the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement to defraud
the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company&#8217;s consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed&#160;</span>an appropriate and timely answer to the Complaint including
a lengthy and comprehensive series of affirmative defenses and liability and damage avoidances.&#160;As of the date of this filing, discovery
has commenced and written discovery has been exchanged between the parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Tierney Arbitration</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 9, 2021, Terrence Tierney, the Company&#8217;s
former President and Secretary, filed for arbitration with the American Arbitration Association for: (i) breach of contract, (i) breach
of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the amount of $<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_c20210307__20210309__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember_zhFeuYJEmiNe" title="Consideration of past compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2021-03-072021-03-09_custom_FormerSecretaryAndPresidentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">501,085</ix:nonFraction></span>
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On April 7, 2021, the
Company made payment against the wage claim in the amount of $<span id="xdx_908_eus-gaap--PaymentsToEmployees_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember_zViTHf7v8Gcd" title="Payment made for wage claim"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,392</ix:nonFraction></span>, inclusive of $<span id="xdx_908_eus-gaap--PaymentsToEmployees_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember__us-gaap--AwardTypeAxis__custom--WagesMember_zwHt09i3FAhi"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember_custom_WagesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">59,583</ix:nonFraction></span> for wages and $<span id="xdx_905_eus-gaap--PaymentsToEmployees_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember__us-gaap--AwardTypeAxis__custom--AccruedVacationMember_z8pcj1EdzS4a"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember_custom_AccruedVacationMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,854</ix:nonFraction></span> for accrued vacation
and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise has no liability.
The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed fraud, malfeasance
and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess of any monetary claim
made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone the June arbitration and have
referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and
conferred and are scheduled to proceed with arbitration on November 7-10, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 92; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z0iXLZPT9LBa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8212; <span id="xdx_82B_zM79LqUoPqjk">Stockholders&#8217; Equity (Deficit)</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently authorized to issue up to <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220331_zQQ9rCba4pXk" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,000,000</ix:nonFraction></span> shares of Common Stock and <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20220331_zoDHNl6dCtlh" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, par
value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220331_zRpRj0op6wSj" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220331_zL9pOzN5n7f1" title="Common stock shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,000,000</ix:nonFraction></span> shares of Common Stock authorized by the Company&#8217;s Articles of Incorporation, <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220331_zOQqDSOBXwtl" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,501,667</ix:nonFraction></span> shares of Common
Stock are issued and outstanding as of March 31, 2022. Each holder of Common Stock is entitled to one vote per share on all matters
to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common Stock
are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally
available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend to pay
any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings, if any,
for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders of Common
Stock are entitled, unless otherwise provided by law or the Company&#8217;s Articles of Incorporation, including any certificate of designations
for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences of preferred
stockholders. Holders of the Company&#8217;s Common Stock do not have preemptive, conversion, or other subscription rights. There are
no redemptions or sinking fund provisions applicable to the Company&#8217;s Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
Stock Issuances </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, the Company issued and/or sold the following unregistered securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8212; Stockholders&#8217; Equity (Deficit) (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2022 and December 31, 2021,
there are <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20220331_zUizBBbLHEhh" title="Common stock, shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,501,667</ix:nonFraction></span> and <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zhvf99dN8E66" title="Common stock, shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,501,667</ix:nonFraction></span> shares of Common Stock issued and outstanding, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is authorized, without further approval from our stockholders, to create one or more series of preferred stock, and to designate
the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly, the Board
may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other rights
that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of our Common Stock, diluting the voting power of our Common Stock,
impairing the liquidation rights of our Common Stock, or delaying or preventing a change in control of us, all without further
action by our stockholders. Of the <span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zxkxNrhg8Zok" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, par value $<span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zCJrMIDC0iEf" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share, authorized in our Articles
of Incorporation, <span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zgHbCP4mto3i" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500</ix:nonFraction></span> shares are designated as Series A Convertible Preferred Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Series
A Convertible Preferred Stock</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $<span id="xdx_900_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zm2FVFXq8tF8" title="Preferred stock, par or stated value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1,000</ix:nonFraction></span>) by the conversion price (currently,
$<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zEJHulvt9yrj" title="Conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-03-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span>). The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation.
We are prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion,
the holder (together with such holder&#8217;s affiliates and any persons acting as a group with holder or any of such holder&#8217;s
affiliates) would beneficially own in excess of <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20220331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SeriesAConvertiblePreferredStockMember_za5VOioRMl44" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-31_custom_SeriesAConvertiblePreferredStockMember101717890" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.99</ix:nonFraction></span>% of the number of shares of Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon conversion. <span id="xdx_90C_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20220101__20220331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HolderMember_z8eGKLImCdC" title="Description of principal activities"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_SeriesAConvertiblePreferredStockMember_custom_HolderMember" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">A holder, upon notice to us, may increase or decrease
this beneficial ownership limitation; provided, that, in no event can the holder increase the beneficial ownership limitation
in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon the conversion of the Series A Preferred Stock then held by holder</ix:nonNumeric></span>. Such increase of the beneficial ownership
limitation cannot be effective until the 61<sup>st</sup> day after such notice is given to us and shall apply only to such holder.
The Series A Preferred Stock has no voting rights; however, as long as any shares of Series A Preferred Stock are outstanding,
we are not permitted, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A
Preferred Stock to (i) alter or change adversely the powers, preferences, or rights given to the Series A Preferred Stock or alter
or amend the Series A Preferred Stock Certificate of Designation, (ii) amend our Articles of Incorporation or other charter documents
in any manner that adversely affects any rights of the holders, (iii) increase the number of authorized shares of Series A Preferred
Stock, or (iv) enter into any agreement with respect to any of the forgoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 94; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8212; Stockholders&#8217; Equity (Deficit) (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred
Stock Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the three months ended March 31, 2022</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022 and December 31, 2021, there were <span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zf0UNPHwxfb3" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-03-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zE7RBtpKkuO" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span> shares of Series A Preferred Stock issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80E_eus-gaap--EarningsPerShareTextBlock_zx4Zn1mv7yZj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 &#8212; <span id="xdx_828_z6UqaAdgr7P9">Basic and Diluted Earnings (Loss) per Common Share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings (loss) per share is computed by dividing the net income or net loss available to common stockholders by the weighted
average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury
stock method and reflects the potential dilution that could occur if warrants were exercised and were not anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, basic and diluted loss per common share were the same since there were no potentially dilutive
shares outstanding during the respective periods. The outstanding options as of March 31, 2022, to purchase <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20220101__20220331_zfpU7ELADKT8" title="Earnings per share, amount"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span>
shares of common stock were not included in the calculations of diluted loss per share because the impact would have been anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80E_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_ztAYFRBLgkL" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
13 &#8212; <span id="xdx_821_zR5g454alxlg">Stock Based Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Warrants
and Options</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the warrants and options issued, exercised and expired are below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock
Options</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2020, the Company issued an option to purchase <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ParisBalaourasMember_zRzu1vN3UrEf" title="Number of option granted, shares"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RogerBlossMember_zDqolbPbuwej" title="Number of option granted, shares"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zLgCKE9ybcY1" title="Number of option granted, shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_ParisBalaourasMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> shares of common stock to each of Messrs. Balaouras, Bloss and Moyle
as per the terms of their employment agreements. The options have a strike price of $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ParisBalaourasMember_zWuhtWDQ5v4b" title="Option exercise price per"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RogerBlossMember_z6vM3yUWZc22" title="Option exercise price per"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zfJ2fjLgKaLf" title="Option exercise price per"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-142020-09-15_custom_ParisBalaourasMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-142020-09-15_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-142020-09-15_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> and expire on the three-year anniversary date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zoEvLrW5Hc5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the options issued, exercised and expired are below:&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zuenigHi3XR1" style="display: none">Schedule
of Options Issued, Exercised and Expired</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Options:</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
    Avg.<br /> Exercise Price</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining
                                            Contractual Life in Years</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif">Balance
    at December 31, 2021</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220331_z9r9UTV8iQcb" title="Options, Beginning Balance" style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220331_zq0s05Nk0EUh" title="Weighted Average Exercise Price, Beginning Balance" style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z7q2527y7WKd" title="Remaining Contractual Life in Years, Beginning Balance"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">1.68</ix:nonNumeric></span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Issued</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220331_zoS9BuDGx2m1" title="Options, Issued" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1055">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331_zeUqixTgEJ5b" title="Weighted Average Exercise Price, Issued" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1057">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Exercised</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20220101__20220331_zII8Ecng24l3" title="Options, Exercised" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1059">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331_zkbBp46CSISk" title="Weighted Average Exercise Price, Exercised" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1061">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Expired</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_pid_c20220101__20220331_zG1QkzXWlmac" title="Options, Expired" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1063">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331_zfCbbM3d8ajh" title="Weighted Average Exercise Price, Expired" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1065">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance
    at March 31, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220331_zXuFxeHxsRdl" title="Options, Ending Balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220331_zY7lR9Y8ixfi" title="Weighted Average Exercise Price, Ending Balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220331_za71NgxAsw0g" title="Remaining Contractual Life in Years, Ending Balance"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">1.33</ix:nonNumeric></span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable
    at March 31, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220331_zpzZ4GNeANP3" title="Options, Exercisable, Ending Balance" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220331_zXEirJZOJDYh" title="Weighted Average Exercise Price, Exercisable, Ending Balance" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220331_zmI8l7zRwmSk" title="Remaining Contractual Life in Years, Ending Balance"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">1.33</ix:nonNumeric></span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zBDlTgBfYeR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
outstanding as of March 31, 2022 and December 31, 2021 were <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20220331_ztXqXjGiy9M8" title="Options, outstanding, number"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20211231_zG4Exwo3xjWk" title="Options, outstanding, number"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2021, the Company issued an accredited investor a Common Stock Purchase Warrant Agreement in conjunction with the July 2020
Securities Purchase Agreement <span style="background-color: white">granting the holder the right to purchase up to <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zO8Lmd1pTnBa" title="Warrant to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares of
the Company&#8217;s common stock at an exercise price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zwAP5AyBn5bc" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> for a term of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zkI1srTEsww6" title="Warrant term"><ix:nonNumeric contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">4</ix:nonNumeric></span>-years.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zyep4CK0jWta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the warrants issued, exercised and expired are below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zjM2TPWEojNe" style="display: none">Schedule
of Warrants Issued, Exercised and Expired</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants:</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            Exercise Price</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            Contractual <br />
                                            Life in Years</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20220101__20220331_zglmouXg0gVi" title="Warrants Shares, Beginning Balance" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding_iS_pid_c20220101__20220331_zzVQpeD90MMe" title="Weighted Avg. Exercise Price Warrant, Beginning Balance" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 14%; text-align: right"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zkhJ4wlfY6je" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="MJNE:SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2">3.03</ix:nonNumeric></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20220101__20220331_zfOXqDF7h6C9" title="Warrants Shares, Issued" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1096">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceIssued_pid_c20220101__20220331_zgN51UQkqZbf" title="Weighted Avg. Exercise Price Warrant, Issued" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1098">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20220101__20220331_zhLFpOZLS5Ch" title="Warrants Shares, Exercised" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1100">-</span></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExercised_pid_c20220101__20220331_zFhH2DP7NL0g" title="Weighted Avg. Exercise Price Warrant, Exercised" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20220101__20220331_zjgAesdNDmJh" title="Warrants Shares, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1104">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExpired_pid_c20220101__20220331_zryatbixKD55" title="Weighted Avg. Exercise Price Warrant, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1106">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at March 31,
    2022</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20220101__20220331_zHMZYo1Fc234" title="Warrants Shares, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding_iE_pid_c20220101__20220331_zw0R2XyCPzx9" title="Weighted Avg. Exercise Price Warrant, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220331_zY42YPj8KHuf" title="Remaining Contractual Life in Years, Ending Balance"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="MJNE:SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2">3.0</ix:nonNumeric></span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zO81aQIaf9Ki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
outstanding as of March 31, 2022 and December 31, 2021 were <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20220331_zOJdQHYmkqo1" title="Class of Warrant or Right, Outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20211231_zpa78wJatF1d" title="Class of Warrant or Right, Outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span>, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 95; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the Three Months Ended March 31, 2022 and 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Unaudited)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_805_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z55c9XLXRUlk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
14 &#8212; <span id="xdx_82E_zVTcbhEJnb68">Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 1, 2021, the Company entered into a
Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the &#8220;Agreement&#8221;) with Red Earth,
LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer, Paris Balaouras. Under the terms of
the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for expenses related to the activation
and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_ze2QTSZyn0G9" title="Debt interest rate, per annum"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum and increase to <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zTiTf6jaR2pa" title="Debt interest increase"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateIncreaseDecrease" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% upon default.
In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $<span id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MinimumMember_z93fmTJ2N0x5" title="Service costs per month"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> to $<span id="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_zDP6Zf0pykU4" title="Service costs per month"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,500</ix:nonFraction></span> per month. As of March
31, 2022, the amount due the Company under the short-term loan is $138,316.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_802_eus-gaap--SubsequentEventsTextBlock_zk4mW92nnQ94" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
15 &#8212; <span id="xdx_826_zy98I8VozVmd">Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 18, 2022, the Company issued a total of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220412__20220418__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhWS6ikGu92f" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-04-122022-04-18_custom_ThreeDirectorsMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000</ix:nonFraction></span> shares of common stock with a fair market value of $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20220101__20220331__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZyOeWRzbVNk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-01-012022-03-31_custom_ThreeDirectorsMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,500</ix:nonFraction></span> to three directors for
services rendered during the first quarter of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 8, 2022, MJ Holdings, Inc. (the &#8220;Buyer&#8221;) entered into a Common Stock Purchase Agreement (the &#8220;Agreement&#8221;)
with MJH Research, Inc. (the &#8220;Company&#8221;), a Florida corporation, and Sunstate Futures, LLC (the &#8220;Seller&#8221;), a Florida
limited liability company. Under the terms of the Agreement, the Seller agreed to sale all issued and outstanding shares of common stock
(<span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220707__20220708__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseAgreementMember_zDY1w6CYMcwa"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-07-08_us-gaap_SubsequentEventMember_custom_CommonStockPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares) (the &#8220;Common
Stock&#8221;) of the Company to the Buyer. In consideration of the purchase of the shares of Common Stock, the Buyer agreed to issue
the Seller seven million (<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220707__20220708__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseAgreementMember_zVRJv4CnAuU9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-072022-07-08_us-gaap_SubsequentEventMember_custom_CommonStockPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">)
shares of its common stock. The transaction closed on July 11, 2022. Net assets and liabilities of MJH Research, Inc. were approximately
$<span id="xdx_90F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20220708__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--MJHResearchIncMember_zhPlhEyAawx3" title="Net assets and liabilities"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" contextRef="AsOf2022-07-08_us-gaap_SubsequentEventMember_custom_MJHResearchIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> and consideration on the acquisition date equated to approximately $<span id="xdx_903_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220708__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--MJHResearchIncMember_z6OPfTncQBOh" title="Businss acquisition consideration transferred to intellectual property"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles" contextRef="AsOf2022-07-08_us-gaap_SubsequentEventMember_custom_MJHResearchIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,955,000</ix:nonFraction></span>, most of which would be applied to intellectual
property related to research of MJH Research, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">On July
15, 2022, the Company issued a total of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220710__20220715__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zREnUhkjsime"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-07-102022-07-15_custom_ThreeDirectorsMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000</ix:nonFraction></span> shares of common stock with a fair market value of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20220710__20220715__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPM5SpJjj3K1"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-07-102022-07-15_custom_ThreeDirectorsMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,128</ix:nonFraction></span> to three directors for services
rendered during the second quarter of 2022.</span></p>

</ix:nonNumeric><p id="xdx_816_zwolBRIg06ua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
STATEMENT INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_024">Report
    of Independent Registered Public Accounting Firm</a> (PCAOB ID: 3627)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-19</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_025">Consolidated
    Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-20</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_026">Consolidated
    Statements of Operations for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-21</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_027">Consolidated
    Statements of Changes in Stockholders&#8217; Equity (Deficit) for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_028">Consolidated
    Statements of Cash Flows for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_029">Notes
    to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-24</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="a_024"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of MJ Holdings, Inc.:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Opinion
on the Financial Statements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of MJ Holdings, Inc. (&#8220;the Company&#8221;) as of December 31, 2021
and 2020, the related consolidated statements of operations, stockholders&#8217; equity (deficit), and cash flows for each
of the years in the two-year period ended December 31, 2021 and the related notes (collectively referred to as the &#8220;financial
statements&#8221;). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each
of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally accepted in the
United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Explanatory
Paragraph Regarding Going Concern</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered
recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going
concern. Management&#8217;s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Basis
for Opinion</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on
the Company&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an
opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that
our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Critical
Audit Matters</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Critical audit matters are matters arising
from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee
and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there were no critical audit matters.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
Sadler, Gibb &amp; Associates, LLC</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Draper,
UT</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
21, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_025"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1163">-</span></span></td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td><span style="font-size: 10pt">Property and equipment, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1177">-</span></span></td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-left: 10pt"><span style="font-size: 10pt">Deposits</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zjAAQuuPkA37" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_ecustom--LongTermNotesPayables_i02I_z4lhlPRBB1N6" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--LiabilitiesNoncurrent_i02TI_zqHIIWSKKNLc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,811,298</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--Liabilities_i01TI_z0DLXYGLql52" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,076,258</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,788,580</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--CommitmentsAndContingencies_i01I_z5Y7DbSlWhka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Commitments and contingencies (Note 12)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1235">-</span></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--StockholdersEquityAbstract_i01B_z2GGzNXLxoNk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Stockholders&#8217; equity (deficit)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--PreferredStockValue_i02I_zH70o3eHsS4l" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Preferred stock, $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20211231_zNfNDDG8YxSi" title="Preferred stock, par value"><span id="xdx_902_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20201231_zTo3qlsq4Rfa" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_zNVGXWkRFWv5" title="Preferred stock, shares authorized"><span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_c20201231_zAAAx5JWo768" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized, <span id="xdx_901_eus-gaap--PreferredStockSharesIssued_iI_c20211231_zVAyR6VOKbq3" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20201231_zkZbV8ZoutEg" title="Preferred stock, shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></ix:nonFraction></span></span> shares issued; 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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1240">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1241">-</span></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--CommonStockValue_i02I_zd0KkoOoD7xf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--StockholdersEquity_i02TI_z4NDq2YUAcW5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_026"></span>CONSOLIDATED
STATEMENTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td><span style="font-size: 10pt">Operating expenses</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_z9ABuodk7vbj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zHltdi3kyZDk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--InterestExpense_i01N_di_zTbsuD8H0dJ6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Interest expense</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--InvestmentIncomeInterest_i01_zE0egkB6BJ62" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Interest income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr id="xdx_407_ecustom--MiscellaneousIncome_i01_zdLaFwpPV2yl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Miscellaneous income</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1348">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_404_ecustom--LossOnImpairmentOfInvestments_i01_zrsg6toYEqja" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Loss on impairment of investments</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="MJNE:LossOnImpairmentOfInvestments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,845</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="MJNE:LossOnImpairmentOfInvestments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">18,345</ix:nonFraction></span></td>
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  <tr id="xdx_406_eus-gaap--DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown_i01N_di_zAOV5FKXcY82" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Gain on write-down of accrued interest</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--MarketableSecuritiesGainLoss_i01_zhWGg03q4pZ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:MarketableSecuritiesGainLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,857,429</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1357">-</span></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--GainLossOnSaleOfProperties_i01_zNvl8fw4bFnc" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1360">-</span></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--GainsLossesOnSalesOfAssets_i01_z5UR0w288aH" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Gain on sale of luxury box</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1363">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_ecustom--LossOnSaleOfFixedAssets_i01N_di_zWa5Xp0xsSi5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-size: 10pt">Loss on sale of fixed assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="MJNE:LossOnSaleOfFixedAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,288</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1366">-</span></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_ecustom--LossOnConversionOfRelatedPartyNotePayable_i01N_di_zjxzXIAxzxb1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Loss on conversion of related party note payable</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1369">-</span></p></td>
    <td>&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--OtherIncome_i01_z9G2RTQxVqWd" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-size: 10pt">Other income</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,416,357</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1372">-</span></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--NonoperatingIncomeExpense_i01T_zmJ0aE4kwr5c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Total other income (expense)</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,454,417</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">147,878</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zwKt2YsBLtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Net income (loss)</span><span style="font-size: 10pt"> before
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,807,331</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,973,128</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_zor6z9bjqRme" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Provision for income taxes</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">277,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1381">-</span></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--ProfitLoss_iT_zyKK723sHkD4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">Net Income (loss)</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,530,331</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,973,128</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_zWZqxn7QHFUg" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Loss attributable to non-controlling interests</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,513</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetIncomeLoss_zNRkoHtOgQ94" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">Net income (loss) attributable to common shareholders</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,530,331</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,964,615</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt"><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--EarningsPerShareAbstract_iB_zuGxXYnKw6lh" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Net income (loss) attributable to common stockholders per
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    <td>&#160;</td>
    <td><span style="font-size: 10pt"></span></td>
    <td style="text-align: right"><span style="font-size: 10pt"></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"></td>
    <td></td></tr>
  <tr id="xdx_405_eus-gaap--EarningsPerShareBasic_i01_zEAbwEs4e1Fe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 2.5pt">Net loss per share - basic</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></p></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.06</ix:nonFraction></p></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_027"></span>CONSOLIDATED
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT</b></span>)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_028"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_306_112_z63uz3pk8Uka" summary="xdx: Statement - Condensed Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1621">-</span></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--GainOnSaleOfMarketableSecurities_i02N_di_zW7qIoqBSrT4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="MJNE:GainOnSaleOfMarketableSecurities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,857,429</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--GainLossOnDispositionOfAssets_i02N_di_zZqCdNkUgwN7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">337,460</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1631">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--GainLossOnSaleOfFixedAssets_i02N_di_zZSaWdEpoIGf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Gain on disposal of property and equipment</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1634">-</span></p></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_i02_zjuqPZPXxvm4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">277,000</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1637">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--GainLossOnSaleOfProperties_i02N_di_zKVbYKdTNuY7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfProperties" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">260,141</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif">)</td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1640">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_i02_zp0Q0pB7mlfj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock issued for services</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">307,679</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--CommonStockIssuedForWagesPayable_i02_zBsH3aJCwKA6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Common stock issued for wages payable</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="MJNE:CommonStockIssuedForWagesPayable" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">84</ix:nonFraction></p></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1646">-</span></p></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--CommonStockToBeIssuedForTerminationOfRightsParticipationAgreement_i02_zENlH3423Bs5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:CommonStockToBeIssuedForTerminationOfRightsParticipationAgreement" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">630,000</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1649">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--LossOnConversionOfRelatedPartyNotesPayable_i02N_di_z8l4bx5gYoJg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:LossOnConversionOfRelatedPartyNotesPayable" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">310,526</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1652">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--ImpairmentOfNotesReceivableAndInterest_i02_zMwbdQkA1Rg8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1654">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:ImpairmentOfNotesReceivableAndInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,345</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OtherNoncashExpense_i02_zZOY1oinoA98" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherNoncashExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherNoncashExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,405</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ShareBasedCompensation_i02_zxW8Accv6mK" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,579</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,122</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zm2rhVPDw6tc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_zvcETnl9sj3l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_zFHn1wQy7fE9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,040</ix:nonFraction></span></td>
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  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInDepositOtherAssets_i03N_di_zRxAG0YQHUL4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDepositOtherAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">990,000</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i03_z60gixrsYWKk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">498,726</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,306,632</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i03_zTPg7uyVkVkc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,404,444</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1679">-</span></span></td>
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  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_zHuI6WoHdfUc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1681">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">156,229</ix:nonFraction></span></td>
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  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInOtherCurrentLiabilities_i03_zTarqx1PPHZ1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    current liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,328,438</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,328,438</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_zmuENiKyWLV6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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    <td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">109,393</ix:nonFraction></span></td>
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    <td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">237,605</ix:nonFraction></span></td>
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  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zKHRSIac7GH6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,657,679</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">186,365</ix:nonFraction></span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zYjPUMJcRWJj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_zRtSjskZrfP6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">322,574</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,477</ix:nonFraction></span></td>
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  <tr id="xdx_403_eus-gaap--ProceedsFromSaleOfBuildings_i01_zoleuNwNIeEe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--PaymentsToAcquireMarketableSecurities_i01N_di_zK4L5VQeNH0j" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_zx049eXVtDN2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40C_eus-gaap--PaymentsToAcquireNotesReceivable_i01N_di_zoOXQW9WdXNb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1712">-</span></td>
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  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_z0sI3RjYTmy2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">35,477</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zAzmSr5tBHp4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1721">-</span></span></td>
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  <tr id="xdx_40D_eus-gaap--ProceedsFromRelatedPartyDebt_i01_zvVgqA9H5VXd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1723">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_zqpdO9QrDiGb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1726">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1730">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--RepaymentsOfNotesPayable_i01N_di_zElyPxRiJxal" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
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    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,882,675</ix:nonFraction></span></td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RepaymentsOfNotesPayable" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,089</ix:nonFraction></span></td>
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    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,532,675</ix:nonFraction></span></td>
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    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_zZCAFiEnzauc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">94,604</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_z2oCvMRUSm6h" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,536</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,932</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zyL12L5TmWW1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,699,372</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,536</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zwVkNBD4nzOe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Supplemental
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--InterestPaidNet_i01_zjO8tRWVYN7c" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    paid</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,051</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,684</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--IncomeTaxesPaid_i01_zkoTUbGPYy0e" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1753">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1754">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-cash
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--StockIssued1_i01_zYD8HAG6R7Vb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1759">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19</ix:nonFraction></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock issued for stock subscriptions payable</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1762">-</span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_029"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p id="xdx_04F_c20210101__20211231_zYwXcPXvaDkg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_808_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zRex1iyyH8S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span>Description of Business</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_82D_zN75nRwXRXq2" style="display: none">Nature of the Business</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development &#8211; currently concentrated in the Las Vegas market. It is the Company&#8217;s intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to &#8220;prove the concept&#8221; profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to
the formation of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability
Company, formed on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to
change its name to Securitas EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR
Filings, Inc., a Nevada corporation. On February 14, 2014, the Company amended and restated its Articles of Incorporation and
changed its name to MJ Holdings, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 22, 2016, in connection with a plan to divest ourselves of the Company&#8217;s real estate business, the Company submitted to
its stockholders an offer to exchange (the &#8220;Exchange Offer&#8221;) its common stock for shares in MJ Real Estate Partners, LLC,
(&#8220;MJRE&#8221;) a newly-formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company
accepted for exchange <span id="xdx_90A_ecustom--NumberOfCommonStocksExchangedDuringPeriod_c20170109__20170110__srt--ConsolidatedEntitiesAxis__custom--MJRealEatstePartnersMember_zUeYaoPhO3Kj"><ix:nonFraction name="MJNE:NumberOfCommonStocksExchangedDuringPeriod" contextRef="From2017-01-092017-01-10_custom_MJRealEatstePartnersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,800,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its Common Stock in exchange for 1,800,000
shares of MJRE&#8217;s common units, representing membership interests in MJRE. Effective February 1, 2017, the Company transferred its
ownership interests in the real estate properties and its subsidiaries, through which the Company held ownership of the real estate properties,
to MJRE. MJRE also assumed the senior notes and any and all obligations associated with the real estate properties and business, effective
February 1, 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>MJ HOLDINGS, INC. and
SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><i>For the years ended December
31, 2021 and December 31, 2020</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zCcMBem1Mgkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; <span id="xdx_822_zg6HdWprC2g3">Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84F_eus-gaap--ConsolidationPolicyTextBlock_zFXqxTVmdDta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zJV6RdYQhi2j">Principles
of Consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Icon Management, LLC, Condo
Highrise Management, LLC, Prescott Management, LLC and its majority owned subsidiary, Alternative Hospitality, Inc. Inter-company balances
and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_842_eus-gaap--UseOfEstimates_zbIaSSJJnKO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zcaMuVX8GoU6">Use
of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in
the determination of the fair value of financial instruments and the valuation of stock-based compensation. Some of these judgments
can be subjective and complex, and, consequently, actual results may differ from these estimates.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_848_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zOE5zZHJ53Be" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zUW2rE6053D1">Fair
Value of Financial Instruments</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December
31, 2021 and 2020. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair
values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying
values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable
on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement
assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
1:</i> The preferred inputs to valuation efforts are &#8220;quoted prices in active markets for identical assets or liabilities,&#8221;
with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations
of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively
few items, especially physical assets, actually trade in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
2</i>: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they
do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided
a second level of inputs that can be applied in these situations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities
are less precise. The board describes Level 3 inputs as &#8220;unobservable,&#8221; and limits their use by saying they &#8220;shall
be used to measure fair value to the extent that observable inputs are not available.&#8221; This category allows &#8220;for situations
in which there is little, if any, market activity for the asset or liability at the measurement date&#8221;. The FASB explains
that &#8220;observable inputs&#8221; are gathered from sources other than the reporting company and that they are expected to
reflect assumptions made by market participants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:MarketableSecuritiesTextBlock"><p id="xdx_89F_eus-gaap--MarketableSecuritiesTextBlock_z8DjauN6Fz6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, the Company&#8217;s investment in marketable securities &#8211; available for sale was determined
to be a level 1 investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B0_zRR3lHYybuMk" style="display: none">Schedule
of Investment in Marketable Securities</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20211231_ziCkF8YlBaeb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20201231_zWafUmLC5mp2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2020</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--EquitySecuritiesFvNi_iI_maMSzbcy_zMRjcAHOdrT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Marketable
                                         securities</p></td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1781">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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<tr id="xdx_409_eus-gaap--MarketableSecurities_iTI_mtMSzbcy_zGI3Tef1oWWb" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A9_zzFveyaELXq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 13, 2018, the Company entered into a
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shares of their common stock in exchange for <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180813__20180813__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--HealthierChoicesManagementCorpMember_zLpJOG5ACl3k"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-08-132018-08-13_custom_StockPurchaseAgreementMember_custom_HealthierChoicesManagementCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">85,714</ix:nonFraction></span> shares of the Company&#8217;s common stock. The value of the stock exchanged by each
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On February 17,
2021, the Company entered into a Stock Purchase Agreement (the &#8220;ATG Agreement&#8221;) with ATG Holdings, LLC (the
&#8220;ATG&#8221;). Under the terms of the Agreement, the Company purchased&#160;<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_pid_c20210216__20210217__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--ATGHoldingsLLCMember_zyVfdAs5XbK6" title="Number of common stock shares purchased"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" contextRef="From2021-02-162021-02-17_custom_StockPurchaseAgreementMember_custom_ATGHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000,000</ix:nonFraction></span>&#160;shares
of common stock of Healthier Choices Management Corp (&#8220;HCMC&#8221;) from ATG for the purchase price of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_c20210216__20210217__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--ATGHoldingsLLCMember_zVpdos5cy9Eh" title="Purchase price of shares purchased"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" contextRef="From2021-02-162021-02-17_custom_StockPurchaseAgreementMember_custom_ATGHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span>.
The transaction closed on February 19, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">During the year ended December 31, 2021, the Company liquidated the marketable
securities it received in the HCMC Agreement and ATG Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The net proceeds received
by the Company from the sale of the marketable securities were $<span id="xdx_90E_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__dei--LegalEntityAxis__custom--ATGHoldingsLLCMember_zT29guBZImHb" title="Gain on sale of investment"><ix:nonFraction name="us-gaap:ProceedsFromSaleAndMaturityOfMarketableSecurities" contextRef="From2021-01-012021-12-31_custom_StockPurchaseAgreementMember_custom_ATGHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,857,429</ix:nonFraction></span>&#160;that was recorded as a gain on sale of investment for the
year ended December 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zBmwhDCZ9C8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zoRkQJ85VYB2">Cash</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
includes cash on hand and deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal
and use and with an original maturity of three months or less. The Company maintains its cash in bank deposit accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, at various times throughout the year, had cash in financial institutions in excess of Federally insured limits. However, the
Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on its credit balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"><p id="xdx_848_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zU8mMosU86q4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zumxWfUGnom3">Accounts
Receivable and Allowance for Doubtful Accounts</span>:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as
necessary, based on past experience and other factors which, in management&#8217;s judgment, deserve current recognition in estimating
bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts
to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts
requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing
the Company&#8217;s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection
experience, current aging status of the customer accounts, and the financial condition of the Company&#8217;s customers. Based on a review
of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a
whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zAXiHP9WN9Hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B4_zOHyRCKozS2e" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
                                            of Accounts Receivable and Allowance for Doubtful Accounts</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20211231_zzTFDpeGaj5c" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br /> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20201231_zE0BtbVBMjCb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_di_msARNCz47s_zLkDv8cowB5g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,190</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--AccountsReceivableNet_iTI_mtARNCz47s_zKujY4jz7q9h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net accounts receivable</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zXNRK8rMSAId" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtPolicyTextBlock"><p id="xdx_840_eus-gaap--DebtPolicyTextBlock_zv7fpVaPnIjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_z3JFbDPcfHcj">Debt
Issuance Costs</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
associated with obtaining, closing, and modifying loans and/or debt instruments are netted against the carrying amount of the debt instrument,
and charged to interest expense over the term of the loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_847_eus-gaap--InventoryPolicyTextBlock_z4NtaDd5XYvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zauAaE8DQoJ">Inventory</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
is comprised of raw materials, finished goods and work-in-process such as pre-harvested cannabis plants and by-products to be extracted.
The costs of growing cannabis, including but not limited to labor, utilities, nutrition and supplies, are capitalized into inventory
until the time of harvest. All direct and indirect costs related to inventory are capitalized when incurred, and subsequently classified
to cost of goods sold in the Consolidated Statements of Operations. Work-in-process is stated at the lower of cost or net realizable
value, determined using the weighted average cost. Raw materials and finished goods inventory is stated at the lower of cost or net realizable
value, with cost being determined on the first-in, first-out (&#8220;FIFO&#8221;) method of accounting. Net realizable value is determined
as the estimated selling price in the ordinary course of business less estimated costs to sell. The Company periodically reviews physical
inventory for excess, obsolete, and potentially impaired items and reserves. The Company reviews inventory for obsolete, redundant and
slow-moving goods and any such inventory is written down to net realizable value. Packaging and supplies are initially valued at cost.
The reserve estimate for excess and obsolete inventory is based on expected future use. The reserve estimates have historically been
consistent with actual experience as evidenced by actual sale or disposal of the goods. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_847_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zgpmwacke9ce" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zqhbJnPjPivg">Property
and Equipment</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line
method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs
that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated
depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
in progress primarily represents the construction or the renovation costs stated at cost less any accumulated impairment loss,
which is not depreciated. Costs incurred are capitalized and transferred to property and equipment upon completion, at which time
depreciation commences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:ScheduleOfUsefulLivesForPropertyPlantEquipmentTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfUsefulLivesForPropertyPlantEquipmentTableTextBlock_z3V0GGtav3K" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are depreciated over their estimated useful lives as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BE_zCwFPayuM9pe" style="display: none">Schedule
of Property and Equipment Estimated Useful Lives</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 65%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zLtv7jAsbcph" title="Buildings"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_BuildingMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">12</ix:nonNumeric></span> years</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land</span></td>
    <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zoCnPhy5TiH7" title="Land" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_LandMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">Not
    depreciated</ix:nonNumeric></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
    in progress</span></td>
    <td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_z41JF4FU9qK3" title="Construction in progress" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_ConstructionInProgressMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">Not
    depreciated</ix:nonNumeric></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    Improvements</span></td>
    <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z6Pg1uIToAEb" title="Property, plant and equipment, estimated useful lives, description" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_LeaseholdImprovementsMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">Lessor
    of lease term or 5 years</ix:nonNumeric></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    and Equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zVTEVKJCynZ7" title="Machinery and Equipment"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and Fixtures</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7jbKoGUxO62" title="Furniture and Fixtures"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_8AE_zd7AwCIagAh6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_845_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zTSJeQxk4Ei1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zZDmToO73Hn3">Long&#8211;lived
Assets</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, including real estate property and intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying
amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment
to be recognized equals the amount by which the carrying value of the assets exceeds its fair value. The Company did not record any impairments
of long-lived assets during the year ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
                                         HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 2 &#8212;
Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zQqq321NbDC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_z3xCFtT3tNRi">Impairment
of Long-lived Assets</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset&#8217;s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, &#8220;Impairment
or Disposal of Long-Lived Assets.&#8221; ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted
cash flow analysis or appraisals. The Company recorded an impairment of its long-lived assets in the amount of $<span id="xdx_90A_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_c20210101__20211231_zfh5hH30nLP8"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,845</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_901_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_c20200101__20201231_z2s5fOMu9efg"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,345</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ended December 31, 2021
and 2020, respectively. Please <i>see</i> <b>Note 9 &#8212;Asset Impairment</b> for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:OtherCurrentLiabilitiesPolicyTextBlock"><p id="xdx_849_ecustom--OtherCurrentLiabilitiesPolicyTextBlock_zULd4Yp3a966" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_860_zNYr7xChPPf4">Other Current Liabilities</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s other current liabilities
consisted of amounts due under the management agreement and performance guarantee with Acres Cultivation, LLC. As of December 31, 2021
and 2020, other current liabilities were $<span id="xdx_90A_eus-gaap--OtherLiabilitiesCurrent_iI_c20211231_z0vrXYNeHzY2" title="Other current liabilities"><span style="-sec-ix-hidden: xdx2ixbrl1841">-</span></span> and $<span id="xdx_90E_eus-gaap--OtherLiabilitiesCurrent_iI_c20201231_ziJqVxasX0Dg" title="Other current liabilities"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,328,438</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:NonControllingInterestPolicyTextBlock"><p id="xdx_845_ecustom--NonControllingInterestPolicyTextBlock_zNOGNuWe2pB" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zIEWyaRVJ7re">Non-Controlling
Interest</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s non-controlling interest represents
the minority shareholder&#8217;s ownership interest related to the Company&#8217;s subsidiary, Alternative Hospitality, Inc. The Company
reports its non-controlling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports
both net loss attributable to the non-controlling interest and net loss attributable to the Company&#8217;s common shareholders on the
face of the Consolidated Statements of Operations. The Company&#8217;s equity interest in Alternative Hospitality, Inc. is <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlternativeHospitalityIncMember_zExc9wzwlezj" title="Equity Method Investment, Ownership Percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_AlternativeHospitalityIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span>% and the
non-controlling stockholder&#8217;s interest is <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_c20211231__srt--OwnershipAxis__custom--StockholderMember_z778Af90ujkh" title="Non-controlling interest percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2021-12-31_custom_StockholderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49</ix:nonFraction></span>%. This is reflected in the Consolidated Statements of Equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_848_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zL27URgK3Dg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zbqFaypPEmdb">Revenue
Recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2018, the Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) 606 &#8211; <i>Revenue from Contracts
with Customers</i> using the modified retrospective method. There was no impact upon adoption of ASC 606 on its consolidated financial
statements. The new revenue standard was applied prospectively in the Company&#8217;s consolidated financial statements from January
1, 2018 forward and reported financial information for historical comparable periods will not be revised and will continue to
be reported under the accounting standards in effect during those historical periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined
in the Accounting Standards Codification (&#8220;ASC&#8221;) 606:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
1 &#8211; Identify the Contract with the Customer &#8211; A contract exists when (a) the parties to the contract have approved the contract
and are committed to perform their respective obligations, (b) the entity can identify each party&#8217;s rights regarding the goods
or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract
has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled
in exchange for the goods or services that will be transferred to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
2 &#8211; Identify Performance Obligations in the Contract &#8211; Upon execution of a contract, the Company identifies as performance
obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods
or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes
multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being
distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance
obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
3 &#8211; Determine the Transaction Price &#8211; When (or as) a performance obligation is satisfied, the Company shall recognize as
revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine
the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company
would determine the amount of variable consideration that should be included in the transaction price based on expected value method.
Variable consideration would be included in the transaction price, if in the Company&#8217;s judgement, it is probable that a significant
future reversal of cumulative revenue under the contract would not occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
                                         HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 2 &#8212;
Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
4 &#8211; Allocate the Transaction Price &#8211; After the transaction price has been determined, the next step is to allocate the transaction
price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price
will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance
obligations based on the relative standalone selling price (SSP) at contract inception.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
5 &#8211; Satisfaction of the Performance Obligations (and Recognize Revenue) &#8211; Revenue is recognized when (or as) goods or services
are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good
or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially
all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining
the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession
of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at
a point in time or over time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
majority of the Company&#8217;s revenue was derived under the agreements, Consulting Agreement and Equipment Lease Agreement, entered
into with Acres Cultivation, LLC. Revenue derived from consulting services fees are recognized over the term of the arrangement as services
are provided. Revenue is presented net of discounts, fees and other related taxes. Revenue derived from equipment leases </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
recognized when the lease agreement is entered into and control of the equipment has passed to the customer. The Company&#8217;s remaining
revenue is derived from its rental property in Nye County, Nevada. Rental revenue for operating leases is recognized on a straight-line
basis over the term of the lease. Rental revenue recognition commences when the leased space is available for use by the lessee.</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:ScheduleOfRentalRevenueRecognitionTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfRentalRevenueRecognitionTableTextBlock_zc2coAA3Egsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BD_zhF1NnDDxrV4" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span id="xdx_F45_zUkOzMlYx25f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="MJNE:ManagementIncome" contextRef="From2021-01-012021-12-31" id="Fact001858" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,989</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Product
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="xdx_F0B_z9dRQMApUzak" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zIaAofAc2p95" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
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    &#8220;Licensed Operator&#8221;) that holds a license for the legal cultivation of marijuana for sale under the laws of the State
    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (<span id="xdx_907_ecustom--PercentageOfGrossRevenuePayable_pid_dp_c20180401__20180430__us-gaap--TypeOfArrangementAxis__custom--ManagementAgreementMember__dei--LegalEntityAxis__custom--AcresCultivationLLCMember_z8jFgO98nep" title="Revenue payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFJlbnRhbCBSZXZlbnVlIFJlY29nbml0aW9uIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="MJNE:PercentageOfGrossRevenuePayable" contextRef="From2018-04-012018-04-30_custom_ManagementAgreementMember_custom_AcresCultivationLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span>%) percent of gross revenues defined as
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span>(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Product sales from Company inventory. As part of the
    termination of the Acres Cultivation, LLC Cultivation and Sales Agreement, the Company was given cannabis available for resale. Sales
    in 2021 include product sold to third parties and product given in exchange for rent. Please <i>see</i> <b>Note 4 &#8212; Inventory
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  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_z4KtRJSvC12d">(iii)</span></td>
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    <b>Note 4 &#8212; Inventory for further information.</b></ix:footnote></td></tr>
</table>
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</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:ContractBalancesPolicyTextBlock"><p id="xdx_84E_ecustom--ContractBalancesPolicyTextBlock_zsvj9vrl8xSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_z3e3BjDQTFN8">Contract
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company receives payments for new Cultivation and Sales Agreements (the &#8220;Agreements&#8221;) upon signing and defers revenue recognition
for these payments until certain milestones are met as per the terms of the Agreements. In addition, the Company sold its luxury suite
at the Raiders Stadium and amortizes the income from this sale at each home game. These payments represent contract liabilities and are
recorded as such on the balance sheet. As of December 31, 2021 and 2020, the Company had $<span id="xdx_902_eus-gaap--ContractWithCustomerLiability_iI_c20211231_zVFeAJW1jOf" title="Contract with customer liability"><ix:nonFraction name="us-gaap:ContractWithCustomerLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,404,444</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--ContractWithCustomerLiability_iI_dxL_c20201231_zGtdyDo8Y9Zd" title="Contract with customer liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1881">-</span></span> contract liabilities, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s share-based payment awards principally consist of grants of common stock. In accordance with the applicable accounting
guidance, stock-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company
measures compensation cost based on the grant date fair value and recognizes compensation expense in the consolidated statements
of operations over the requisite service or performance period the award is expected to vest. The fair value of liability-classified
awards is at each reporting date through the settlement date. Change in fair value during the requisite service period will be
remeasured as compensation cost over that period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant date with a term equal to
the expected term of the stock-based award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
stock-based financial instruments issued to parties other than employees, the Company uses the contractual term of the financial
instruments as the expected term of the stock-based financial instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used in calculating the fair value of stock-based financial instruments represent its best estimates, but these estimates
involve inherent uncertainties and the application of management judgment. As a result, if factors change and it uses different assumptions,
its stock-based compensation expense could be materially different in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_848_eus-gaap--LesseeLeasesPolicyTextBlock_zD7zdLpXllH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z9RyjxJix9Ck">Operating
Leases</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC Topic 842, Leases, on
January 1, 2019. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (&#8220;ROU&#8221;)
assets and lease liabilities. ROU assets represent the Company&#8217;s right to use underlying assets for the lease terms and lease liabilities
represent the Company&#8217;s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease
liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. As
the Company&#8217;s leases do not provide an implicit rate, the Company used its estimated incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. A number of the lease agreements contain options to
renew and options to terminate the leases early. The lease term used to calculate ROU assets and lease liabilities only includes renewal
and termination options that are deemed reasonably certain to be exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized lease liabilities, with
corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months.
The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized
lease incentives provided by lessors. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease
term and is recorded in selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes
and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable
lease payments are based occur. The Company has elected not to separate lease and non-lease components for all property leases for the
purposes of calculating ROU assets and lease liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zlJ4tgXQ0Lr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_znB13soLzwV2">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers
it is more likely than not that some portion or all of the deferred tax assets will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of
being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred
as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of
the reporting periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z3UYmbuIu902" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_865_zKTSgYm3DJ3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Accounting Pronouncements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock Based Compensation:</b> In June 2018,
FASB issued ASU No. 2018-07, <i>Compensation &#8211; Stock Compensation (Topic 718)</i>, <i>Improvements to Nonemployee Share Based Payment
Accounting.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments in this Update expand the scope
of stock compensation to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance in
this Update does not apply to transactions involving equity instruments granted to a lender or investor that provides financing to the
issuer. The guidance is effective for fiscal years beginning after December 31, 2018 including interim periods within the fiscal year.
The Company adopted with an effective date of January 1, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Certain
Statements of Operations reclassifications have been made in the presentation of the Company&#8217;s prior financial statements and accompanying
notes to conform to the presentation for the three and nine months ended September 30, 2021. The Company reclassified certain asset accounts
(prepaid expenses and property and equipment) on its Balance Sheet. The reclassification had no impact on financial position, net income,
or shareholder&#8217;s equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_809_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zMIKxChaNz87" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212; <span id="xdx_82C_ztKs7phfTmbc">Going Concern</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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the year ended December 31, 2021. <span style="background-color: white">The Company had negative cash flows from operations of
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for the <span style="background-color: white">year</span> ended December 31, 2021.</span> At December 31, 2021, the
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factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern for one year from the issuance of
the financial statements. The ability of the Company to continue as a going concern is dependent on the Company&#8217;s ability to
further implement its business plan, raise capital, and generate revenues. The Financial Statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212; Going Concern (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s current capital resources include cash, and inventories. Historically, the Company has financed its operations principally
through equity and debt financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_808_eus-gaap--InventoryDisclosureTextBlock_zeraqSwHmEee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span id="xdx_826_z2yCwJwRd4zi">Inventory</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_z4AufHW565n7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
at December 31, 2021 and December 31, 2020 consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zhk8R5ObAwJ4" style="display: none">Schedule
of Inventory</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br /> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%"><span id="xdx_F47_zTUtvk6mJtuc">Inventory &#8211; finished goods (i)</span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--InventoryFinishedGoods_iI_c20211231_fKGkp_ze4Jq3ZIiJK4" title="Inventory - finished goods" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2021-12-31" id="Fact001911" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,271,402</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--InventoryFinishedGoods_iI_c20201231_fKGkp_zRkKWszvzue9" title="Inventory - finished goods" style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1913">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Storage inventory (ii)(iii)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p id="xdx_983_eus-gaap--OtherInventory_iI_c20211231_fKGlpKShpaWkp_zaGbhRaI5op9" title="Storage inventory" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:OtherInventory" contextRef="AsOf2021-12-31" id="Fact001915" format="ixt:numdotdecimal" decimals="0" unitRef="USD">498,675</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--OtherInventory_iI_c20201231_fKGlpKShpaWkp_z5dhQIXk14ci" title="Storage inventory" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1917">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less reserve</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--InventoryValuationReserves_iNI_di_c20211231_z2fagqaqazX7" title="Less reserve" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,770,077</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--InventoryValuationReserves_iNI_di_c20201231_zYgKaiC8Vyel" title="Less reserve" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1921">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Inventory, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InventoryNet_iNI_di_c20211231_zoL3ORW6A27a" title="Inventory, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1923">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--InventoryNet_iNI_di_c20201231_zglS4mQ0xtP5" title="Inventory, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1925">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zrpPxr8leVA8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zWfdO66btIv5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001926" xml:lang="en-US">On
    January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation, LLC. During the year
    ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its <span id="xdx_90A_ecustom--EquipmentUtiluzed_iI_uAcre_c20210121_zhupMbMu7F6a" title="Lease acres" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVudG9yeSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="MJNE:EquipmentUtiluzed" contextRef="AsOf2021-01-21" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">260</ix:nonFraction></span> Acres adjacent to the
    Acres lease. As part of the termination, the Company was granted the right to retain 3,654 lbs. of cannabis from the Cultivation
    Facility for resale.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F09_zem90qdvUU69" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zXyXo5w71Ypf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001929" xml:lang="en-US">On
    April 14, 2021, the Company entered into a storage work order with TapRoot Labs (&#8220;TapRoot&#8221;). Under the terms of the work
    order, the Company stored 1827 lbs. of fresh frozen flower (&#8220;Product&#8221;) with TapRoot at a rate of $<span id="xdx_907_eus-gaap--PaymentsForRent_c20210401__20210414_zcNOwrf2yQAj" title="Rent payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVudG9yeSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-04-012021-04-14" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,000</ix:nonFraction></span>/ month. Rent
    was payable through Product stored with TapRoot at the rate of $175/lb. The work order had a term of 5 months and then continued
    on a month-to-month basis upon the same terms. At December 31, 2021, the Company had 889 lbs. stored with TapRoot. The Company
    has elected to reserve the full amount of Product stored with TapRoot as it does not anticipate any future sales will be made.</ix:footnote></span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F0F_zdVmmbWteIZj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zcKKNiczVzmi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001932" xml:lang="en-US">On
    April 13, 2021, the Company entered into a Storage &amp; Purchase Agreement (the &#8220;Agreement&#8221;) with AP Management, LLC
    (&#8220;AP&#8221;). Under the terms of the Agreement, the Company stored 1827 lbs. of fresh frozen flower (&#8220;Product&#8221;)
    with AP. AP was granted the exclusive right to purchase the Product at a rate of $175/lb for the first 30 days of storage. After
    30 days, the Company had the right to make sales to third parties. At December 31, 2021, the Company had 1827 lbs. stored with AP.
    The Company has elected to reserve the full amount of Product stored with AP as it does not anticipate any future sales will be made.
    Please <i>see</i> <b>Item 3. Legal Proceedings </b>for further information.</ix:footnote></span></td>
    </tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zgU1ei7KkRLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"><p id="xdx_80E_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_zfxBXucuNHY9" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; <span id="xdx_824_zTi0CGUB42Pc">Note Receivable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock_z0fNwe5uhWpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
receivable at December 31, 2021 and December 31, 2020 consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BD_zDplfSlFgNo9" style="display: none">Schedule
of Note Receivable</span>&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20211231_zXFFoRXSs0A" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20201231_z8xi5Cyw7gf8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NotesReceivableNet_iI_hdei--LegalEntityAxis__custom--GeneRxMember_z9QPam9QFkR7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 1.5pt"><span id="xdx_F46_zIL3zk5UElqh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    receivable- GeneRx (i)(ii)</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2021-12-31_custom_GeneRxMember" id="Fact001938" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1939">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--NotesReceivableNet_iI_zgCrxc7IJKS4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NotesReceivableNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1942">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span id="xdx_F09_zQhzJMuORIMe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zRDVzPJrpQVi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001943" xml:lang="en-US">On
    March 12, 2021, the Company (the &#8220;Holder&#8221;) was issued a Convertible Promissory Note (the &#8220;Note&#8221;) by GeneRx
    (the &#8220;Borrower&#8221;), a Delaware corporation, in the amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_z9D2JM168rgh" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>.
    The Note has a term of <span id="xdx_90B_eus-gaap--DebtInstrumentTerm_dc_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zC4SBAjWtjMh" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">one
    year</ix:nonNumeric></span> (March 12, 2022 Maturity Date) and accrues interest at two percent (<span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zKkDlaxEfPY8" title="Debt instrument interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>%)
    per annum. <span id="xdx_901_eus-gaap--DebtConversionDescription_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zRNG5AaVzNWb" title="Debt conversion description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonNumeric contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" name="us-gaap:DebtConversionDescription">The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a fixed conversion price of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zTUlhTRKM6T8" title="Debt convertible conversion" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span></ix:nonNumeric></span> per share. Upon an Event of Default, the Conversion Price shall equal the Alternate Conversion Price (as defined herein)
    (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower&#8217;s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The &#8220;Alternate Conversion Price&#8221; shall equal the lesser of (i) <span id="xdx_904_eus-gaap--DebtWeightedAverageInterestRate_iI_pid_dp_c20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zJmkzEfx8gJg" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtWeightedAverageInterestRate" contextRef="AsOf2021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>%
    multiplied by the average of the three lowest daily volume weighted average prices (&#8220;VWAP&#8221;) during the previous twenty (<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uDays_c20210307__20210312__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--TitleOfIndividualAxis__custom--GeneRxMember_zuIUOHPrOXm2" title="Trading days" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-03-072021-03-12_us-gaap_ConvertibleDebtMember_custom_GeneRxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Days">20</ix:nonFraction></span>)
    Trading Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the Market Price (as defined herein) (representing a discount rate of 20%). &#8220;Market Price&#8221; means the average of the
    three lowest daily VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the
    rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid (the &#8220;Default Interest&#8221;). The Company funded $<span id="xdx_906_eus-gaap--ProceedsFromNotesPayable_c20210314__20210315_zJp3IoFlxgl1" title="Notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-03-142021-03-15" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>
    on March 15, 2021, $<span id="xdx_90D_eus-gaap--ProceedsFromNotesPayable_c20210401__20210402_zTu4fIsUsCE2" title="Notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-04-012021-04-02" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction></span>
    on April 2, 2021 and $<span id="xdx_903_eus-gaap--ProceedsFromNotesPayable_c20210405__20210407_zJ14F9y5guS9" title="Notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2021-04-052021-04-07" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>
    on April 7, 2021. As of December 31, 2021, $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20211231_zIijeMw89xZ3" title="Debt face amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGUgUmVjZWl2YWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> principal was due on the Note.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zI2BZkUkDXR5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z8zfMDuzZZdb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001966" xml:lang="en-US">The
    convertible note receivable is considered available for sale debt securities with a private company that is not traded in active
    markets. Since observable price quotations were not available at acquisition, fair value was estimated based on cost less an appropriate
    discount upon acquisition. The discount of each instrument is accreted into interest income over the respective term as shown within
    the Company&#8217;s Condensed Consolidated Statements of Operations.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zl8hINQ5jmc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zEE9O1PswtN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span id="xdx_823_zW9mQjU6SY1f">Property and Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_896_eus-gaap--PropertyPlantAndEquipmentTextBlock_z1AM1joFlXUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and Equipment at December 31, 2021 and 2020 consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BC_zW13JkG9Dx2d" style="display: none">Schedule
of Property and Equipment</span>&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" id="xdx_49D_20211231_ziumvmblwfX5" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>December 31,<br />
    2021</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" id="xdx_49C_20201231_zEwzeX8I6hS5" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>December 31,<br />
    2020</b></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z2ClomtbNuP5" style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 64%"><span style="font-size: 10pt">Leasehold Improvements</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">$</td>
    <td style="width: 14%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_LeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">654,628</ix:nonFraction></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
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    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zD1XS1HfEVg2" style="vertical-align: bottom; background-color: white">
    <td><span style="font-size: 10pt">Machinery and Equipment</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">244,583</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,087,679</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandBuildingsAndImprovementsMember_z4UgmSdQ8jCj" style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Building and Land</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_LandBuildingsAndImprovementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,650,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zNoHgTPuHS77" style="vertical-align: bottom; background-color: white">
    <td><span style="font-size: 10pt">Furniture and Fixtures</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">566,220</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">543,366</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzHBg_zFVI9GdC4Qrj" style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Total property and equipment</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,115,431</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzHBg_z4PKGWfPXhJ5" style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Less: Accumulated depreciation</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">536,500</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">948,651</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzHBg_ztxknq5N2Tnd" style="vertical-align: bottom; background-color: white">
    <td><span style="font-size: 10pt">Property and equipment, net</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,578,931</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">$</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,155,675</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A9_zPjvUmkMGEeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the years ending December
31, 2021 and 2020 was $<span id="xdx_902_eus-gaap--Depreciation_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_z20mHyONHyz8"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">293,937</ix:nonFraction>
</span>and $<span id="xdx_903_eus-gaap--Depreciation_c20200101__20201231__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zuxfyxdaJgfd"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-01-012020-12-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">453,887</ix:nonFraction></span>,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_801_eus-gaap--IntangibleAssetsDisclosureTextBlock_zkwCwJiIFf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8212; <span id="xdx_824_zZG9l5xwmxkl">Intangible Assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2016, Red Earth, LLC (&#8220;Red Earth&#8221;),
a Nevada limited liability company, entered into an Asset Purchase and Sale Agreement with the owner of a provisional Medical Marijuana
Establishment Registration Certificate (the &#8220;Provisional Grow License&#8221;) issued by the state of Nevada for the cultivation
of medical marijuana for $<span id="xdx_90D_eus-gaap--PaymentsToAcquireIntangibleAssets_c20161001__20161031__dei--LegalEntityAxis__custom--RedEarthLLCMember__us-gaap--LeaseContractualTermAxis__custom--ProvisionalGrowLicenseMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAndSaleAgreementMember_zNzNJDlPOS6l" title="Agreement amount received from seller"><ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2016-10-012016-10-31_custom_RedEarthLLCMember_custom_ProvisionalGrowLicenseMember_custom_AssetPurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>. To initiate the purchase and transfer the Provisional Grow License, the Company paid a $<span id="xdx_908_eus-gaap--PaymentsForDeposits_c20161001__20161031__dei--LegalEntityAxis__custom--RedEarthLLCMember__us-gaap--LeaseContractualTermAxis__custom--ProvisionalGrowLicenseMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAndSaleAgreementMember_zgD7lSie2Cu2" title="Payment for deposit"><ix:nonFraction name="us-gaap:PaymentsForDeposits" contextRef="From2016-10-012016-10-31_custom_RedEarthLLCMember_custom_ProvisionalGrowLicenseMember_custom_AssetPurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> deposit
to the seller in October 2016.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Provisional Grow License remains in a provisional
status until the Company has completed the build out of a cultivation facility and obtained approval from the state of Nevada to begin
cultivation in the approved facility. Once approval from the state of Nevada is received, the Company begins the cultivation process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">On December
15, 2017, the Company acquired <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20171215__us-gaap--BusinessAcquisitionAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_z0xkmRNnzyRb" title="Outstanding membership interests acquired percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding membership interests of Red Earth for <span id="xdx_90F_ecustom--NumberOfCommonStocksExchangedDuringPeriod_pid_c20171214__20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zvF6ZRGriwC7" title="Number of common stocks, exchanged during period"><ix:nonFraction name="MJNE:NumberOfCommonStocksExchangedDuringPeriod" contextRef="From2017-12-142017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,732,969</ix:nonFraction></span> shares of common stock of the
Company, par value $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zHRFiB2UKCii" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> and a Promissory Note in the amount of $<span id="xdx_90E_eus-gaap--NotesPayable_iI_pid_c20171215__dei--LegalEntityAxis__custom--RedEarthLLCMember_zInEGpLydGD2" title="Note payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,000</ix:nonFraction></span>. Red Earth became a wholly owned subsidiary (the &#8220;Subsidiary&#8221;)
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On or about May 7, 2021, the Subsidiary, received
an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding the transfer of ownership of the Subsidiary
from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus a Category II violation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 27, 2021, the Subsidiary entered into
a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;) with the CCB. Under the terms of
the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31, 2021, a plan pursuant to which the
ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation Order resolved the matter without
the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $<span id="xdx_902_ecustom--CivilPenaltyAmount_c20210724__20210729_zILwS10uc6x" title="Civil penalty amount"><ix:nonFraction name="MJNE:CivilPenaltyAmount" contextRef="From2021-07-242021-07-29" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>, which was paid on July 29, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 1, 2021, the Company entered into a
Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the &#8220;Agreement&#8221;) with Red Earth,
LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer, Paris Balaouras. Under the terms of
the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for expenses related to the activation
and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_z8bDRDM1Oc3f"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum and increase to <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zpysrvG0vpQl"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateIncreaseDecrease" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% upon default.
In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MinimumMember_zbgeCCngE5Te"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> to $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_zaxpGfBuqLQ5"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,500</ix:nonFraction></span> per month. As of December
31, 2021, the amount due the Company under the short-term loan is $<span id="xdx_90E_eus-gaap--ShortTermBorrowings_iI_c20211231__dei--LegalEntityAxis__custom--RedEarthLLCMember_z8fuLsOppyh5" title="Short-term loan, amount"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,165</ix:nonFraction></span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On August 26, 2021, the
Company and the Company&#8217;s Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated December
15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement resulting in
the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another pursuant to
the terms of the Purchase Agreement. Please <i>see</i> <b>Note 15 &#8212; Gain on Disposal of Subsidiary </b>for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 2, 2021, the Company received approval
of the Termination Agreement from the CCB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:DepositsDisclosureTextBlock"><p id="xdx_807_ecustom--DepositsDisclosureTextBlock_z1e1t0OWv9Ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8212;<span id="xdx_825_zMwn3RhJcBkj">Deposits</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:DepositsTableTextBlock"><p id="xdx_892_ecustom--DepositsTableTextBlock_zFREgm2Rwzy6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
as of December 31, 2021 and 2020 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zkoVGoVTG3nh" style="display: none">Schedule
of Deposits</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20211231_zSzANuaVPwn1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20201231_zHVuiCi5TpW8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--Deposits_iI_hdei--LegalEntityAxis__custom--MJDistributingIncMember_zUv1dgk18uJb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">MJ Distributing, Inc. (i)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2021-12-31_custom_MJDistributingIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2022">-</span></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--Deposits_iI_hdei--LegalEntityAxis__custom--MJDistributingIncTwoMember_znHvWsquOLz8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">MJ Distributing, Inc. (ii)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2024">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2020-12-31_custom_MJDistributingIncTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,817</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--Deposits_iI_z7Mnzett0dc7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,016,184</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,817</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.25in">&#160;</td>
  <td style="width: 0.5in">(i)</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2021, the
  Company (the &#8220;Purchaser&#8221;) executed a Membership Interest Purchase Agreement (&#8220;MIPA3&#8221;) with MJ Distributing,
  Inc. (the &#8220;Seller&#8221;) to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ
  Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a
  provisional medical and recreational production license. In consideration of the sale, transfer, assignment and delivery of the
  Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash,
  promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($<span id="xdx_903_eus-gaap--DistributionMadeToLimitedPartnerCashDistributionsPaid_c20210204__20210205__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember__dei--LegalEntityAxis__custom--MJDistributingIncMember_zcJtXD9Oad3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DistributionMadeToLimitedPartnerCashDistributionsPaid" contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250,000.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
  in cash and/or promissory notes and <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20210204__20210205__dei--LegalEntityAxis__custom--MJDistributingIncMember__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember_zhQSKbwmxOpd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
  of the Company&#8217;s restricted common stock, all of which constitutes the consideration agreed to herein for (the &#8220;<span style="text-decoration: underline">Purchase
  Price</span>&#8221;), payable as follows: <span id="xdx_901_eus-gaap--DistributionPaymentMadeToLimitedPartnerFormsOtherThanCashOrStockDescription_c20210204__20210205__dei--LegalEntityAxis__custom--MJDistributingIncMember__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember_zXmfxYxmKb6b" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2021-02-042021-02-05_custom_MembershipInterestPurchaseAgreementMember_custom_MJDistributingIncMember" name="us-gaap:DistributionPaymentMadeToLimitedPartnerFormsOtherThanCashOrStockDescription">(i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business days after the Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) provides notice on its agenda that the Licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(ii)</p></td>
  <td style="text-align: justify">On August 28, 2019, the Company entered into a Membership Interest Purchase
Agreement (the &#8220;Agreement&#8221;) with Element NV, LLC, an Ohio limited liability company (the &#8220;Buyer&#8221;), to sell forty-nine
percent (<span id="xdx_907_ecustom--SaleOfOwnershipPercentage_iI_dp_c20190828__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--BuyerMember_z0ynwNtqKwC" title="Sale of ownership, percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="MJNE:SaleOfOwnershipPercentage" contextRef="AsOf2019-08-28_custom_MembershipInterestPurchaseAgreementMember_custom_BuyerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49</ix:nonFraction></span>%) of the membership interests in the Company&#8217;s wholly owned subsidiary, Red Earth, LLC (&#8220;Red Earth&#8221;) for
$<span id="xdx_907_eus-gaap--ProceedsFromSaleOfEquityMethodInvestments_pp0p0_c20190802__20190828__us-gaap--TypeOfArrangementAxis__custom--MembershipInterestPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--BuyerMember_zTuxkSMefIeg" title="Proceeds from sale of ownership" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfEquityMethodInvestments" contextRef="From2019-08-022019-08-28_custom_MembershipInterestPurchaseAgreementMember_custom_BuyerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">441,000</ix:nonFraction></span>. The $<span id="xdx_90B_eus-gaap--PaymentsToAcquireBusinessesAndInterestInAffiliates_c20190829__20190830__us-gaap--TypeOfArrangementAxis__custom--MIPAMember_pp0p0" title="Payment for acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="From2019-08-292019-08-30_custom_MIPAMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">441,000</ix:nonFraction></span> was paid to the Company on August 30, 2019. The Agreement required the Buyer to make an additional payment, in
the amount of $<span id="xdx_902_eus-gaap--PaymentsToAcquireBusinessesAndInterestInAffiliates_pp0p0_c20190802__20190828__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__srt--TitleOfIndividualAxis__custom--BuyerMember_zqeD3xqNYYCk" title="Payment for acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="From2019-08-022019-08-28_custom_MIPAMember_custom_BuyerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,559,000</ix:nonFraction></span>, to be utilized for the improvement and build-out of the Company&#8217;s Western Avenue leasehold in Las Vegas,
Nevada. The payment was due within ten (10) days of the receipt by Red Earth of a special use permit (&#8220;SUP&#8221;) from the City
of Las Vegas for its Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in conjunction with
the Company, will jointly manage and operate the facility upon completion. <span id="xdx_901_ecustom--AgreementDescription_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__srt--TitleOfIndividualAxis__custom--BuyerMember_zRcjxqsR1ph" title="Agreement, description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERlcG9zaXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_MIPAMember_custom_BuyerMember" name="MJNE:AgreementDescription">The Agreement also requires the Buyer to make a final payment
to the Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June 11, 2020, the Company
entered into the First Amendment (&#8220;First Amendment&#8221;) to the Agreement. Under the terms of the First Amendment, the Closing
Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the &#8220;Initial Contribution Payment&#8221;)
to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash contribution (the Final Contribution
Payment&#8221;) in the amount of $240,000. As of the date of this filing, the Buyer has failed to make the Final Contribution Payment.</ix:nonNumeric></span>
The Buyer failed to make the required payments under the Agreement and the Agreement was thus terminated in 2021.</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A9_zzhCkT61jhi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:AssetImpairmentChargesTextBlock"><p id="xdx_802_eus-gaap--AssetImpairmentChargesTextBlock_zIdWMeDipgLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8212;<span id="xdx_823_z8AA10dk3Awf">Asset Impairment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock"><p id="xdx_89E_eus-gaap--DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock_zORsL6X0BZXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
impairment as of December 31, 2021 and 2020 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_8B4_zLxCGFvoqAg1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of Asset Impairment</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20210101__20211231_zl0hbjtkcJSe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br /> 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_491_20200101__20201231_zcQwySJlfCyc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br /> 2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40D_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_hdei--LegalEntityAxis__custom--SmileLLCMember_z29Q8u0VrIel" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span id="xdx_F42_zB7ncZVgxG88" style="font-family: Times New Roman, Times, Serif">Smile, LLC (i)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31_custom_SmileLLCMember" id="Fact002047" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31_custom_SmileLLCMember" id="Fact002048" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,701</ix:nonFraction></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_hdei--LegalEntityAxis__custom--InnovationLabsLtdMember_zJTyyZluisc1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span id="xdx_F49_zgMybNtedld6" style="font-family: Times New Roman, Times, Serif">Innovation Labs, Ltd. (ii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31_custom_InnovationLabsLtdMember" id="Fact002050" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31_custom_InnovationLabsLtdMember" id="Fact002051" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40A_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_hdei--LegalEntityAxis__custom--CoachillInnLLCMember_z8ESlPcy2ZMh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span id="xdx_F4F_z2s7ditw84Qf" style="font-family: Times New Roman, Times, Serif">Coachill Inn,
    LLC (iii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2053">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31_custom_CoachillInnLLCMember" id="Fact002054" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_hdei--LegalEntityAxis__custom--MJDistributingIncMember_zHUw8BrFMKc4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span id="xdx_F4A_zTJ3AXcfGR79" style="font-family: Times New Roman, Times, Serif">MJ Distributing, Inc. (iv)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl2056">-</span></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31_custom_MJDistributingIncMember" id="Fact002057" format="ixt:numdotdecimal" decimals="0" unitRef="USD">550,000</ix:nonFraction></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--AssetImpairmentCharges_zXkl8dNn6qP3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">400,000</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,128,701</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F0A_zSus303IUJrb" style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zFnfFOFo6YUa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002061" xml:lang="en-US">On
    June 7, 2019, Smile, LLC (&#8220;Smile&#8221;)(the &#8220;Borrower&#8221;), a Nevada limited liability company, issued a Convertible
    Promissory Note (the &#8220;Note&#8221;) in the amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20190607__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__srt--TitleOfIndividualAxis__custom--RogerBlossMember_pp0p0" title="Debt instrument face amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-06-07_custom_ConvertiblePromissoryNoteMember_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> to Roger Bloss, a director of the Company, and MJ Holdings, Inc.
    for funds advanced to Smile. Mr. Bloss contributed $<span id="xdx_900_eus-gaap--GeneralPartnersContributedCapital_c20190607__srt--TitleOfIndividualAxis__custom--RogerBlossMember_pp0p0" title="Contributed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:GeneralPartnersContributedCapital" contextRef="AsOf2019-06-07_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> and MJ Holdings, Inc. $<span id="xdx_904_eus-gaap--GeneralPartnersContributedCapital_c20190607__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_pp0p0" title="Contributed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:GeneralPartnersContributedCapital" contextRef="AsOf2019-06-07_srt_ParentCompanyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span> for a total of $<span id="xdx_906_eus-gaap--GeneralPartnersContributedCapital_c20190607_pp0p0" title="Contributed amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:GeneralPartnersContributedCapital" contextRef="AsOf2019-06-07" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>. The Note had
    a term of six (<span id="xdx_901_eus-gaap--DebtInstrumentTerm_dtM_c20190606__20190607__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_zYIHl47jknkl" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-06-062019-06-07_custom_ConvertiblePromissoryNoteMember" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">6</ix:nonNumeric></span>) months, matured on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20190606__20190607__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-06-062019-06-07_custom_ConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">December 6, 2019</ix:nonNumeric></span> and accrues interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20190607__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_zwIhGp0OxqS5" title="Debt interest per month" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-06-07_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per month. The Holder shall have the right from
    time to time, and at any time during the period beginning on the date which is 180 days following the date of this Note and ending
    on the later of: (i) the Initial Maturity date, and (ii) the Extended Maturity Date, or (iii) the date of payment of the Default
    amount, to convert the note into equity ownership of the Borrower. The conversion shall be negotiated in good faith. If the parties
    cannot agree to the Conversion Price, then a third party shall determine the Value of the Borrower and the Conversion Price shall
    be the Principal Amount (&#8220;PA&#8221;) of the Note as the numerator and the Value of the Borrower (&#8220;V&#8221;) shall be
    the denominator. PA/V=X *100=% of ownership. On December 5, 2019, the Borrower was granted a <span id="xdx_906_eus-gaap--DebtInstrumentTerm_dtM_c20191205__20191206_zdD7w60xNr9b" title="Debt instrument term" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-12-052019-12-06" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">6</ix:nonNumeric></span>-month extension by the Company that
    changed the maturity date to <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20191205__20191206" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-12-052019-12-06" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">June 6, 2020</ix:nonNumeric></span>. The Note is currently in default. As such, the Company has elected to reserve the entire
    Note amount at December 31, 2021 due to the uncertainty of its ability to collect on the Note.</ix:footnote></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 111; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
                                         HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 9
&#8212;Asset Impairment (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F0A_zMDsaTYs2CZ9" style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zMZEQLg3Ib5d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002080" xml:lang="en-US">On
    June 25, 2019, the Company entered into a Series Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement
    (the &#8220;Agreement&#8221;) with Innovation Labs, Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company
    purchased <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190624__20190625__us-gaap--TypeOfArrangementAxis__custom--SeriesPostSeedPreferredStockMember__dei--LegalEntityAxis__custom--InnovationLabsLtdMember_z2mnbTLKyYkb" title="Number of shares purchased" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-06-242019-06-25_custom_SeriesPostSeedPreferredStockMember_custom_InnovationLabsLtdMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">238,096</ix:nonFraction></span> Series Post Seed Preferred Stock Shares and <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190624__20190625__us-gaap--TypeOfArrangementAxis__custom--SeriesPostSeedPreferredUnitInvestmentAgreementMember__dei--LegalEntityAxis__custom--InnovationSharesLLCMember_zc54YJVWI2xj" title="Number of shares purchased" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-06-242019-06-25_custom_SeriesPostSeedPreferredUnitInvestmentAgreementMember_custom_InnovationSharesLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">238,096</ix:nonFraction></span> Series Post Seed Preferred Units for a purchase price of $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20190624__20190625__us-gaap--TypeOfArrangementAxis__custom--SeriesPostSeedPreferredStockMember__dei--LegalEntityAxis__custom--InnovationLabsLtdMember_zs0vaezOCFSb" title="Number of shares purchased, value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2019-06-242019-06-25_custom_SeriesPostSeedPreferredStockMember_custom_InnovationLabsLtdMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>.
    As of December 31, 2021, the Company had elected to reserve the entire amount of the investment due to the uncertainty of
    its ability to liquidate the investment to recover its $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20210624__20210625__us-gaap--TypeOfArrangementAxis__custom--SeriesPostSeedPreferredUnitInvestmentAgreementMember__dei--LegalEntityAxis__custom--InnovationSharesLLCMember_zA5pseVCXOm9" title="Number of shares purchased, value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-06-242021-06-25_custom_SeriesPostSeedPreferredUnitInvestmentAgreementMember_custom_InnovationSharesLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> purchase price or recover the investment amount through dividends
    payable by Innovation Labs, Ltd.</ix:footnote></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span id="xdx_F05_zTEmeR2JTVg2" style="font-size: 10pt">(iii)</span></td>
    <td style="text-align: justify"><span id="xdx_F1A_zLFJPIo6k6H" style="font-size: 10pt"><ix:footnote id="Footnote002089" xml:lang="en-US">In January of 2019, the Company formed Coachill-Inn, LLC (&#8220;Coachill-Inn&#8221;),
    a subsidiary of Alternative Hospitality (&#8220;AH&#8221;), to develop a proposed hotel in Desert Hot Springs, CA. From January through
    June 2019, the Company was actively engaged in negotiations with the property owner of the proposed location. In June of 2019, Coachill-Inn
    executed a purchase and sale agreement with Coachillin&#8217; Holdings, LLC (&#8220;CHL&#8221;) to <span id="xdx_90C_ecustom--DescriptionOfAcquisitionProperty_c20210101__20211231__srt--TitleOfIndividualAxis__custom--CoachillInnMember_zAhJBcFdgq9g" title="Description of acquisition property" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CoachillInnMember" name="MJNE:DescriptionOfAcquisitionProperty">acquire a 256,132 sq. ft. parcel
    of land within a 100-acre industrial cannabis park in Desert Hot Springs, CA (the &#8220;Property&#8221;) to develop the Company&#8217;s
    first hotel project.</ix:nonNumeric></span> <span id="xdx_903_eus-gaap--NoncashOrPartNoncashAcquisitionDescription_c20210101__20211231__srt--TitleOfIndividualAxis__custom--CoachillInnMember_zXJPaKgQklYc" title="Acquisition price description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CoachillInnMember" name="us-gaap:NoncashOrPartNoncashAcquisitionDescription">The purchase price for the property is $<span id="xdx_90D_eus-gaap--PaymentsToAcquireBusinessesAndInterestInAffiliates_c20190101__20190131__srt--TitleOfIndividualAxis__custom--CoachillInnMember_pp0p0" title="Payment for acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="From2019-01-012019-01-31_custom_CoachillInnMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,125,000</ix:nonFraction></span>. CHL was to contribute $3,000,000 toward the purchase price
    of this property in exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable
    deposit in the amount of $150,000 toward the purchase of the Property. As of the date of this filing, the Company terminated its
    participation in the development due to financing issues and has no recourse to recover its deposit.</ix:nonNumeric></span></ix:footnote></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span id="xdx_F02_z9fiKAYk2sE9" style="font-size: 10pt">(iv)</span></td>
    <td style="text-align: justify"><span id="xdx_F12_zlBKeMq0rKS7" style="font-size: 10pt"><ix:footnote id="Footnote002096" xml:lang="en-US">In April of 2019, the Company executed a Membership Interest Purchase
Agreement (the &#8220;MIPA&#8221;) to acquire all of the membership interests in two Nevada limited liability companies that are each
the holder of a State of Nevada marijuana license. Marijuana Establishment Registration Certificate, Application No. C202 and Marijuana
Establishment Registration Certificate, Application No. P133 (collectively the &#8220;Certificates&#8221;). The terms of the MIPA required
the Company to purchase the licenses for the total sum of $<span id="xdx_909_eus-gaap--PaymentsToAcquireBusinessesAndInterestInAffiliates_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_pp0p0" title="Payment for acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates" contextRef="From2019-04-012019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,250,000</ix:nonFraction></span> each - $<span id="xdx_907_eus-gaap--PaymentsToAcquireBusinessesGross_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_pp0p0" title="Cash payment for acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2019-04-012019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span> in cash per license and $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_pp0p0_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zhDBE3imGPZi" title="Issuance of restricted common stock" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardGross" contextRef="From2019-04-012019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span> of the Company&#8217;s
restricted common stock per license. The terms of the MIPA provide for a $<span id="xdx_903_eus-gaap--RepaymentsOfShortTermDebt_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_pp0p0" title="Repayments of Short-term Debt" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2019-04-012019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> non-refundable down payment and include a short term
note in the amount of $<span id="xdx_908_eus-gaap--ShorttermDebtFairValue_c20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_pp0p0" title="Short-term Debt, Fair Value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ShorttermDebtFairValue" contextRef="AsOf2019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span> carrying an annual interest rate of two percent (<span id="xdx_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zejc6gxKhuqi" title="Debt Instrument, Interest Rate During Period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2019-04-012019-04-30_custom_MIPAMember_us-gaap_LicenseMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>%) that was due and payable on or before October 18,
2019. On October 17, 2019, the State of Nevada&#8217;s Governor issued an executive order restricting the transfer of all Nevada marijuana
licenses (the &#8220;Moratorium&#8221;). <span id="xdx_906_ecustom--ChangesInAcquisitionOfLicenses_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--MoratoriumMember_zcv05sx1Y4jk" title="Changes in acquisition of licenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_MoratoriumMember" name="MJNE:ChangesInAcquisitionOfLicenses">As of the date of this filing, the Company has made deposits totaling $550,000. The Company was required to issue 1,000,000 of shares of its restricted common
stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been issued. The Company also
executed a $750,000 long term note (the &#8220;LT Note&#8221;) in favor of the current license holders that becomes due and payable upon
the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months after the production/cultivation
is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On February 19, 2020, the Company was put
on notice by the Seller that it is in default under the terms of the MIPA.</ix:nonNumeric></span> Additionally, <span id="xdx_90F_ecustom--TermsOfAgreement_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--MIPAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zWsikHJo7h2j" title="Terms of agreement" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc2V0IEltcGFpcm1lbnQgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_MIPAMember_us-gaap_LicenseMember" name="MJNE:TermsOfAgreement">pursuant to the terms of the MIPA, the Company
was required to enter into a $15,000 per month sub-lease (retroactive to March 1, 2019) for the 10-acre cultivation/production facility
located in Pahrump, Nye County, NV and install a mobile production trailer. The Company failed to make the required payments under the
MIPA and the Agreement was terminated. The Company and has no recourse to recover its deposit.</ix:nonNumeric></span></ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Split-Segment; Name: 001 -->
</ix:nonNumeric><p id="xdx_8A0_zDLXIHnIQM1f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_802_eus-gaap--DebtDisclosureTextBlock_z6jBZDoLdbej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8212; <span id="xdx_821_zVMza6DWZLEi">Notes Payable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDebtTableTextBlock_zbd0hLKveOVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes payable as of December 31, 2021 and
2020 consist of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zKDHQ6bApHdg">Schedule
of Notes Payable</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>December 31, <br />
    2021</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>December 31,<br />
    2020</b></span></td>
    <td>&#160;</td></tr>
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none"></td>
    <td style="display: none">&#160;</td>
    <td style="display: none"><span style="display: none; font-size: 10pt">$</span></td>
    <td id="xdx_98B_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zV0PiYt5njr3" title="Total notes payable" style="display: none; text-align: right"><span style="display: none; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2118">-</span></span></td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none"><span style="display: none; font-size: 10pt">$</span></td>
    <td id="xdx_988_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zewt9sJC35kb" title="Total notes payable" style="display: none; text-align: right"><span style="display: none; font-size: 10pt">$<ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotePayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,022,565</ix:nonFraction></span></td>
    <td style="display: none">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-size: 10pt">Note payable bearing interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20181102__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zYNmCMLCHLK" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2018-11-02_custom_NotePayableOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.50</ix:nonFraction>%</span>,
    originated November 1, 2018, due on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_c20181029__20181102__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zgIH5nXRwAFg"><ix:nonNumeric contextRef="From2018-10-292018-11-02_custom_NotePayableOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">October
    31, 2023</ix:nonNumeric></span></span><span style="font-size: 10pt">, originally $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20181102__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_zygt2JEYidKj"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2018-11-02_custom_NotePayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,100,000</ix:nonFraction>
    </span></span><span id="xdx_F44_zr8ojsvmZpB1" style="font-size: 10pt">(i)</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td id="xdx_98A_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_fKGkp_zSSStrDXpUz9" title="Total notes payable" style="width: 14%; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2125">-</span></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td id="xdx_985_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--NotePayableOneMember_fKGkp_z9y78rwDScDl" title="Total notes payable" style="width: 14%; text-align: right"><span style="font-size: 10pt">$<ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotePayableOneMember" id="Fact002127" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,022,565</ix:nonFraction></span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Note payable bearing interest at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zgC6SSFh7KM8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction>%</span>, originated January 17, 2019, due on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20190116__20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-01-162019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 31, 2022</ix:nonNumeric></span> (ii)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_988_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGlpKQ_____zAqV2DdA5RF9" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotePayableTwoMember" id="Fact002132" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98E_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--NotePayableTwoMember_fKGlpKQ_____zso9rg2yy9le" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotePayableTwoMember" id="Fact002134" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Note payable bearing interest at <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_z0lO9oUegfn8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction>%</span> originated April 1, 2019, due on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March 31, 2022</ix:nonNumeric></span> originally $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_pp0p0" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> (iv)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98D_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableThreeMember_fKGl2KQ_____zqXB8uTRDttc" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotePayableThreeMember" id="Fact002141" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">124,728</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98A_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--NotePayableThreeMember_fKGl2KQ_____zyD6FDid9FXk" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotePayableThreeMember" id="Fact002143" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">234,431</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Note payable bearing interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_zb0832vx4EC3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>%, originated January 17, 2019, due on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_c20190116__20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_zJ12gWk9Zape" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Debt maturity date"><ix:nonNumeric contextRef="From2019-01-162019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 16, 2020</ix:nonNumeric></span>
    originally $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_z4ihXqpWmJI6" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span> (iii)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td id="xdx_985_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--NotePayableFourMember_fKGlpaSk___za2lyYwxEAsj" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2150">-</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td id="xdx_987_eus-gaap--NotesPayable_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--NotePayableFourMember_fKGlpaSk___zlePL0JXEGJ6" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotePayableFourMember" id="Fact002151" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Total notes payable</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td id="xdx_989_eus-gaap--NotesPayable_iI_pp0p0_c20211231_zOE83bcQUGLi" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td id="xdx_987_eus-gaap--NotesPayable_c20201231_pp0p0" title="Total notes payable" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,106,996</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Less: current portion</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td id="xdx_984_eus-gaap--OtherNotesPayableCurrent_iNI_pp0p0_di_c20211231_zXqgvy3RCadj" title="Less: current portion" style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td id="xdx_983_eus-gaap--OtherNotesPayableCurrent_iNI_pp0p0_di_c20201231_zmD1izdVgYD3" title="Less: current portion" style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNotesPayableCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,185,273</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Long-term notes payable</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td id="xdx_98E_eus-gaap--OtherLongTermNotesPayable_iI_pp0p0_c20211231_zZdHwS74sDOi" title="Long-term notes payable" style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2161">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td id="xdx_98A_eus-gaap--OtherLongTermNotesPayable_iI_c20201231_zTCQYfDtptI4" title="Long-term notes payable" style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLongTermNotesPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">921,723</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify"><span id="xdx_F03_zaibUtipaOWj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span id="xdx_F18_zF3frVAXV7p3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002164" xml:lang="en-US">On September 21, 2018,
    the Company, through its wholly-owned subsidiary Prescott Management, LLC, entered into a contract to purchase an approximately <span id="xdx_905_eus-gaap--AreaOfLand_iI_usqft_c20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__srt--OfficeBuildingMember_zCQJfm76V1qf" title="Area of land" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2018-09-21_custom_PrescottManagementLLCMember_srt_OfficeBuildingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="sqft">10,000</ix:nonFraction></span>
    square foot office building located at 1300 South Jones Boulevard, Las Vegas, Nevada 89146 for $<span id="xdx_902_eus-gaap--PaymentsToAcquireLand_pp0p0_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__srt--OfficeBuildingMember_zZegHlIVTVTk" title="Payments to acquire land" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireLand" contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember_srt_OfficeBuildingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,500,000</ix:nonFraction></span>, subject to seller financing
    in the amount of $<span id="xdx_902_eus-gaap--PaymentsToAcquireLand_pp0p0_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember_zhPXHlQRJCr1" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireLand" contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,100,000</ix:nonFraction></span>, amortizing over <span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1_dt_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember_z0WDNglAmYj9" title="Amortizing period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1">30 years</ix:nonNumeric></span> at an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember_zAgUdt0QJEHj" title="Debt interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2018-09-21_custom_PrescottManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction></span>% per annum with monthly installments of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pp2p0_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember_zm4G6vVRcEs7" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember" format="ixt:numdotdecimal" decimals="2" scale="0" unitRef="USD">6,952.75</ix:nonFraction></span>
    <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDateDescription_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember" title="Debt instrument maturity date, description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember" name="us-gaap:DebtInstrumentMaturityDateDescription">beginning on November 1, 2018, and continuing on the same day of each month thereafter until October 31, 2019</ix:nonNumeric></span>. Upon the one-year
    anniversary of the note, a principal reduction payment of $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__us-gaap--AwardTypeAxis__custom--OneYearAnniversaryMember_pp0p0" title="Debt instrument monthly installments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember_custom_OneYearAnniversaryMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction> </span>is due, and provided that the monthly payments and the principal
    reduction payment have been made, the payments will be recalculated and re-amortized on the same terms with a new scheduled monthly
    payment of $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__us-gaap--AwardTypeAxis__custom--NewScheduledPaymentMember__us-gaap--AwardDateAxis__custom--BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember_pp0p0" title="Debt instrument monthly installments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember_custom_NewScheduledPaymentMember_custom_BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,559</ix:nonFraction> </span><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDateDescription_c20180920__20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__us-gaap--AwardTypeAxis__custom--NewScheduledPaymentMember__us-gaap--AwardDateAxis__custom--BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember" title="Debt instrument maturity date, description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2018-09-202018-09-21_custom_PrescottManagementLLCMember_custom_NewScheduledPaymentMember_custom_BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember" name="us-gaap:DebtInstrumentMaturityDateDescription">beginning on November 1, 2019 and continuing until October 31, 2023</ix:nonNumeric></span>, at which time the entire sum of principal
    in the amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20180921__dei--LegalEntityAxis__custom--PrescottManagementLLCMember__us-gaap--AwardTypeAxis__custom--NewScheduledPaymentMember__us-gaap--AwardDateAxis__custom--BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember_pp0p0" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2018-09-21_custom_PrescottManagementLLCMember_custom_NewScheduledPaymentMember_custom_BeginningOnNovemberOneTwoThousandNineteenAndContinuingUntilOctoberThirtyOneTwoThousandTwentyThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">986,438</ix:nonFraction></span>, plus any accrued interest, is due and payable. The Company closed the purchase on October 18, 2018. On
    December 12, 2020, the Company entered into a sales contract with Helping Hands Support, Inc. for the sale of the Company&#8217;s
    commercial building. On January 12, 2021, the Company completed the sale of its commercial building for $<span id="xdx_90F_eus-gaap--ProceedsFromSaleOfBuildings_c20210110__20210112__dei--LegalEntityAxis__custom--PrescottManagementLLCMember_pp0p0" title="Sale of commercial building" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfBuildings" contextRef="From2021-01-102021-01-12_custom_PrescottManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,627,500</ix:nonFraction></span>. As of December 31, 2021, the note was paid in full.</ix:footnote></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span id="xdx_F06_zAVa7EhFRSRh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: justify"><span id="xdx_F11_zeEASRvGK0Zc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002187" xml:lang="en-US">On
    January 17, 2019, the Company executed a promissory note for $</ix:footnote></span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zdL7t2PlIYod" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    FR Holdings LLC, a Wyoming limited liability company. The note accrues interest at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zbtECNvEfqyi" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction>% </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
    annum, payable in regular monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pp0p0_c20190116__20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zgnYt93b0Quh"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2019-01-162019-01-17_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,125</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    due on or before the same day of each month beginning February 1, 2019 until January 31, 2022 at which the entire principal and any then accrued interest thereon shall be due and payable. As of December 31, 2021, $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z9xZxgutkBLd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">750,000</ix:nonFraction></span> principal and $<span id="xdx_90D_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z7gRgMnZhFk5" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span> interest remain due. Please <i>see </i><b>Note</b> <b>19</b> <b>&#8212; Subsequent Events</b> for further information.</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span id="xdx_F02_zqFDDMSt5ip3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="text-align: justify"><span id="xdx_F13_z4zpu6jAJfU" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002193" xml:lang="en-US">On April 1, 2019, the Company
    executed a promissory note for $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zBxjAUonsTZf" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span> with John T. Jacobs and Teresa D. Jacobs. The note accrues interest at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zddcYmhJZdLd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction>%</span> per annum, payable
    in regular monthly installments of $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pp0p0_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zxEF0BtBLDFk" title="Debt instrument monthly installments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,178</ix:nonFraction></span>, due on or before the same day of each month <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zvanDQ3X0x9a" title="Debt instrument maturity date, description" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" name="us-gaap:DebtInstrumentMaturityDateDescription">beginning May 1, 2019 until March 31, 2020</ix:nonNumeric></span>
    at which time a principal reduction of $<span id="xdx_907_ecustom--DebtInstrumentPrincipalPaymentReduction_pp0p0_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_zKH78PCxZ4ja" title="Debt instrument principal payment reduction" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="MJNE:DebtInstrumentPrincipalPaymentReduction" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span> shall be due, <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateTerms_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_zYrPZFl9tg8g" title="Debt instrument, interest rate terms" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" name="us-gaap:DebtInstrumentInterestRateTerms">the payments shall be re-amortized (15-year amortization).</ix:nonNumeric></span> On or before
    March 31, 2021, a second principal reduction of $<span id="xdx_902_ecustom--DebtInstrumentPrincipalPaymentReduction_pp0p0_c20190328__20190402__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember__us-gaap--AwardTypeAxis__custom--SecondPaymentMember__us-gaap--AwardDateAxis__custom--MarchThirtyOneTwoThousandTwentyOneMember_zTxDcuXqzvS4" title="Debt instrument principal payment reduction" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="MJNE:DebtInstrumentPrincipalPaymentReduction" contextRef="From2019-03-282019-04-02_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember_custom_SecondPaymentMember_custom_MarchThirtyOneTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span> shall be due, the payments shall be re-amortized (15-year amortization).
    Payments shall continue to be paid until March 31, 2022, at which time the entire sum of principal and accrued interest shall be
    due and payable. As of December 31, 2021, $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_z1yCRGCUxAQd" title="Debt instrument principal value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">124,728</ix:nonFraction></span> principal and $<span id="xdx_90B_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JohnTJacobsAndTeresaDJacobsMember_zseqvEBEMmP2" title="Interest payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember_custom_JohnTJacobsAndTeresaDJacobsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,318</ix:nonFraction></span> interest remain due.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_z7jXzHllzDr6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zgkzAfID9LNk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002211" xml:lang="en-US">On
    January 17, 2019, the Company executed a short-term promissory note for $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_zpAD7dJJahT5" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span> with Let&#8217;s Roll Holdings, LLC, and entity
    controlled by the Company&#8217;s Chief Cultivation Officer and a director. The note accrues interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_zS7NkZsvdzd2" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>% per annum and is due
    on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20190116__20190117__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_ztT8ZtTOA5ml" title="Debt maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2019-01-162019-01-17_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 16, 2020</ix:nonNumeric></span>. Principal payments in the amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20190101__20191231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__dei--LegalEntityAxis__custom--RollHoldingsLLCMember_zLbq9OdjWv48" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2019-01-012019-12-31_custom_PromissoryNoteMember_custom_RollHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span> were made during the year ended December 31, 2019. As of December
    31, 2021, the note was paid in full</ix:footnote></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A4_zNpwDFdJFlZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8212; Notes Payable (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_z05IR1fR0f8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zBPSZf0tgdJj">Schedule
of Minimum Loan Payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_490_20211231_z7RJgN4U2nG7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%"><span style="font-family: Times New Roman, Times, Serif">Fiscal year ending December 31:</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_maLTDzOXk_zvkFMJdO8VS1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_maLTDzOXk_zT9v21HdrOv6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2225">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_maLTDzOXk_z9at4JvObNjf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></span></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_maLTDzOXk_zSG2N2pZkod1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2229">-</span></span></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_402_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_maLTDzL0d_maLTDzOXk_zIFEMVtG8zwl" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2231">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--LongTermDebt_iTI_pp0p0_mtLTDzOXk_zTB7gBwmdrN7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total minimum
    loan payments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">874,728</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A0_zqsxvxbN87Fl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:NotesPayableRelatedPartiesTextBlock"><p id="xdx_803_ecustom--NotesPayableRelatedPartiesTextBlock_z9p1lmZ02Xmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8212; <span id="xdx_827_zMef8b1fnJDi">Notes Payable &#8211; related parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:ScheduleOfNotesPayableRelatedPartiesTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfNotesPayableRelatedPartiesTableTextBlock_z2dWrtaGui0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable &#8211; related parties as of December 31, 2021 and 2020 consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_8BC_zXkaiKI8YuW6" style="display: none">Schedule of Notes Payable Related Parties</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" id="xdx_492_20211231_zlgZOeVE97a5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br /> 2021</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" id="xdx_49E_20201231_zygG7PoDaC13" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2020</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br /> 2021</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br /> 2020</td></tr>
<tr id="xdx_403_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_hus-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember_zOjtmIgICMxi" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Notes payable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl2239">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_NotesPayableRelatedPartiesOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,405</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_hus-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember_zy6xJy2lYzHf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Notes payable, related party, bearing interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember_zHoFJZvfWyue"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-02-20_custom_NotesPayableRelatedPartiesOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>%,
    originated February 20, 2020, due on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20200219__20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember_z8vQWFQHGxIb"><ix:nonNumeric contextRef="From2020-02-192020-02-20_custom_NotesPayableRelatedPartiesOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February
    19, 2021</ix:nonNumeric></span>, originally $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember_znVkHnsfYyGg"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-02-20_custom_NotesPayableRelatedPartiesOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">110,405</ix:nonFraction>
    </span><span id="xdx_F43_zBrIlTp0kaM">(i)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl2242">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_NotesPayableRelatedPartiesOneMember" id="Fact002243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,405</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_hus-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember_zhPIjVBctOMd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Notes payable, related party, bearing interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200403__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember_zWTNWjtkxmn3"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-03_custom_NotesPayableRelatedPartiesTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>%,
    originated April 3, 2020, due on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20200402__20200403__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember_z58nV2kUUk52" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-04-022020-04-03_custom_NotesPayableRelatedPartiesTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
    30, 2021</ix:nonNumeric></span>, originally $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200403__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember_zQIgu4vfICIk"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-04-03_custom_NotesPayableRelatedPartiesTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,000</ix:nonFraction>
    </span><span id="xdx_F4E_zUVcLKB5l9pc">(ii)</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2248">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_NotesPayableRelatedPartiesTwoMember" id="Fact002249" format="ixt:numdotdecimal" decimals="0" unitRef="USD">90,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_hus-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesThreeMember_zB9J8t6iYlUl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Note payable bearing interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211210__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesThreeMember_zXJZD54c1Aw2" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-10_custom_NotesPayableRelatedPartiesThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span>%,
    originated December 10, 2021, due on demand, originally $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211210__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesThreeMember_zKtN26KXS2u8" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-10_custom_NotesPayableRelatedPartiesThreeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction>
    </span><span id="xdx_F44_zFCu62hpJBJk">(iii)</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2255">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_NotesPayableRelatedPartiesThreeMember" id="Fact002256" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_ztRrgWcfsKv7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total notes payable &#8211; related parties</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2262">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,405</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iNI_di_zhC0p24wvt5a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2265">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesClassifiedCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,405</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--NotesPayableRelatedPartiesNoncurrent_iI_z6m8Ns6fEkNl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Long-term notes payable &#8211; related parties</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2268">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2269">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span id="xdx_F02_zQeJR5OazMS4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zPIUAKgWWude" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002270" xml:lang="en-US">On
    February 20, 2020, the Company&#8217;s subsidiary, Alternative Hospitality, Inc. (the &#8220;Borrower&#8221;), issued a Short-Term
    Promissory Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director
    of the Company, in the amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zeqqCjY3fyhc" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-02-20_custom_NotesPayableRelatedPartiesOneMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">110,405</ix:nonFraction></span> that matures on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20200219__20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zOkPDKqFlPqc" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2020-02-192020-02-20_custom_NotesPayableRelatedPartiesOneMember_custom_PyrrosOneLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February 19, 2021</ix:nonNumeric></span>. The Note shall bear interest at a rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zM7KoME72Iaj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-02-20_custom_NotesPayableRelatedPartiesOneMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction>%</span> per annum
    with interest-only payments in the amount of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pp0p0_c20200219__20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zFRUq7IImNTj" title="Debt interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2020-02-192020-02-20_custom_NotesPayableRelatedPartiesOneMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">825</ix:nonFraction></span> due on or before the twentieth day of each month commencing on April 20, 2020.
    The Borrower was required to make an interest and principal reduction payment in the amount of $<span id="xdx_908_ecustom--DebtInstrumentInterestAndPrincipalReductionPayment_iI_pp0p0_c20200220__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesOneMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zcWXh74tg1W7" title="Interest and principal reduction payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="MJNE:DebtInstrumentInterestAndPrincipalReductionPayment" contextRef="AsOf2020-02-20_custom_NotesPayableRelatedPartiesOneMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,233</ix:nonFraction></span> on or before March 20, 2020.
    The Holder is granted a security interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which
    is owned by the Borrower. As of December 31, 2021, the note was paid in full</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zVHbpgpzZqjl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zuOuF5rUEaQd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002278" xml:lang="en-US">On
    March 31, 2020, the Company&#8217;s subsidiary, Condo Highrise Management, LLC (the &#8220;Borrower&#8221;), issued a Short-Term
    Promissory Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director
    of the Company, in the amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200331__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zAsaGZz7s3o3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-03-31_custom_NotesPayableRelatedPartiesTwoMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,000</ix:nonFraction></span> that matures on <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20200330__20200331__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zY3QFQqKFB93" title="Debt maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2020-03-302020-03-31_custom_NotesPayableRelatedPartiesTwoMember_custom_PyrrosOneLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March 30, 2021</ix:nonNumeric></span>. The Note shall bear interest at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200331__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zq1vxAE53fBf" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-03-31_custom_NotesPayableRelatedPartiesTwoMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction>%</span> per annum with
    interest-only payments in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pp0p0_c20200330__20200331__us-gaap--DebtInstrumentAxis__custom--NotesPayableRelatedPartiesTwoMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zthX9INPIo75" title="Debt interest payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2020-03-302020-03-31_custom_NotesPayableRelatedPartiesTwoMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">675</ix:nonFraction></span> due on or before the first day of each month commencing on May 1, 2020. The Holder is
    granted a security interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020. which is owned by the Borrower.
    The transaction closed on April 3, 2020. As of December 31, 2021, the note was paid in full</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zBmie8dXpCcg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_F16_zrKttdcRMBcg" style="background-color: white"><ix:footnote id="Footnote002286" xml:lang="en-US">On January 14, 2021, the Company
entered into a Debt Conversion and Stock Purchase Agreement (the &#8220;Agreement&#8221;) with David Dear (the &#8220;Investor&#8221;),
a director of the Company. Under the terms of the Agreement, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210113__20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zmkqIRCSVDO1" title="Number of shares of common stock" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-132021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember101724640" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">526,316</ix:nonFraction></span> shares of common stock to the Investor in satisfaction
of the $<span id="xdx_90D_eus-gaap--ShortTermBorrowings_iI_c20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zntUp6BH8f2k" title="Short term loan" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vdGVzIFBheWFibGUgUmVsYXRlZCBQYXJ0aWVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember101724656" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> short term loan made to the Company by the Investor on December 10, 2020. </ix:footnote></span>As of December 31, 2021, the note was
paid in full</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_zwFdqKoe18bb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zzBtCfiJN8Cj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 &#8212; <span id="xdx_820_z4t3L1BL4Hah">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Employment
Agreements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_901_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200929__20201001__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zIs4MlMUn1ml" title="Employment agreement description" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2020-09-292020-10-01_custom_EmploymentAgreementMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On
October 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Jim Kelly. The Agreement became
effective as of October 1, 2020. Under the terms of the Kelly Agreement, the Employee shall serve as the Company&#8217;s Interim Chief
Financial Officer for a term of (i) the sooner of six (<span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_pid_dtM_c20200929__20201001__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zU2WJJa8h46f" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-09-292020-10-01_custom_EmploymentAgreementMember" format="ixt-sec:durmonth" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">6</ix:nonNumeric></span>) months, or (ii) the completion of all regulatory filings, including but not
limited to the Company&#8217;s 2019 Annual Report on Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly
Report on Form 10-Q, the September 30, 2020 Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities
and Exchange Commission (&#8220;SEC&#8221;) to bring the Company current with the SEC. The Employee shall receive a base salary of $<span id="xdx_903_eus-gaap--OfficersCompensation_pp0p0_c20200929__20201001__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z4u44HEyaB6f" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-09-292020-10-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,000</ix:nonFraction></span>
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the
C-Suite of the Company in its sole discretion, in an amount equal to up to <span id="xdx_908_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_c20200929__20201001__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z3jCgEdf1k36" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-09-292020-10-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">400</ix:nonFraction></span>% of the Employee&#8217;s base salary for the then current
fiscal year, and at commencement of the Term the Employee shall receive a grant of stock of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200929__20201001__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zQ7K49ppfxl7" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-292020-10-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> restricted shares of the Company&#8217;s
common stock. On March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial Officer.</ix:nonNumeric></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zmiqBq21bRY4" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Paris Balaouras (the &#8220;Employee&#8221;).
Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Chief Cultivation Officer for a term of three
(<span id="xdx_900_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--ChiefCultivationOfficerMember_zDI5kO0ohUel" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_ChiefCultivationOfficerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020</ix:nonNumeric></span>. The Employee shall receive a base salary of $<span id="xdx_905_eus-gaap--OfficersCompensation_pp0p0_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_z9kHHPvNdpdk" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> annually,
shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board
of directors of the Company in its sole discretion, in amount equal to up to <span id="xdx_901_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_dp_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zQCIuPZXr8o7" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Employee&#8217;s base salary for the then
current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in
equal increments of 1/3<sup>rd</sup> each over a three year period beginning on the first anniversary of employment, shall be
eligible to receive a compensatory stock grant of <span id="xdx_90A_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zvF1Bro1IcP9" title="Stock reserved for future issuance"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">667,000</ix:nonFraction></span> shares for and in consideration of past compensation ($<span id="xdx_90D_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zOtrPqrAFJQ3" title="Consideration of past compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">224,000</ix:nonFraction></span> at September
15, 2020) foregone by Employee; such grant exercisable at Employee&#8217;s option as such time as Employer is profitable at the
NOI level on a trailing twelve (12) month basis or upon other commercial reasonable terms as the Board may determine and shall
be awarded options to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_ztsP0c25zqil" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s common stock, exercisable at a price of $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zOO0y31aWIde" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zjIsgOkHv65c" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On
September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Roger Bloss. Under the
terms of the Agreement, the Employee shall serve as the Company&#8217;s Interim Chief Executive Officer for a term of six (6)
months and the Chief Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for
a total of three (<span id="xdx_90A_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zKdT5wFgGkc9" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020</ix:nonNumeric></span>. The Employee shall receive a base salary
of $<span id="xdx_90D_eus-gaap--OfficersCompensation_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zE6KL5OjmNac" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria
determined by the board of directors of the Company in its sole discretion, in amount equal to up to <span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_dp_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zY3bBq0v9ytj" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Employee&#8217;s
base salary for the then current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term
which shall be vested in equal increments of 1/3<sup>rd </sup>each over a three year period beginning on the first anniversary
of employment and shall be awarded options to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z7veCJOXWSdb" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s common stock, exercisable at a price
of $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zJORLwbSnqxg" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_srt_ChiefExecutiveOfficerMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--DeferredCompensationArrangementWithIndividualDescription_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_z0HxxevbzAia" title="Employment agreement description"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" name="us-gaap:DeferredCompensationArrangementWithIndividualDescription">On September 1, 2020, the Company entered into an Employment Agreement (the &#8220;Agreement&#8221;) with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve as the Company&#8217;s Secretary/Treasurer for a term of three (<span id="xdx_904_eus-gaap--DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_dtY_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember__srt--TitleOfIndividualAxis__custom--SecretaryOrTreasurerMember_zqlhGiU4Kgd3" title="Term of employment agreement"><ix:nonNumeric contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember_custom_SecretaryOrTreasurerMember" format="ixt-sec:duryear" name="us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">3</ix:nonNumeric></span>) years (the &#8220;Term&#8221;) commencing on September 15, 2020.</ix:nonNumeric></span> The Employee shall receive a base salary of $<span id="xdx_905_eus-gaap--OfficersCompensation_pp0p0_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_z04MsJaLnKz" title="Annual base compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> annually, shall be eligible to receive an annual
discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion,
in amount equal to up to <span id="xdx_90F_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_dp_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zw8dbPP7Q4Tk" title="Annual discretionary bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">200</ix:nonFraction></span>% of Employee&#8217;s base salary for the then current fiscal year, shall, at commencement of the Term receive
a grant of stock of <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zNE3FMAjXEWb" title="Stock reserved for future issuance"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be
vested in equal increments of 1/3<sup>rd</sup> each over a three year period beginning on the first anniversary of employment and shall
be awarded options to purchase <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200831__20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zLU1Aafn8T54" title="Stock awarded options to purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-08-312020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s common stock, exercisable at a price of $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200901__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zUB7k0oKHgKh" title="Stock option exercisable price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-09-01_custom_EmploymentAgreementMember_custom_BernardMoyleMember" decimals="INF" unitRef="USDPShares">.75</ix:nonFraction></span> per share. On March
16, 2021, Mr. Moyle assumed the role of interim Chief Financial Officer upon the resignation of Mr. Kelly. The terms of Mr. Moyle&#8217;s
Agreement did not change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">On May 12,
2021, the Company entered into a Cooperation and Release Agreement (the &#8220;Agreement&#8221;) with Richard S. Groberg and RSG Advisors,
LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and
waived any right to any future stock issuances except for&#160;<span id="xdx_90B_ecustom--SharesRetained_c20210510__20210512__us-gaap--TypeOfArrangementAxis__custom--CooperationAndReleaseAgreementMember__srt--TitleOfIndividualAxis__custom--MrGrobergMember_z0WXDyyU7L0a" title="Shares retained"><ix:nonFraction name="MJNE:SharesRetained" contextRef="From2021-05-102021-05-12_custom_CooperationAndReleaseAgreementMember_custom_MrGrobergMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span>&#160;shares to be retained by Mr. Groberg.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 &#8212; Commitments and Contingencies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration: underline">Board
of Directors Services Agreements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the &#8220;Agreement&#8221;) with Messrs. Bloss, Dear and Balaouras (collectively, the &#8220;Directors&#8221;).
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_zqyy3VIR1OAf" title="Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-09-142020-09-15_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000.00</ix:nonFraction></span>), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200914__20200915__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_z1482BZcRMMh" title="Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-09-142020-09-15_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span>) shares
of the Company&#8217;s common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 26, 2021, the Company&#8217;s Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors&#8217; cash compensation was revised to stock compensation in the following manner: $<span id="xdx_900_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_c20210326__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember_zczhTv2Uvz48" title="Dividends payable"><ix:nonFraction name="us-gaap:DividendsPayableCurrentAndNoncurrent" contextRef="AsOf2021-03-26_custom_BoardOfDirectorsServicesAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,750</ix:nonFraction></span>&#160;divided by the
closing stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2021, the Company&#8217;s Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20210929__20210930__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_zqZBzvlvuFrc" title="Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-09-292021-09-30_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000.00</ix:nonFraction></span>), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210929__20210930__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsServicesAgreementMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_zlK0ZhyVAtIl" title="Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-09-292021-09-30_custom_BoardOfDirectorsServicesAgreementMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span>) shares of the Company&#8217;s common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt"></span></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 &#8212; Commitments and Contingencies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Operating
Leases</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company leases an approximately <span id="xdx_907_eus-gaap--AreaOfLand_iI_usqft_c20190624__dei--LegalEntityAxis__custom--PahrumpNVMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__srt--OfficeBuildingMember_z83NoUTjzzne"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-06-24_custom_PahrumpNVMember_srt_OfficeBuildingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="sqft">17,000</ix:nonFraction>
</span>square foot building on <span id="xdx_90D_eus-gaap--AreaOfLand_iI_uAcre_c20190624__dei--LegalEntityAxis__custom--PahrumpNVMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__custom--LandsMember_z69blIiDARec"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-06-24_custom_PahrumpNVMember_custom_LandsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">3.92</ix:nonFraction>
</span>acres of land in Pahrump, NV. The effective date of the lease was June 24, 2019, has a term of <span id="xdx_906_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20211231_ztYLle1Jw1dd"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">10</ix:nonNumeric>
</span>years and the base rent is $<span id="xdx_90A_eus-gaap--PaymentsForRent_c20210101__20211231__dei--LegalEntityAxis__custom--PahrumpNVMember_zOgKYsFVes45"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-12-31_custom_PahrumpNVMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction>
</span>per month. The Company leased a two production / warehouse facility under a cancellable operating lease
that expires in June 2027 and September 2029, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2021 and 2020, the Company
made lease payments in the amount of $<span id="xdx_90B_eus-gaap--OperatingLeasePayments_c20210101__20211231_zpfY0pITZ0F"><span style="-sec-ix-hidden: xdx2ixbrl2361">-</span> </span>and
$<span id="xdx_901_eus-gaap--OperatingLeasePayments_c20200101__20201231_z1bqXOYfiMHd"><span style="-sec-ix-hidden: xdx2ixbrl2362">-</span></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company recorded operating lease liabilities of $<span id="xdx_90F_ecustom--OperatingLeasesLiability_iI_pp0p0_c20211231_zoQuFgydlle4" title="Operating leases liability"><ix:nonFraction name="MJNE:OperatingLeasesLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">769,684</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and right of use assets for operating leases
of $<span id="xdx_901_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0_c20211231_ziOH1E387Rf9"><span style="-sec-ix-hidden: xdx2ixbrl2365">-</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
During the year ended December 31, 2021, operating cash outflows relating to operating lease liabilities was ($<span id="xdx_907_eus-gaap--OperatingLeaseLeaseIncomeLeasePayments_c20210101__20211231_zNHXOgfJRbdb"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncomeLeasePayments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,393</ix:nonFraction>)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the expense for right of use assets for operating
leases was $<span id="xdx_908_eus-gaap--OperatingLeaseExpense_c20210101__20211231_zE57cHHxOySl"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">205,636</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company&#8217;s
operating leases had a weighted-average remaining term of <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_c20211231_zJJBk3ykvme9"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm">4.5</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years and weighted-average discount rate of <span id="xdx_906_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_dp_c20211231_zGoZtnb3g4j8"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseDiscountRate" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.
Please <i>see</i> <b>Note 15 &#8212; Gain on Disposal of Subsidiary </b>for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_895_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zHkhUUPijBxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimal rental and lease commitments under non-cancelable operating leases with terms in excess of one year as of December 31, 2021,
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z4dPof8VBP0d">Schedule
of Future Minimum Rental and Lease Commitments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20211231_zDf3tkr94Wr9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%"><span style="font-family: Times New Roman, Times, Serif">Fiscal year ending December 31:</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzZ8m_zlSF7asXpyPk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maLOLLPzZ8m_zpXfJ07J1WA9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maLOLLPzZ8m_zKrYT6A5sbZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_maLOLLPzZ8m_zSkTTZPDxzDf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pp0p0_maLOLLPzZ8m_zCtvYJPPnxO1" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">450,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzZ8m_zA1wWvhXLWf3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total minimum
    lease payments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">930,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A8_zLykykZpioph" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rent
expense, incurred pursuant to operating leases for the year ended December 31, 2021 and 2020, was $<span id="xdx_901_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231_z7fVllKuSGe1"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">88,717</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif">and $<span id="xdx_905_eus-gaap--PaymentsForRent_pp0p0_c20200101__20201231_zwIOc66lR0Vb"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">341,129</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">,
</span><span style="font-family: Times New Roman, Times, Serif">respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Litigation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business. There is no pending litigation involving the Company at this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>MJ Holdings, Inc. Complaint</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 14, 2021, MJ Holdings, Inc. (the &#8220;Plaintiff&#8221;)
filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie Small (collectively, the &#8220;Defendants&#8221;). In the Complaint,
the Plaintiff alleges that the Defendants have refused to return the cannabis that was being stored for Plaintiff under a Storage and
Purchase Agreement entered into with AP Management. By failing to return the cannabis to Plaintiff, or Plaintiff&#8217;s designee, the
Defendants have deprived Plaintiff of the ability to sell, transfer or market the product. In addition, the Defendants have sought to
unlawfully extort the Plaintiff for illicit payments of thousands of dollars in money and/or cannabis in exchange for returning the cannabis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Gappy and Shaba Compliant</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 3, 2021, a Complaint was filed
against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the &#8220;Defendants&#8221;) by Ziad Gappy and David Shaba
(collectively, the &#8220;Plaintiffs&#8221;). In the Complaint, the Plaintiffs allege the Defendants made misleading statements
and/or omissions relating to the Company in the Plaintiffs&#8217; negotiation to purchase shares of MJ Holdings, Inc. In addition, <span id="xdx_908_eus-gaap--LossContingencyAllegations_c20211202__20211203_zJqyNohB2xCe" title="Loss contingency allegations"><ix:nonNumeric contextRef="From2021-12-022021-12-03" name="us-gaap:LossContingencyAllegations">the
Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and Defendants and that
MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and the
Defendants have failed to start the Western Project.</ix:nonNumeric></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>DGMD Complaint</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 19, 2021, a
Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras, Dimitri Deslis,
ATG Holdings, LLC and Curaleaf, Inc. (collectively, the &#8220;Defendants&#8221;) by DGMD Real Estate Investments, LLC, ARMPRO, LLC,
Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the &#8220;Plaintiffs&#8221;) in the District Court
of Clark County, Nevada.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In the Complaint, the
Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put that money towards
the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants&#8217; agents, and (ii)
the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings &#8220;Investment Schemes&#8221;,
and (iii) the Defendants intended to fraudulently obtain Plaintiffs&#8217; money for the purpose of harming the Plaintiffs to benefit
the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement to defraud
the Plaintiffs. The Plaintiffs allege that damages are in excess of $<span id="xdx_903_ecustom--LossContingencyDamagesSoughtDifferenceValue_pp0p0_c20210101__20211231_zQrXXW4zx859" title="Excess alleged damages"><ix:nonFraction name="MJNE:LossContingencyDamagesSoughtDifferenceValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company&#8217;s consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed&#160;</span>an appropriate and timely answer to the Complaint including
a lengthy and comprehensive series of affirmative defenses and liability and damage avoidances.&#160;As of the date of this filing, discovery
has commenced and written discovery has been exchanged between the parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Tierney Arbitration</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 9, 2021,
Terrence Tierney, the Company&#8217;s former President and Secretary, filed for arbitration with the American Arbitration
Association for: (i) breach of contract, (i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage
claim. Mr. Tierney demanded payment in the amount of $<span id="xdx_90D_eus-gaap--DeferredCompensationArrangementWithIndividualCompensationExpense_pp0p0_c20210307__20210309__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember_zQZ1Daml2V1l" title="Consideration of past compensation"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense" contextRef="From2021-03-072021-03-09_custom_FormerSecretaryAndPresidentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">501,085</ix:nonFraction></span>
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance
pay. On April 7, 2021, the Company made payment against the wage claim in the amount of $<span id="xdx_90E_eus-gaap--PaymentsToEmployees_pp0p0_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember_zusjFQntiq42" title="Payment made for wage claim"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">62,392</ix:nonFraction></span>,
inclusive of $<span id="xdx_908_eus-gaap--PaymentsToEmployees_pp0p0_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember__us-gaap--AwardTypeAxis__custom--WagesMember_zXS0U2p8WFgf" title="Payment made for wage claim"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember_custom_WagesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">59,583</ix:nonFraction></span>&#160;for
wages and $<span id="xdx_909_eus-gaap--PaymentsToEmployees_pp0p0_c20210406__20210407__srt--TitleOfIndividualAxis__custom--FormerSecretaryAndPresidentMember__us-gaap--AwardTypeAxis__custom--AccruedVacationMember_zcKpU8iowXJa" title="Payment made for wage claim"><ix:nonFraction name="us-gaap:PaymentsToEmployees" contextRef="From2021-04-062021-04-07_custom_FormerSecretaryAndPresidentMember_custom_AccruedVacationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,854</ix:nonFraction></span>
for accrued vacation and, as such posits that any claims that Tierney may
have had have been paid in full and that the Company otherwise has no liability. The Company filed a counterclaim in the action declaring
that Tierney breached the contract of employment, committed fraud, malfeasance and other nefarious acts causing substantial damage to
the Company with estimated monetary damages well in excess of any monetary claim made by Tierney. After recent arbitrator rulings favorable
to the Company, the parties have agreed to postpone the June arbitration and have referred the matter to mediation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zeEtnDzY3DV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
13 &#8212; <span id="xdx_820_zmXMj5DvFpGg">Stockholders&#8217; Equity (Deficit)</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently authorized to issue up to <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zIlR6FpH2xT1" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,000,000</ix:nonFraction></span> shares of Common Stock and <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231_zSBpUiiHHcL9" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, par
value $<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231_zdTwz4HckMi8" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is authorized, without further approval from the Company&#8217;s stockholders, to create one or more series of preferred stock,
and to designate the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly,
the Board may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other
rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of the Company&#8217;s Common Stock, diluting the voting power of its Common
Stock, impairing the liquidation rights of its Common Stock, or delaying or preventing a change in control of the Company, all without
further action by its stockholders. Of the <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zZaSfje8Fl27" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, par value $<span id="xdx_902_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zklMwFM5AOu2" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_us-gaap_PreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share, authorized in the Company&#8217;s
Articles of Incorporation, <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zsseIF95IT8h" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500</ix:nonFraction></span> shares are designated as Series A Convertible Preferred Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Series
A Convertible Preferred Stock</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zxvHLJYE4QV3" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1,000</ix:nonFraction></span>) by the conversion price (currently, $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zoaEgnuImGGb" title="Conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span>).
The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation. The Company is
prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion, the
holder (together with such holder&#8217;s affiliates and any persons acting as a group with holder or any of such holder&#8217;s affiliates)
would beneficially own in excess of <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HolderMember_zM2EKbdJMJt6" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember_custom_HolderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.99</ix:nonFraction></span>% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion. <span id="xdx_906_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HolderMember_zIhXln0A4Ud8" title="Description of principal activities"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_SeriesAConvertiblePreferredStockMember_custom_HolderMember" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">A holder, upon notice to us, may increase or decrease this beneficial ownership
limitation; provided, that, in no event can the holder increase the beneficial ownership limitation in excess of 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon the conversion of
the Series A Preferred Stock then held by holder</ix:nonNumeric></span>. Such increase of the beneficial ownership limitation cannot be effective until the
61<sup>st</sup> day after such notice is given to us and shall apply only to such holder. The Series A Preferred Stock has no voting
rights; however, as long as any shares of Series A Preferred Stock are outstanding, the Company is not permitted, without the affirmative
vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock to (i) alter or change adversely the
powers, preferences, or rights given to the Series A Preferred Stock or alter or amend the Series A Preferred Stock Certificate of Designation,
(ii) amend the Company&#8217;s Articles of Incorporation or other charter documents in any manner that adversely affects any rights of
the holders, (iii) increase the number of authorized shares of Series A Preferred Stock, or (iv) enter into any agreement with respect
to any of the forgoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred
Stock Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year ended December 31, 2021</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year ended December 31, 2020</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and December 31, 2020, there are <span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_ziLjFb8tnOg9" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zhpBEBf5vPN" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_c20201231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zA83wctOCQr7" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20201231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zezjBEOpUh93" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></ix:nonFraction></span></span> shares of Series A Preferred Stock issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 13 &#8212; Stockholders&#8217; Equity
(Deficit) (continued)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zYCLkxoZa1Th" title="Common stock shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">95,000,000</ix:nonFraction></span> shares of Common Stock authorized by the Company&#8217;s Articles of Incorporation, <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zvq7X96t8efb" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,501,667</ix:nonFraction></span> shares of Common
Stock are issued and outstanding as of December 31, 2021. Each holder of Common Stock is entitled to one vote per share on all
matters to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common
Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds
legally available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend
to pay any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings,
if any, for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders
of Common Stock are entitled, unless otherwise provided by law or the Company&#8217;s Articles of Incorporation, including any certificate
of designations for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences
of preferred stockholders. Holders of the Company&#8217;s Common Stock do not have preemptive, conversion, or other subscription rights.
There are no redemptions or sinking fund provisions applicable to the Company&#8217;s Common Stock.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
                                            Stock Issuances </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal years ended December 31, 2021 and December 31, 2020, the Company issued and/or sold the following unregistered
securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Year ended December 31, 2021</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 8, 2021, the
Company issued&#160;<span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStockPurchaseAgreementMember_zMCX7vMbpdWi"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStockPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">526,316</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStockPurchaseAgreementMember_zgoQGejWw6I3"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStockPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">410,000</ix:nonFraction></span>&#160;in satisfaction of $<span id="xdx_90F_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStockPurchaseAgreementMember_zymq5RKNSAF6"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStockPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span>&#160;principal
and all accrued interest for a note payable to a related party as per the terms of the Debt Conversion and Stock Purchase Agreement dated
January 14, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 8, 2021, the
Company issued&#160;<span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStockPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zBydm0nr4m2h"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStockPurchaseAgreementMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">263,158</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStockPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zthx8blt9Oh1"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStockPurchaseAgreementMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">205,263</ix:nonFraction></span>&#160;to a related party for the purchase
of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20210305__20210308__srt--TitleOfIndividualAxis__custom--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--DebtConversionAndStocksPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3PMecmMMEcd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-03-052021-03-08_custom_RelatedPartyMember_custom_DebtConversionAndStocksPurchaseAgreementMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span>&#160;of common stock as per the terms of the Debt Conversion and Stock Purchase Agreement dated January 14, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 29, 2021, the
Company issued&#160;<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210327__20210329__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrKmr9MSQ8fc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-272021-03-29_custom_ConsultantMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">225,000</ix:nonFraction>&#160;</span>shares of common stock with a fair market value of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210327__20210329__srt--TitleOfIndividualAxis__custom--ConsultantMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_znlWC6ePbma4"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-03-272021-03-29_custom_ConsultantMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,000</ix:nonFraction></span>&#160;to a consultant as per the terms of
the Consulting Agreement dated February 25, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 24, 2021, the
Company issued&#160;<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210423__20210424__dei--LegalEntityAxis__custom--BlueSkyCompaniesLLCandLetsRollNevadaLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMHwn6cGdpqd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-04-232021-04-24_custom_BlueSkyCompaniesLLCandLetsRollNevadaLLCMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210423__20210424__dei--LegalEntityAxis__custom--BlueSkyCompaniesLLCandLetsRollNevadaLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zg5jp17kz02j"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-04-232021-04-24_custom_BlueSkyCompaniesLLCandLetsRollNevadaLLCMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">630,000</ix:nonFraction></span>&#160;as per the terms of the Termination
Agreement with Blue Sky Companies, LLC and Let&#8217;s Roll Nevada, LLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On June 4, 2021, the
Company issued&#160;<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210603__20210604__srt--TitleOfIndividualAxis__custom--FormerChiefFinancialOfficerMember_zcUJTWmQoeb6"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-06-032021-06-04_custom_FormerChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,000</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210603__20210604__srt--TitleOfIndividualAxis__custom--FormerChiefFinancialOfficerMember_zFog65aISIR4"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-06-032021-06-04_custom_FormerChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,514</ix:nonFraction></span>&#160;to its former Chief Financial Officer
as final compensation for services previously rendered on behalf of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 14, 2021, the
Company issued&#160;<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zumqWk2Eyt06"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,495</ix:nonFraction></span>&#160;shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_ziHMvrW9ANej"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,093</ix:nonFraction></span>&#160;to a Director as compensation per the terms of the Board of Directors Services Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 14, 2021, the
Company issued&#160;<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zTH7UuTnSryi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">43,245</ix:nonFraction></span>&#160;shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zOrSrU2c3HPi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,730</ix:nonFraction>&#160;</span>to a director as compensation per the terms of the Board of Directors Services Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 14, 2021, the
Company issued&#160;<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockThreeMember_zXkp9870CYMk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">43,245</ix:nonFraction></span>&#160;shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210613__20210614__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockThreeMember_zNqFfwzGUpld"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-06-132021-06-14_custom_BoardOfDirectorsMember_custom_CommonStockThreeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,730</ix:nonFraction></span>&#160;to a Director as compensation per the terms of the Board of Directors Services Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 21, 2021, the
Company issued&#160;<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zRlMY2o3Fa45"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_ConsultantForServicesMember_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,333</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zt9jI5pYVbab"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_ConsultantForServicesMember_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,089</ix:nonFraction></span>&#160;to a consultant for services rendered
on behalf of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 21, 2021, the
Company issued&#160;<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zJuTjAngRNv6"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_ConsultantForServicesMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zniqkCMIAQk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_ConsultantForServicesMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,075</ix:nonFraction></span>&#160;to a consultant for services rendered
on behalf of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 21, 2021, the
Company issued&#160;<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--EmployeeForPastDueWagesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zzuAQH37wjJb"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_EmployeeForPastDueWagesMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">120,000</ix:nonFraction>&#160;</span>shares of common stock with a fair market value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210620__20210621__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zhlRuRIn16mi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-06-202021-06-21_custom_ConsultantForServicesMember_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,300</ix:nonFraction></span>&#160;to an employee for past due wages.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 21, 2021, the
Company issued&#160;<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--EmployeeForPastDueWagesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockThreeMember_zHVErl7Eiexi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_EmployeeForPastDueWagesMember_custom_CommonStockThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--EmployeeForPastDueWagesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockThreeMember_zJneRpqLKOa4"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_EmployeeForPastDueWagesMember_custom_CommonStockThreeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,150</ix:nonFraction></span>&#160;to an employee for past due wages.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 21, 2021, the
Company issued&#160;<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--EmployeeForPastDueWagesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockFourMember_z7HPNtNtrBBk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_EmployeeForPastDueWagesMember_custom_CommonStockFourMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>&#160;shares of common stock with a fair market value of $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20210720__20210721__srt--TitleOfIndividualAxis__custom--EmployeeForPastDueWagesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockFourMember_zCWmZbjWPNeg"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-07-202021-07-21_custom_EmployeeForPastDueWagesMember_custom_CommonStockFourMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,075</ix:nonFraction></span>&#160;to an employee for past due wages.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 30, 2021, the
Company&#8217;s prior President, Richard S. Groberg, returned <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20210727__20210730__srt--TitleOfIndividualAxis__custom--ConsultantForServicesMember_zseKKYNwQ2Nk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2021-07-272021-07-30_custom_ConsultantForServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> shares of common stock to be retired as per the terms of the Cooperation
and Release Agreement dated May 12, 2021. As of the date of this filing, the Company has yet to submit the shares to its transfer agent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2021, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211230__20211231__srt--TitleOfIndividualAxis__srt--OfficerMember_zdjl5RxBn1Se"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-12-302021-12-31_srt_OfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333,334</ix:nonFraction></span>
shares of common stock with a fair market value of $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20211230__20211231__srt--TitleOfIndividualAxis__srt--OfficerMember_zj1w7XK1k3ji"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-12-302021-12-31_srt_OfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,501</ix:nonFraction></span> to an officer for shares purchased in 2018 under the Company&#8217;s Regulation
D offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2021, the Company issued a total
of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20211230__20211231__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zBbitc5P03sl"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-12-302021-12-31_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction></span> shares of common stock with a fair market value of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20211230__20211231__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zeYIbBmbXSHj"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2021-12-302021-12-31_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,300</ix:nonFraction></span> to three directors for services rendered during the third and fourth
quarters of 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Year ended December 31, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2020, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20200210__20200211__srt--TitleOfIndividualAxis__custom--SecretaryAndPresidentMember_z1KPsmcISNAd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-02-102020-02-11_custom_SecretaryAndPresidentMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares of common stock to its former Secretary and President for services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2020, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20200330__20200331__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zVNZkhpJR6f2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-03-302020-03-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,251</ix:nonFraction></span> shares of common stock to its former Chief Financial Officer for services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2020, the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20200330__20200331__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zvUNTHWeRTEh"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-03-302020-03-31_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,562</ix:nonFraction></span> shares of common stock to its current Interim Chief Executive Officer for services rendered
on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 7, 2020, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20200406__20200407__srt--TitleOfIndividualAxis__custom--RestrictedCommonStockMember_z8VHrNoaHNWb"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-04-062020-04-07_custom_RestrictedCommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span> shares of common stock to an accredited investor for purchasing shares through the Company&#8217;s
Regulation D offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_pid_c20201213__20201214__srt--TitleOfIndividualAxis__custom--SecretaryEmploymentAgreementMember_zsQL5aDBbnZ2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_SecretaryEmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of restricted common stock to its Secretary as per the terms of the Employment Agreement
dated September 15, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_pid_c20201213__20201214__srt--TitleOfIndividualAxis__custom--InterimChiefFinancialOfficerMember_zZEMpn1CZl6h"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_InterimChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of restricted common stock to its Interim Chief Financial Officer as per the terms
of the Employment Agreement dated October 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20201213__20201214__srt--TitleOfIndividualAxis__custom--InterimChiefExecutiveOfficerMember_zmhKhAHNYiP5"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_InterimChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares of restricted common stock to its Interim Chief Executive Officer for services rendered
on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20201213__20201214__srt--TitleOfIndividualAxis__custom--PurchaseAgreementMember_zOzMMd8O94h3"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_PurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,402,279</ix:nonFraction></span> shares of restricted common stock to an accredited investor as per the terms of the Securities
Purchase Agreement dated July 22, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20201213__20201214__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zHLcaCAqwKNj"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500</ix:nonFraction></span> shares of restricted common stock for services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20201213__20201214__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zjuiOQlFVio8"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_CommonStockTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500</ix:nonFraction></span> shares of restricted common stock for services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2020, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20201213__20201214__srt--TitleOfIndividualAxis__custom--ConsultingServicesMember_zbZq6qC6ELkc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2020-12-132020-12-14_custom_ConsultingServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> shares of restricted common stock to a Consultant for consulting services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2021 and December 31, 2020,
there are <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20211231_zXYZgOJIKbr" title="Common stock shares issued"><span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zKvQT4oq2LLe" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,501,667</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20201231_zvpFOvFxV0U8" title="Common stock shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20201231_zuDZT2629MI4" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,613,541</ix:nonFraction></ix:nonFraction></span></span> shares of Common Stock issued and outstanding, respectively.</p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_800_eus-gaap--EarningsPerShareTextBlock_zzwt8XsPEf63" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
14 &#8212; <span id="xdx_823_zJJwwqi8BQnj">Basic and Diluted Earnings (Loss) per Common Share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings (loss) per share is computed by dividing the net income or net loss available to common stockholders by the weighted
average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury
stock method and reflects the potential dilution that could occur if warrants were exercised and were not anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021, basic and diluted loss per common share were the same since there were no potentially dilutive
shares outstanding during the respective periods. The outstanding warrants and options as of December 31, 2021, to purchase <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231_zv3Plo4b7Uhi" title="Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span>
shares of common stock were not included in the calculations of diluted loss per share because the impact would have been anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MJNE:GainOnDisposalOfSubsidiaryTextBlock"><p id="xdx_80C_ecustom--GainOnDisposalOfSubsidiaryTextBlock_z9LoLj7NlFLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
15 &#8212; <span id="xdx_822_zmCzfSXZXcK2">Gain on Disposal of Subsidiary</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 15, 2017, the Company acquired <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20171215__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RedEarthLLCMember_zCTOgYFHzBa6" title="Ownership Percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2017-12-15_custom_RedEarthLLCMember101725218" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding membership interests of Red Earth, LLC for <span id="xdx_906_ecustom--NumberOfCommonStocksExchangedDuringPeriod_c20171214__20171215_ziQYWlrft882" title="Number Of Common Stocks Exchanged During Period"><ix:nonFraction name="MJNE:NumberOfCommonStocksExchangedDuringPeriod" contextRef="From2017-12-142017-12-15" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,732,969</ix:nonFraction></span> shares of common
stock of the Company, par value $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20171215_zbuy3USsYDnj" title="Common Stock, Par or Stated Value Per Share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2017-12-15" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> and a Promissory Note in the amount of $<span id="xdx_909_eus-gaap--NotesPayable_iI_c20171215_zniAgZtUVOP5" title="Notes Payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2017-12-15" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,000</ix:nonFraction></span>. Red Earth became a wholly owned subsidiary (the
&#8220;Subsidiary&#8221;) of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board (&#8220;CCB&#8221;) regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the &#8220;Stipulation Order&#8221;)
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $<span id="xdx_90D_ecustom--CivilPenaltyAmount_c20210724__20210729_zSCuLi6KYmfk" title="Civil Penalty Amount"><ix:nonFraction name="MJNE:CivilPenaltyAmount" contextRef="From2021-07-242021-07-29" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>, which
was paid on July 29, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2021, the Company and the Company&#8217;s Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the &#8220;Purchase Agreement&#8221;),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. On September 2, 2021, the Company received approval of the Termination Agreement from
the CCB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zsnE0nm0X7Ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
table below shows the assets and liabilities that the Company was relieved of in the transaction:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zgmUPWgYMpx1" style="display: none">Schedule of Assets and Liabilities of Discontinued Operations</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>Assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--DisposalGroupIncludingDiscontinuedOperationDeposits_iI_zaizV1EHjeIf" style="vertical-align: bottom; background-color: White">
    <td style="width: 82%">Deposits</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_401_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment_iI_zoIfhwAPEZTl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-bottom: 1.5pt">Total assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherLiabilities_iNI_di_zJubOFb9F3Ja" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" contextRef="AsOf2021-08-27" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,925,425</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--GainOnDivestiture_iI_zBJziHUo8YS3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">(Gain) on divestiture</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MJNE:GainOnDivestiture" contextRef="AsOf2021-08-27" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">337,551</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>



</ix:nonNumeric><p id="xdx_8A5_zKH0QYnZjVei" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80B_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zRqLAg0NtC8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
16 &#8212; <span>Stock-Based Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_827_zLAjonrjSSZ1" style="display: none">Stock Based Compensation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Warrants
and Options</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A
summary of the warrants and options issued, exercised and expired are below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Stock
Options</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 15, 2020, the Company issued an option to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RogerBlossMember_zFwvy4yi87c5" title="Number of option granted, shares"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zG4ERhdBjsT5" title="Number of option granted, shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-09-142020-09-15_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></ix:nonFraction></span></span> shares of common stock to each of Messrs. Balaouras, Bloss
and Moyle as per the terms of their employment agreements. The options have a strike price of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RogerBlossMember_zqzzaCTj4Zf9" title="Option exercise price per"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_z4sxhvfMFTe5" title="Option exercise price per"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-142020-09-15_custom_RogerBlossMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2020-09-142020-09-15_custom_BernardMoyleMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></ix:nonFraction></span></span> and expire on the <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RogerBlossMember_zdc9u6eN0KEh" title="Options term"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_dtY_c20200914__20200915__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BernardMoyleMember_zM7vAT5Gmaej" title="Options term"><ix:nonNumeric contextRef="From2020-09-142020-09-15_custom_RogerBlossMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward"><ix:nonNumeric contextRef="From2020-09-142020-09-15_custom_BernardMoyleMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward">three</ix:nonNumeric></ix:nonNumeric></span></span>-year
anniversary date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_ztKRAt9xGj7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A summary of the options issued, exercised
and expired are below:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8B9_zaaoksJQmiyc" style="display: none">Schedule of Options Issued, Exercised and Expired</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231_zjVC75jJe2ol" title="Options, Issued" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2545">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8AA_z41Jqo23kNA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Options
outstanding as of December 31, 2021 and December 31, 2020 were <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20211231_zm6Cvp5g2OYg" title="Options outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> and <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20201231_ziykBMxk88N2" title="Options outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,510,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
June of 2019, in conjunction with the Company&#8217;s offering under Rule 506 of Regulation D of the Securities Act (the &#8220;Offering&#8221;),
the Company granted warrants to each participant in the Offering upon the following terms and conditions: (a) each participant has the
right to acquire additional shares of the Company&#8217;s Common Stock equal to ten (<span id="xdx_904_ecustom--PercentageToAcquireAdditionalSharesOfCommonStockInOfferingWarrants_pid_dp_c20210101__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zSmEhvcPXmTd" title="Percentage to acquire additonal common stock for offering warrants"><ix:nonFraction name="MJNE:PercentageToAcquireAdditionalSharesOfCommonStockInOfferingWarrants" contextRef="From2021-01-012021-12-31_custom_WarrantTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span>) of the shares purchased in the offering (the
&#8220;Warrants&#8221;); (b) one-half of the Warrants granted to each participant have an exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zl7wFT4ZLGo7" title="Class of Warrant or Right, Exercise Price of Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_WarrantOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.65</ix:nonFraction></span> and the other one-half
have an exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zrYr6NKPlI6e" title="Class of Warrant or Right, Exercise Price of Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_WarrantTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span>, and (c) the Warrants shall be exercisable between <span id="xdx_902_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_dd_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z3jNqaKwHxp6" title="Class of Warrant or Right, Date from which Warrants or Rights Exercisable"><ix:nonNumeric contextRef="From2021-01-012021-06-30_us-gaap_WarrantMember" format="ixt:datemonthdayyearen" name="us-gaap:ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable">June 5, 2019</ix:nonNumeric></span>, the date of grant and <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z4zJeJU5jwpc" title="Warrants and Rights Outstanding, Maturity Date"><ix:nonNumeric contextRef="AsOf2021-06-30_us-gaap_WarrantMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">June 4, 2021</ix:nonNumeric></span> the
date of expiration of the Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 11, 2021, the Company issued an accredited
investor a Common Stock Purchase Warrant Agreement in conjunction with the July 2020 Securities Purchase Agreement <span style="background-color: white">granting
the holder the right to purchase up to <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zyRlYUSJejtj" title="Warrant to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares of the Company&#8217;s common stock at an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zVneTIM6L8Wg" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> for a term of
<span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210111__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseWarrantAgreementMember_zGWYfbHUtb8c" title="Warrant term"><ix:nonNumeric contextRef="AsOf2021-01-11_custom_CommonStockPurchaseWarrantAgreementMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">4</ix:nonNumeric></span>-years.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zc5V8kiX2ANh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A summary of the warrants issued, exercised and expired are
below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8B4_z9AJwSUfK2R2" style="display: none">Schedule of Warrants Issued, Exercised and Expired</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Warrants:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Remaining Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Life in Years</b></span></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Balance at December 31, 2020</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20210101__20211231_zbVrakMsMdqk" title="Warrants Shares, Issued" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercised</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20210101__20211231_zGNJ1SOT2965" title="Warrants Shares, Exercised" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2603">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20210101__20211231_z5UABYaSkTCk" title="Warrants Shares, Expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,233,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Balance at December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_zB8MkksZASEi" title="Warrants Shares, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding_iE_pid_c20210101__20211231_z6Al12KuDfcf" title="Weighted Avg. Exercise Price Warrant, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MJNE:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zuhCktF7xuuf" title="Remaining Contractual Life in Years, Ending Balance"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="MJNE:SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2">3.03</ix:nonNumeric></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AB_z34qNxdffJxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Warrants
outstanding as of December 31, 2021 and December 31, 2020 were <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20211231_zUrqeDG3yj72"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20201231_zxACw1qXMayg"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,233,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_z4NX6Oiw7Kik" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
17 &#8212; <span id="xdx_828_ziExPPYe4Gj2">Income Taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s federal or state income tax expense or benefit for the years ended December 31, 2021 and 2020 are summarized below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not incur any federal or state income tax expense or benefit for the years ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zAqKMz99ftP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provision for income taxes differs from the amounts which would result from applying the federal statutory rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20210101__20211231_zfqJ3QKfgLqa" title="Federal statutory rate"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20200101__20201231_zgoGAdMof42" title="Federal statutory rate">21</span></span>% to the
Company&#8217;s loss before income taxes as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_znQvOzBiHJjd" style="display: none">Schedule of Provision for Income Taxes</span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20210101__20211231_z7QTkDdhKNu4" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,<br />
    2021</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20200101__20201231_zdEWuFvtZsl5" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,<br />
    2020</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBz2HC_zCZjpDzm7Eeb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computed &#8220;expected&#8221;
    income tax benefit</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">799,540</ix:nonFraction></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">832,569</ix:nonFraction></span></td>
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<tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBz2HC_zJco4iyg3Wjj" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in valuation allowance</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2626">-</span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">832,569</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_409_ecustom--IncomeTaxReconciliationStockBasedCompensationServices_maITEBz2HC_z9HyKjwhcPla" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based compensation and services</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="MJNE:IncomeTaxReconciliationStockBasedCompensationServices" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,912</ix:nonFraction></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A1_znKAECnFqub4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2021 and December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
17 &#8212; Income Taxes (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#8217;s
deferred tax assets for federal and state income taxes for the years ended December 31, 2021 and 2020 are as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2646">-</span></span></td>
    <td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td><span style="font-size: 10pt">Deferred tax assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td><span style="font-size: 10pt">Less: Valuation allowance</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,901,805</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,702,456</ix:nonFraction></span></td>
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    <td><span style="font-size: 10pt">Net deferred tax assets</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2658">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2659">-</span></span></td>
    <td>&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zqi0Gs5BkjIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset
will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are
uncertain. A full review of all positive and negative evidence needs to be considered. The Company has established a valuation
allowance against all its deferred tax assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 22, 2017, H.R. 1 (the &#8220;Act&#8221;) was enacted and included broad tax reforms. The Act reduced the U.S. corporate
tax rate from <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20171221__20171222_zOTfA1QrW9Wa" title="Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2017-12-212017-12-22" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% to <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20210101__20211231_zkCGRluxoBj5" title="Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></span>% effective January 1, 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had a net operating loss carryforward for federal income tax purposes of approximately $<span id="xdx_905_eus-gaap--OperatingLossCarryforwards_iI_c20211231_zj846EImSjAj"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,818,117</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and credit carryforwards are subject to annual limitations due to the &#8220;change in ownership&#8221; provisions of the Internal
Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and
credits before utilization. The Company has not performed a Section 382 study as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company files income tax returns in the U.S. The Company is not currently under examination in any of these jurisdictions and
all its tax years remain open to examination due to net operating loss carryforwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the &#8220;more likely than not&#8221; criterion for recognizing the income tax benefit of uncertain income tax positions
and establishing measurement criteria for income tax benefits. Although it is reasonably possible that certain unrecognized tax benefits
may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute
of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar
activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. During the
year ended December 31, 2021, no interest or penalties were required to be recognized relating to unrecognized tax benefits. In
the event the Company should need to recognize interest and penalties related to unrecognized income tax liabilities, this amount will
be recorded as an accrued liability and an increase to income tax expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company operates in the legal cannabis industry, the Company is subject to Section 280E of the Internal Revenue Code (&#8220;IRC&#8221;)
which prohibits businesses engaged in the trafficking of controlled substances (within the meaning of Schedule I and II of the
CSA) from deducting normal business expenses associated with the sale of cannabis, such as payroll and rent, from gross income
(revenue less cost of goods sold). Section 280E, therefore, has a significant impact on the retail side of cannabis, but a lesser
impact on cultivation and manufacturing operations. Section 280E was originally intended to penalize criminal market operators,
but because cannabis remains a Schedule I controlled substance for U.S. Federal purposes, the Internal Revenue Service (&#8220;IRS&#8221;)
has subsequently applied Section 280E to state-legal cannabis businesses. The effective tax rate on a cannabis business depends
on how large its ratio of non-deductible expenses is to its total revenues. In the states that the Company operates in that align
their tax codes with Section 280E, it is also unable to deduct normal business expenses for state tax purposes. This results in
permanent differences between ordinary and necessary business expenses deemed non-allowable and a higher effective tax rate than
most industries. Cannabis businesses operating in states that align their tax codes with the IRC are also unable to deduct normal
business expenses for state tax purposes. The non-deductible expenses shown in the effective rate reconciliation above is comprised
primarily of the impact of applying Section 280E to the Company&#8217;s businesses that are involved in selling cannabis, along
with other typical non-deductible expenses such as lobbying expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IRS has invoked Section 280E in tax audits against various cannabis businesses in the U.S. that are permitted under applicable
state laws. Although the IRS issued a clarification allowing the deduction of certain expenses, the scope of such items is interpreted
very narrowly, and the bulk of operating costs and general administrative costs are not permitted to be deducted. While there
are currently several pending cases before various administrative and federal courts challenging these restrictions, there is
no guarantee that these courts will issue an interpretation of Section 280E favorable to cannabis businesses. Further, there are
several pieces of legislation being considered by the U.S. Congress that could change the interpretation of Section 280E by removing
its applicability to the legalized cannabis industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>MJ
HOLDINGS, INC. and SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><i>For
the years ended December 31, 2021 and December 31, 2020 </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_802_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zl2ZNz73WbZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
18 &#8212; <span id="xdx_828_zFrPwYVKOiDb">Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
February 20, 2020, the Company&#8217;s subsidiary, Alternative Hospitality, Inc. (the &#8220;Borrower&#8221;), issued a Short-Term Promissory
Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director of the
Company, in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zaFFM8mzTeih" title="Debt Instrument, Face Amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">110,405</ix:nonFraction></span> that matures on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20200218__20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zQju94K92Mzk" title="Debt Instrument, Maturity Date"><ix:nonNumeric contextRef="From2020-02-182020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February 19, 2021</ix:nonNumeric></span>. The Note shall bear interest at a rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zLb1grmjCSP2" title="Debt Instrument, Interest Rate, Stated Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span>% per annum with interest-only
payments in the amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pp0p0_c20200218__20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zk5ugWTrCrd4" title="Debt Instrument, Periodic Payment, Interest"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2020-02-182020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">825</ix:nonFraction></span> due on or before the twentieth day of each month commencing on April 20, 2020. The Borrower was required
to make an interest and principal reduction payment in the amount of $<span id="xdx_901_ecustom--DebtInstrumentReductionInInterestAndPrincipal_pp0p0_c20200218__20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zB20RKrG7qwh" title="Debt Instrument Reduction In Interest And Principal"><ix:nonFraction name="MJNE:DebtInstrumentReductionInInterestAndPrincipal" contextRef="From2020-02-182020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,233</ix:nonFraction></span> on or before March 20, 2020. <span id="xdx_903_eus-gaap--DebtInstrumentCollateral_c20200218__20200220__srt--ConsolidatedEntitiesAxis__custom--AlternativeHospitalityIncMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember_zBarTjGkyWLf" title="Debt Instrument, Collateral"><ix:nonNumeric contextRef="From2020-02-182020-02-20_custom_AlternativeHospitalityIncMember_custom_PyrrosOneLLCMember" name="us-gaap:DebtInstrumentCollateral">The Holder is granted a security
interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which is owned by the Borrower</ix:nonNumeric></span>. The Note
was paid in full on March 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 31, 2020, the Company&#8217;s subsidiary, Condo Highrise Management, LLC (the &#8220;Borrower&#8221;), issued a Short-Term Promissory
Note (the &#8220;Note&#8221;) to Pyrros One, LLC (the &#8220;Holder&#8221;), an entity controlled by a relative of a director of the
Company, in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200331__srt--ConsolidatedEntitiesAxis__custom--CondoHighriseManagementLLCMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember__us-gaap--DebtInstrumentAxis__custom--ShortTermPromissoryNoteMember_zwMvhbsWKZV8" title="Debt Instrument, Face Amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-03-31_custom_CondoHighriseManagementLLCMember_custom_PyrrosOneLLCMember_custom_ShortTermPromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,000</ix:nonFraction></span> that matures on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20200330__20200331__srt--ConsolidatedEntitiesAxis__custom--CondoHighriseManagementLLCMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember__us-gaap--DebtInstrumentAxis__custom--ShortTermPromissoryNoteMember_zVzQR33d7tyb" title="Debt Instrument, Maturity Date"><ix:nonNumeric contextRef="From2020-03-302020-03-31_custom_CondoHighriseManagementLLCMember_custom_PyrrosOneLLCMember_custom_ShortTermPromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March 30, 2021</ix:nonNumeric></span>. The Note shall bear interest at a rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20200331__srt--ConsolidatedEntitiesAxis__custom--CondoHighriseManagementLLCMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember__us-gaap--DebtInstrumentAxis__custom--ShortTermPromissoryNoteMember_z1A2X66Qultj" title="Debt Instrument, Interest Rate, Stated Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-03-31_custom_CondoHighriseManagementLLCMember_custom_PyrrosOneLLCMember_custom_ShortTermPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span>% per annum with interest-only
payments in the amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pp0p0_c20200330__20200331__srt--ConsolidatedEntitiesAxis__custom--CondoHighriseManagementLLCMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember__us-gaap--DebtInstrumentAxis__custom--ShortTermPromissoryNoteMember_zbVKjXwVrV84" title="Debt Instrument, Periodic Payment, Interest"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2020-03-302020-03-31_custom_CondoHighriseManagementLLCMember_custom_PyrrosOneLLCMember_custom_ShortTermPromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">675</ix:nonFraction></span> due on or before the first day of each month commencing on May 1, 2020. <span id="xdx_90A_eus-gaap--DebtInstrumentCollateral_c20200330__20200331__srt--ConsolidatedEntitiesAxis__custom--CondoHighriseManagementLLCMember__dei--LegalEntityAxis__custom--PyrrosOneLLCMember__us-gaap--DebtInstrumentAxis__custom--ShortTermPromissoryNoteMember_zk1cxULTH3hk" title="Debt Instrument, Collateral"><ix:nonNumeric contextRef="From2020-03-302020-03-31_custom_CondoHighriseManagementLLCMember_custom_PyrrosOneLLCMember_custom_ShortTermPromissoryNoteMember" name="us-gaap:DebtInstrumentCollateral">The Holder is granted a security
interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by the Borrower. The transaction closed
on April 3, 2020</ix:nonNumeric></span>. The Note was paid in full on March 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 14, 2021, the Company entered into a Debt Conversion and Stock Purchase Agreement (the &#8220;Agreement&#8221;) with David Dear
(the &#8220;Investor&#8221;), a director of the Company. Under the terms of the Agreement, the Company shall issue <span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210113__20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zKjOXp1iKMRf"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-01-132021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">526,316</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock to the Investor
in satisfaction of the $<span id="xdx_90D_eus-gaap--ShortTermBorrowings_iI_c20201210__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zmTin6HnVgH8"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2020-12-10_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">short term loan made to the Company by
the Investor on December 10, 2020. In addition, the Investor elected to purchase an additional <span id="xdx_901_eus-gaap--SharesIssued_iI_c20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zxx5hvkUyFZ5"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">263,148</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock at a per share
price of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z6udil83ad64"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.19</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for a total of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210113__20210114__us-gaap--TypeOfArrangementAxis__custom--StockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zRs9r17FEwHk"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-132021-01-14_custom_StockPurchaseAgreementMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
&#8220;Agreement&#8221;) with Red Earth, LLC (hereinafter, &#8220;Red Earth&#8221;), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the &#8220;Loan&#8221;) to Red Earth for
expenses related to the activation and operation of Red Earth&#8217;s cultivation license. The Loan shall bear interest at <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zQMmJWB0nZd9" title="Debt interest rate, per annum"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span> per annum
and increase to <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_pid_dp_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember_zdVMFUt3VhY" title="Debt interest increase"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateIncreaseDecrease" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction>%</span> upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $<span id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MinimumMember_zqVCOa36mYGb" title="Service costs per month"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span>
to $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20210727__20210801__dei--LegalEntityAxis__custom--RedEarthLLCMember__srt--RangeAxis__srt--MaximumMember_zFRZw7i8Auad" title="Service costs per month"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-07-272021-08-01_custom_RedEarthLLCMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,500</ix:nonFraction></span> per month. As of December 31, 2021, the amount due the Company under the short-term loan is $<span id="xdx_900_eus-gaap--ShortTermBorrowings_iI_c20211231_zDnaX7uoXJ0j" title="Short term debt"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,165</ix:nonFraction></span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_804_eus-gaap--SubsequentEventsTextBlock_zJL09qxmHIf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
19 &#8212; <span id="xdx_820_z5vcYsIovz47">Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 4, 2022, the Company entered into a Note Modification Agreement (the &#8220;Agreement&#8221;) with FR Holdings, LLC (the &#8220;Holder&#8221;)(together,
the &#8220;Parties&#8221;) amending the terms of the Noted Secured by Deed of Trust (the &#8220;Secured Note&#8221;) entered into by
the Parties on January 17, 2018. The Parties agree that the maturity date of the Secured Note being January 31, 2022, has passed and
that the balance of the Secured Note is now due (currently Seven-Hundred and Fifty-Thousand Dollars ($<span id="xdx_90D_eus-gaap--SecuredDebt_iI_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zhCTuXcKOopa" title="Secured note"><ix:nonFraction name="us-gaap:SecuredDebt" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">750,000</ix:nonFraction></span>.00), and the parties also
agree that the conditions in the Secured Note requiring the assessment of the additional Five-Hundred Thousand Dollars ($<span id="xdx_908_ecustom--ConsultingFee_iI_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zfw27PwlhYfl" title="Consulting fee"><ix:nonFraction name="MJNE:ConsultingFee" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span>.00)
consulting fee was triggered bringing the total amount owed by the Company under the terms of the Secured Note to One-Million Two-Hundred
Fifty-Thousand Dollars ($<span id="xdx_904_eus-gaap--LongTermDebt_iI_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zacozIYQsGBk" title="Secured note principal amount"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250,000</ix:nonFraction></span>.00). Under the terms of the Agreement, the Company made a payment in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_pp2d_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z9nNETTmOtZd" title="Payments for debt"><ix:nonFraction name="us-gaap:DebtInstrumentAnnualPrincipalPayment" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">357,342.88</ix:nonFraction></span> bringing
the new principal balance to $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_zGFcXdIc0ONi" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,000</ix:nonFraction></span>. The interest rate shall be <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_c20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_ztYytuC5gdY3" title="Debt percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">7</ix:nonFraction></span>% per annum. <span id="xdx_90E_eus-gaap--DebtInstrumentPaymentTerms_pp2d_c20220203__20220204__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z5vXWrRHneyf" title="Payments terms description"><ix:nonNumeric contextRef="From2022-02-032022-02-04_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" name="us-gaap:DebtInstrumentPaymentTerms">Future payments shall be calculated on a 20-year amortization
with a balloon payment in three years.</ix:nonNumeric></span> The first monthly payment of $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_pp2d_c20220227__20220302__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NoteModificationAgreementMember__dei--LegalEntityAxis__custom--FRHoldingsLLCMember_z90b1MCdOmqg" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2022-02-272022-03-02_us-gaap_SubsequentEventMember_custom_NoteModificationAgreementMember_custom_FRHoldingsLLCMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">6,977.69</ix:nonFraction></span> was made on March 25, 2022 with the final balloon payment
due on February 1, 2025.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_819_zvotJDRGJsUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II - INFORMATION NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item
13. Other Expenses of Issuance and Distribution.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
following table sets forth expenses (estimated except for the NASDAQ Listing Fee, SEC registration fees and FINRA notice fee) in connection
with the offering described in the Registration Statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">SEC registration fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$&#160;</td><td style="width: 16%; text-align: right">405.81</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accountants&#8217; fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Misc..</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>TOTAL</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">19,405.81</td><td style="text-align: left">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item
14. Indemnification of Directors and Officers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Certificate of Incorporation of the Company provides that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    Corporation shall indemnify a director or officer of the Corporation who was wholly successful, on the merits or otherwise, in the
    defense of any proceeding to which the director or office was a party because the director or officer is or was a director or officer
    of the Corporation against reasonable attorney fees and expenses incurred by the director or officer in connection with the proceeding.
    The Corporation may indemnify an individual made a party to a proceeding because the individual is or was a director, officer, employee
    or agent of the Corporation against liability if authorized in the specific case after determination, in the manner required by the
    board of directors, that indemnification of the director, officer, employee or agent, as the case may be, is permissible in the circumstances
    because the director, officer, employee or agent has met the standard of conduct set forth by the board of directors. The indemnification
    and advancement of attorney fees and expenses for directors, officers, employees and agents of the Corporation shall apply when such
    persons are serving at the Corporation&#8217;s request while a director, officer, employee or agent of the Corporation, as the case
    may be, as a director, officer, partner, trustee, employee or agent of another foreign or domestic Corporation, partnership, joint
    venture, trust, employee benefit plan or other enterprise, whether or not for profit, as well as in their official capacity with
    the Corporation. The Corporation also may pay for or reimburse the reasonable attorney fees and expenses incurred by a director,
    officer, employee or agent of the Corporation who is a party to a proceeding in advance of final disposition of the proceeding. The
    Corporation also may purchase and maintain insurance on behalf of an individual arising from the individual&#8217;s status as a director,
    officer, employee or agent of the Corporation, whether or not the Corporation would have power to indemnify the individual against
    the same liability under the law. All references in these Articles of Incorporation are deemed to include any amendment or successor
    thereto. Nothing contained in these Articles of Incorporation shall limit or preclude the exercise of any right relating to indemnification
    or advance of attorney fees and expenses to any person who is or was a director, officer, employee or agent of the Corporation or
    the ability of the Corporation otherwise to indemnify or advance expenses to any such person by contract or in any other manner.
    If any word, clause or sentence of the foregoing provisions regarding indemnification or advancement of the attorney fees or expenses
    shall be held invalid as contrary to law or public policy, it shall be severable and the provisions remaining shall not be otherwise
    affected. All references in these Articles of Incorporation to &#8220;director&#8221;, &#8220;officer&#8221;, &#8220;employee&#8221;,
    and &#8220;agent&#8221; shall include the heirs, estates, executors, administrators and personal representatives of such persons.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Any
indemnification as outlined above is not exclusive of any other rights to indemnification afforded by Nevada law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item
15. Recent Sales of Unregistered Securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Each
of the below transactions were exempt from the registration requirements of the Securities Act in reliance upon Rule 701 promulgated
under the Securities Act, Section 4(a)(2) of the Securities Act or Regulation D promulgated under the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Common
Stock</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and years ended December 31, 2021 and December 31, 2020, the Company
issued and/or sold the following unregistered securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the three months ended March 31, 2022</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
ended December 31, 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 8, 2021, the Company issued&#160;526,316&#160;shares of common stock with a fair market value of $410,000&#160;in satisfaction
of $100,000&#160;principal and all accrued interest for a note payable to a related party as per the terms of the Debt Conversion and
Stock Purchase Agreement dated January 14, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 8, 2021, the Company issued&#160;263,158&#160;shares of common stock with a fair market value of $205,263&#160;to a related party
for the purchase of $50,000&#160;of common stock as per the terms of the Debt Conversion and Stock Purchase Agreement dated January 14,
2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2021, the Company issued&#160;225,000&#160;shares of common stock with a fair market value of $135,000&#160;to a consultant
as per the terms of the Consulting Agreement dated February 25, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 24, 2021, the Company issued&#160;1,000,000&#160;shares of common stock with a fair market value of $630,000&#160;as per the terms
of the Termination Agreement with Blue Sky Companies, LLC and Let&#8217;s Roll Nevada, LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 4, 2021, the Company issued&#160;32,000&#160;shares of common stock with a fair market value of $13,514&#160;to its former Chief
Financial Officer as final compensation for services previously rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2021, the Company issued&#160;29,495&#160;shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $12,093&#160;to a Director as compensation per the terms of the Board of Directors Services
Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2021, the Company issued&#160;43,245&#160;shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $17,730&#160;to a director as compensation per the terms of the Board of Directors Services
Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2021, the Company issued&#160;43,245&#160;shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $17,730&#160;to a Director as compensation per the terms of the Board of Directors Services
Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2021, the Company issued&#160;62,333&#160;shares of common stock with a fair market value of $25,089&#160;to a consultant for
services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2021, the Company issued&#160;30,000&#160;shares of common stock with a fair market value of $12,075&#160;to a consultant for
services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2021, the Company issued&#160;120,000&#160;shares of common stock with a fair market value of $48,300&#160;to an employee for
past due wages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2021, the Company issued&#160;60,000&#160;shares of common stock with a fair market value of $24,150&#160;to an employee for
past due wages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2021, the Company issued&#160;30,000&#160;shares of common stock with a fair market value of $12,075&#160;to an employee for
past due wages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, the Company&#8217;s prior President, Richard S. Groberg, returned&#160;300,000&#160;shares of common stock to be retired
as per the terms of the Cooperation and Release Agreement dated May 12, 2021. As of the date of this filing, the Company has yet to submit
the shares to its transfer agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, the Company issued&#160;333,334&#160;shares of common stock with a fair market value of $96,501&#160;to an officer
for shares purchased in 2018 under the Company&#8217;s Regulation D offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, the Company issued a total of&#160;90,000&#160;shares of common stock with a fair market value of $24,300&#160;to
three directors for services rendered during the third and fourth quarters of 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
ended December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
February 11, 2020, the Company issued 250,000 shares of common stock to its former Secretary and President for services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
March 31, 2020, the Company issued 31,251 shares of common stock to its former Chief Financial Officer for services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
March 31, 2020, the Company issued 18,562 shares of common stock to its current Interim Chief Executive Officer for services rendered
on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
April 7, 2020, the Company issued 20,000 shares of common stock to an accredited investor for purchasing shares through the Company&#8217;s
Regulation D offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 500,000 shares of restricted common stock to its Secretary as per the terms of the Employment Agreement
dated September 15, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 500,000 shares of restricted common stock to its Interim Chief Financial Officer as per the terms
of the Employment Agreement dated October 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 250,000 shares of restricted common stock to its Interim Chief Executive Officer for services rendered
on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 1,402,279 shares of restricted common stock to an accredited investor as per the terms of the Securities
Purchase Agreement dated July 22, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 2,500 shares of restricted common stock for services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 2,500 shares of restricted common stock for services rendered on behalf of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 14, 2020, the Company issued 200,000 shares of restricted common stock to a Consultant for consulting services rendered on behalf
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of common shares authorized with a par value of $0.001 per share at March 31, 2022, December 31, 2021 and 2020
is 95,000,000, 95,000,000 and 95,000,000, respectively. At March 31, 2022, December 31, 2021 and 2020, 71,501,667,
71,501,667 and 68,613,541 shares of common stock issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Preferred
Stock</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Three
</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>months ended March 31, 2022</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
ended December 31, 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Year
ended December 31, 2020</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of preferred shares authorized with a par value of $0.001 per share at March 31, 2022, December 31, 2021 and 2020
is 5,000,000, 5,000,000 and 5,000,000, respectively. At March 31, 2022, December 31, 2021 and 2020, there are
0, 0 and 0 shares of preferred stock issued and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Except
as noted, none of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering,
and the Registrant believes each transaction was exempt from the registration requirements of the Securities Act as stated above. All
recipients of the foregoing transactions either received adequate information about the Registrant or had access, through their relationships
with the Registrant, to such information. Furthermore, the Registrant affixed appropriate legends to the share certificates and instruments
issued in each foregoing transaction setting forth that the securities had not been registered and the applicable restrictions on transfer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item
16. Exhibits and Financial Statement Schedules.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Exhibits
required by Item 601 of Regulation S-K</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
following exhibits are filed with this registration statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No,</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Exhibit</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p>5.1*</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex5-1.htm">Legal Opinion of Law Offices of Gary L. Blum</a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019020407/f10k2018ex10-10_mjholdings.htm" style="-sec-extract: exhibit">Membership
    Interest Purchase and Sale Agreement between Farm Road, LLC and MJ Holdings, Inc. dated October 1, 2018 (previously filed
    on Form 10-K as filed with the SEC on October 16, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019024237/f10q0319ex10-2_mjholdings.htm" style="-sec-extract: exhibit">Cultivation
    and Sales Agreement, Consulting Agreement and Equipment Lease Agreement by and between MJ Holdings, Inc. and Acres Cultivation,
    LLC dated January 18, 2019 (previously filed on Form 10-Q as filed with the SEC on November 21, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019026057/f10q0619ex10-1_mjholdings.htm" style="-sec-extract: exhibit">Purchase
    and Sale Agreement (&#8220;PSA&#8221;), PSA Amendment #1, PSA Amendment #2 and Promissory Note between MJ Holdings, Inc. and
    John T. Jacobs and Teresa Jacobs (previously filed on Form 10-Q as filed with the SEC on December 13, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019013051/f8k071519ex10-1_mjhold.htm" style="-sec-extract: exhibit">Richard
    S. Groberg Employment Agreement (previously filed on Form 8-K as filed with the SEC on July 18, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019026057/f10q0619ex10-3_mjholdings.htm" style="-sec-extract: exhibit">Purchase
    and Sale Agreement between Coachill-Inn and Coachillin Holdings, LLC (previously filed on Form 10-Q as filed with the SEC
    on December 13, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390019026057/f10q0619ex10-2_mjholdings.htm" style="-sec-extract: exhibit">Membership
    Interest Purchase Agreement between MJ Distributing, Inc. and MJ Holdings, Inc. dated April 2, 2019 (previously filed on Form
    10-Q as filed with the SEC on December 13, 2019)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390020000536/f10q0919ex10-4_mjholdings.htm" style="-sec-extract: exhibit">Lease
    agreement and addendum between Prescott Management, LLC and Oakridge Enterprises, LLC (previously filed on Form 10-Q as filed
    with the SEC on January 8, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000121390020001770/f8k012220ex10-1_mjholdings.htm" style="-sec-extract: exhibit">Separation
    Agreement dated January 22, 2020 between the Company and Richard S. Groberg dated January 22, 2020 (previously filed on Form
    8-K as filed with the SEC on January 24, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-9.htm" style="-sec-extract: exhibit">Securities
    Purchase Agreement between MJ Holdings, Inc. and Douglas Brown dated July 22, 2020 (previously filed on Form 10-K as filed
    with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-10.htm" style="-sec-extract: exhibit">Consulting
    Agreement between MJ Holdings, Inc. and Sylios Corp dated August 25, 2020 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220018082/ex10-1.htm" style="-sec-extract: exhibit">Board
    of Directors Services Agreement between MJ Holdings, Inc. and David Dear (previously filed on Form 8-K as filed with the SEC
    on September 21, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-12.htm" style="-sec-extract: exhibit">Board
    of Directors Services Agreement between MJ Holdings, Inc. and Paris Balaouras (previously filed on Form 10-K as filed with
    the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-13.htm" style="-sec-extract: exhibit">Board
    of Directors Services Agreement between MJ Holdings, Inc. and Roger Bloss (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220018236/ex10-1.htm" style="-sec-extract: exhibit">Employment
    Agreement between MJ Holdings, Inc. and Paris Balaouras dated September 1, 2020 (previously filed on Form 8-K as filed with
    the SEC on September 22, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220018236/ex10-2.htm" style="-sec-extract: exhibit">Employment
    Agreement between MJ Holdings, Inc. and Roger Bloss dated September 1, 2020 (previously filed on Form 8-K as filed with the
    SEC on September 22, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220018236/ex10-3.htm" style="-sec-extract: exhibit">Employment
    Agreement between MJ Holdings, Inc. and Bernard Moyle dated September 1, 2020 (previously filed on Form 8-K as filed with
    the SEC on September 22, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-18.htm" style="-sec-extract: exhibit">Termination
    and Mutual Release Agreement between MJ Holdings, Inc. and Healthier Choices Management Corp dated November 15, 2019 (previously
    filed on Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-19.htm" style="-sec-extract: exhibit">Short
    Term Promissory Note between Condo Highrise Management, LLC and Pyrros One, LLC dated March 31, 2020 (previously filed on
    Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-20.htm" style="-sec-extract: exhibit">Short
    Term Promissory Note between Alternative Hospitality, Inc. and Pyrros One, LLC dated February 20, 2020 (previously filed on
    Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-21.htm" style="-sec-extract: exhibit">Series
    Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement between MJ Holdings, Inc., Innovation Labs,
    Ltd and Innovation Shares, LLC dated June 25, 2019 (previously filed on Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-22.htm" style="-sec-extract: exhibit">LV
    Stadium Events Company, LLC Suites License Agreement dated March 18, 2019 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-23.htm" style="-sec-extract: exhibit">Convertible
    Promissory Note between Smile, LLC, Roger Bloss and MJ Holdings, Inc. dated June 7, 2019 (previously filed on Form 10-K as
    filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-24.htm" style="-sec-extract: exhibit">Membership
    Interest Purchase Agreement between Red Earth, LLC, MJ Holdings, Inc. and Element NV, LLC dated August 28, 2019 (previously
    filed on Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-25.htm" style="-sec-extract: exhibit">Amended
    and Restated Operating Agreement of Red Earth, LLC dated August 22, 2019 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-26.htm" style="-sec-extract: exhibit">First
    Amendment to Membership Interest Purchase Agreement between Red Earth, LLC, MJ Holdings, Inc. and Element NV, LLC dated June
    11, 2020 (previously filed on Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.26+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220019157/ex10-1.htm" style="-sec-extract: exhibit">Employment
    Agreement between MJ Holdings, Inc. and Jim Kelly dated October 1, 2020 (previously filed on Form 8-K as filed with the SEC
    on October 8, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.27</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-28.htm" style="-sec-extract: exhibit">Revenue
    Participation Rights Agreement between the Company and Let&#8217;s Roll NV, LLC and Blue Sky Companies, LLC (previously filed
    on Form 10-K as filed with the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.28</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex10-29.htm" style="-sec-extract: exhibit">License
    Agreement between the Company and Highland Brothers, LLC dated February 15, 2019 (previously filed on Form 10-K as filed with
    the SEC on December 10, 2020)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.29</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001653/ex10-29.htm" style="-sec-extract: exhibit">Revenue
    Participation Rights Agreement Amendment No. 1 dated December 8, 2020 (previously filed on Form 10-Q as filed with the SEC
    on January 15, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.30</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001653/ex10-30.htm" style="-sec-extract: exhibit">Amendment
    to Consulting Agreement dated December 14, 2020 (previously filed on Form 10-Q as filed with the SEC on January 22, 2021)</a></span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001653/ex10-31.htm" style="-sec-extract: exhibit">Common
    Stock Warrant Purchase Agreement between MJ Holdings, Inc. and Douglas Brown dated January 11, 2021 (previously filed on Form
    10-Q as filed with the SEC on January 22, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001653/ex10-32.htm" style="-sec-extract: exhibit">Letter
    of Intent between MJ Holdings, Inc. and MJ Distributing, Inc. dated January 11, 2021 (previously filed on Form 10-Q as filed
    with the SEC on January 22, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001653/ex10-33.htm" style="-sec-extract: exhibit">Debt
    Conversion and Stock Purchase Agreement entered into between MJ Holdings, Inc. and David Dear dated January 14, 2021 (previously
    filed on Form 10-Q as filed with the SEC on January 22, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221001913/ex10-1.htm" style="-sec-extract: exhibit">Notice
    of Termination dated January 21, 2021 <span style="font-size: 10pt">(previously filed on Form 8-K as filed with the SEC on
    January 27, 2021)</span></a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">10.35</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221002179/ex10-1.htm" style="-sec-extract: exhibit">Cultivation
                                         and Sales Agreement between MJ Holdings, Inc. and MKC Development Group, LLC dated January
                                         22, 2021 (previously filed on Form 8-K as filed with the SEC on February 1, 2021)</a></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221004613/ex10-1.htm" style="-sec-extract: exhibit">Membership
    Interest Purchase Agreement of MJ Distributing C202, LLC and MJ Distributing P133, LLC (previously filed on Form 8-K as filed
    with the SEC on February 23, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221008836/ex10-37.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif">Promissory Note between MJ Holdings, Inc. and Pyrros One, LLC dated January 12, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)</span></a></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221008836/ex10-38.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Purchase Agreement between MJ Holdings, Inc. and ATG Holdings, LLC dated February 17, 2020 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221008836/ex10-39.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting Agreement between MJ Holdings, Inc. and Sylios Corp dated February 25, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221006439/ex10-1.htm" style="-sec-extract: exhibit">Convertible
    Promissory Note between GeneRx and MJ Holdings, Inc. dated March 12, 2021 (previously filed on Form 8-K as filed with the
    SEC on March 19, 2021)</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221008836/ex10-41.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif">Termination Agreement between the Company, Blue Sky Companies, LLC and Let&#8217;s Roll Nevada, LLC dated March 24, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10.42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221008547/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif">Cultivation
    and Sales Agreement between MJ Holdings, Inc. and Natural Green, LLC dated March 26, 2021 (previously filed on Form 8-K as
    filed with the SEC on April 12, 2021)</span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221021236/ex10-43.htm" style="-sec-extract: exhibit">Cultivation
    and Sales Agreement between MJ Holdings, Inc. and Green Grow Investments Corporation dated May 7, 2021 (previously filed on Form
    10-Q as filed with the SEC on August 25, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221012097/ex10-43.htm" style="-sec-extract: exhibit">Cooperation
    and Release Agreement Richard S. Groberg, RSG Advisors, LLC and MJ Holdings, Inc. dated May 12, 2021 (previously filed on Form 10-Q
    as filed with the SEC on May 18, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221012523/ex10-1.htm" style="-sec-extract: exhibit">Corporate
    Advisory Agreement (Research &amp; Development) between the Company and GYB, LLC dated May 18, 2021 (previously filed on Form 8-K
    as filed with the SEC on May 21, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221012523/ex10-2.htm" style="-sec-extract: exhibit">Corporate
    Advisory Agreement (M&amp;A and Funding) between the Company and GYB, LLC dated May 18, 2021 (previously filed on Form 8-K as filed
    with the SEC on May 21, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221021236/ex10-47.htm" style="-sec-extract: exhibit">Cultivation
    and Sales Agreement between MJ Holdings, Inc. and RK Grow LLC dated June 22, 2021 (previously filed on Form 10-Q as filed with the
    SEC on August 25, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221021236/ex10-48.htm" style="-sec-extract: exhibit">Consulting
    Agreement between MJ Holdings, Inc. and Wolfpack Consulting, LLC dated June 17, 2021 (previously filed on Form 10-Q as filed with
    the SEC on August 25, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221018330/ex10-1.htm" style="-sec-extract: exhibit">Stipulation
    and Order for Settlement of Disciplinary Action (previously filed on Form 8-K as filed with the SEC on August 2, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315221024940/ex10-1.htm" style="-sec-extract: exhibit">Termination Agreement dated August 26, 2021 (previously filed on Form 8-K as filed with the SEC on October 7, 2021)</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315222017415/ex10-51.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (previously filed on Form 10-K as filed with the SEC on June 21, 2022)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">10.52</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315222017415/ex10-52.htm" style="-sec-extract: exhibit">Note Modification Agreement (previously filed on Form 10-K as filed with the SEC on June 21, 2022)</a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">10.53</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315222019181/ex16-1.htm" style="-sec-extract: exhibit"><span style="background-color: white">Common Stock Purchase Agreement between the Company, MJH Research, Inc. and Sunstate Futures, LLC dated July 8, 2022 (previously filed on Form 8-K as filed with the SEC on July 13, 2022)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1456857/000149315220023268/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Subsidiaries
    of the Registrant (previously filed on Form 10-K as filed with the SEC on December 10, 2020)</span></a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">23.1*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm">Consent of Law Offices of Gary L. Blum</a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">23.2*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-2.htm">Consent of Sadler, Gibb &amp; Associates, LLC</a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">107</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex107.htm">Filing Fees</a></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 19px"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font: 10pt Times New Roman, Times, Serif">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Filed
    herewith.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Furnished
    herewith.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Denotes
    a management compensatory plan, contract or arrangement</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Item
17. Undertakings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
undersigned Company hereby undertakes to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font: 10pt Times New Roman, Times, Serif">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(i)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(ii)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
    pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
    aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement,
    and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">That,
    for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">The
undersigned registrant hereby undertakes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b)
as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 33.75pt"><span style="font: 10pt Times New Roman, Times, Serif">The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif">
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<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Pursuant to the requirements
of the Securities Act of 1933, we have duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Las Vegas, State of Nevada, on August 5, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>POWER OF ATTORNEY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose individual signature appears below hereby authorizes and appoints Roger Bloss and Bernard Moyle, and each of them, with
full power of substitution and resubstitution and full power to act without the other, as his true and lawful attorney-in-fact and agent
to act in his name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated
below, and to file any and all amendments to this Registration Statement on&#160;Form S-1,&#160;and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and
agents or any of them or their or his substitute or substitutes may lawfully do or cause to be done by virtue thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 2873726}]
{"company-data": {"conformed-name": "MJ Holdings, Inc.", "cik": "0001456857", "assigned-sic": "7389", "irs-number": "208235905", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-266614", "film-number": "221141824"}, "business-address": {"street1": "2580 S. SORREL ST.,", "city": "LAS VEGAS", "state": "NV", "zip": "89146", "phone": "702-879-4440"}, "mail-address": {"street1": "2580 S. SORREL ST.,", "city": "LAS VEGAS", "state": "NV", "zip": "89146"}, "former-company": {"former-conformed-name": "Securitas EDGAR Filings, Inc.", "date-changed": "20090223"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
MJ
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
nevada
20-8235905
(State
                                            or other jurisdiction of
incorporation
    or organization)
(I.R.S.
                                            Employer
Identification
    No.)
2580
S. Sorrel St
,
Las Vegas
,
NV
89146
(Address
of principal executive offices)
(702)
879-4440
(Registrant's
telephone number, including area code)
Law
Offices of Byron Thomas
3275
S. Jones Blvd
Las
Vegas, NV 89146
(702)
747-3103
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Please
send copies of all communications to:
Law
Offices of Gary L. Blum
3278
Wilshire Boulevard, Suite 603
Los
Angeles, CA 90010
(213)
381-7450
As
soon as practicable after the effective date of this Registration Statement.
(Approximate
date of commencement of proposed sale to the public)
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please
check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement
for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list
the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list
the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. [  ]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☐
Smaller
    reporting company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
Calculation
of Registration Fee
Title
                                            of Each Class of
Securities
                                            To Be Registered
Amount
                                            to
be
Registered
(1)
(4)
Proposed
Maximum
Offering
                                            Price
Per
                                            Share (2)
Proposed
Maximum
Aggregate
Offering
                                            Price (2)
Amount
                                            of
Registration
                                            Fee (3)
Common
    stock, par value $.001 per share, previously issued to selling shareholders
7,000,000 shares
$
0.2695
$
1,886,500
$
175
(1)
Pursuant
                                            to Rule 416 under the Securities Act, the shares registered hereby also include an indeterminate
                                            number of additional shares as may from time to time become issuable by reason of stock splits,
                                            distributions, recapitalizations or other similar transactions.
(2)
Estimated
                                            solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the
                                            Securities Act, on the basis of the average high and low sales price of the Registrant's
                                            common stock as reported by the OTCQB Marketplace on July 29, 2022. The shares
                                            offered hereunder may be sold by the Selling Shareholders from time to time in the open market,
                                            through privately negotiated transactions, or a combination of these methods at market prices
                                            prevailing at the time of sale or at negotiated prices.
(3)
Paid
    herewith. The fee is calculated by multiplying the aggregate offering amount by 0.0000927 pursuant to Section 6(b) of the
    Securities Act.
(4)
This
                                            Registration Statement covers the resale by our selling shareholders of up to 7,000,000
                                            shares of common stock previously issued to such selling shareholders.
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, or until the registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY
PROSPECTUS - SUBJECT TO COMPLETION Dated August 5, 2022
MJ
HOLDINGS,
INC.
7,000,000
Shares
of
Common
Stock
This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the "SEC"). This
prospectus relates to the offering of up to 7,000,000 shares of our common stock, par value $0.001 per share ("Common Stock")
by selling shareholders.
The information in this prospectus is not complete and may be changed. The selling
shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.
This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the
offer or sale is not permitted.
Our
Common Stock is subject to quotation on OTCQB Marketplace under the symbol "MJNE." On July 29, 2022, the last
reported sales price for our Common Stock was $0.2695 per share. We urge prospective purchasers of our Common Stock to obtain current
information about the market prices of our Common Stock. We will not receive proceeds from the sale of shares from the selling shareholders.
The
selling shareholders may offer, sell or distribute all or a portion of the shares of common stock registered hereby publicly or through
private transactions at prevailing market prices or at negotiated prices.
There
are no underwriting commissions involved in this offering. We have agreed to pay all the costs and expenses of this offering. Selling
shareholders will pay no offering expenses.
This
offering is highly speculative and these securities involve a high degree of risk and should be considered only by persons who can afford
the loss of their entire investment. Additionally, our auditor has expressed substantial doubt as to our Company's ability to continue
as a going concern.
Our common stock involves a high degree of risk. You should read the "RISK FACTORS" section
beginning on page 30 before you decide to purchase any of our Common Stock.
The
Company has minimal revenues to date and there can be no assurance that the Company will be successful in furthering its operations and/or
revenues. Persons should not invest unless they can afford to lose their entire investment. Investing in our securities involves a high
degree of risk. You should purchase these securities only if you can afford a complete loss of your investment.
See
"Risk
Factors" beginning on page 30 of this prospectus.
Neither
the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is August 5, 2022.
TABLE
OF CONTENTS
PROSPECTUS
    SUMMARY
6
THE
    OFFERING
28
SUMMARY
    FINANCIAL DATA
29
RISK
    FACTORS
30
NOTE
    ABOUT FORWARD-LOOKING STATEMENTS
43
TAX
    CONSIDERATIONS
43
USE
    OF PROCEEDS
43
DILUTION
43
SELLING
    SHAREHOLDERS
45
DESCRIPTION
    OF SECURITIES
46
DIVIDEND
    POLICY
47
DESCRIPTION OF BUSINESS
47
PROPERTIES
63
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
64
DIRECTORS,
    EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS
69
EXECUTIVE
    COMPENSATION
71
SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
73
MARKET
    FOR COMMON STOCK / SHARES ELIGIBLE FOR FUTURE SALE
75
WHERE
    YOU CAN FIND MORE INFORMATION
76
LEGAL
    PROCEEDINGS
76
EXPERTS
77
CORPORATE
    GOVERNANCE
77
FINANCIAL
    STATEMENTS
79
No
dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus.
You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the shares of common stock
offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus
is current only as of its date.
3
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed on behalf of the Selling Shareholders with the United States Securities
and Exchange Commission (the "SEC") to permit the Selling Shareholders to sell the shares described in this prospectus in
one or more transactions. The Selling Shareholders and the plan of distribution of the shares being offered by them are described in
this prospectus under the headings "Selling Shareholders" and "Plan of Distribution."
You
should rely only on the information contained in this document and any free writing prospectus we provide to you. Neither we nor the
Selling Shareholders have authorized anyone to provide any information or to make any representations other than those contained in this
prospectus or in any free writing prospectuses we have prepared. We and the Selling Shareholders take no responsibility for and can provide
no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the common
stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this
prospectus is current only as of its date.
Use
of Industry and Market Data
This
prospectus includes market and industry data that we have obtained from third-party sources, including industry publications, as well
as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including
our management's estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge
of such industries through its experience and participation in these industries. While our management believes the third-party sources
referred to in this prospectus are reliable, neither we nor our management have independently verified any of the data from such sources
referred to in this prospectus or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally
prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between
the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be
material. Also, references in this prospectus to any publications, reports, surveys or articles prepared by third parties should not
be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication,
report, survey or article is not incorporated by reference in this prospectus.
4
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section
21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to future events including,
without limitation, the terms, timing and closing of our proposed acquisitions or our future financial performance. We have attempted
to identify forward-looking statements by using terminology such as "anticipates," "believes," "expects,"
"can," "continue," "could," "estimates," "expects," "intends,"
"may," "plans," "potential," "predict," "should," "will," or
the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may
cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels
or activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Our expectations are as of the date this prospectus is filed, and we do not intend to update any of the forward-looking statements after
the date this prospectus is filed to confirm these statements to actual results, unless required by law.
You
should not place undue reliance on forward looking statements. The cautionary statements set forth in this prospectus identify important
factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:
Our
    ability to effectively execute our business plan;
●
Our
    ability to manage our expansion, growth and operating expenses;
●
Our
    ability to protect our brands and reputation;
●
Our
    ability to repay our debts;
●
Our
    ability to rely on third-party suppliers outside of the United States;
●
Our
    ability to evaluate and measure our business, prospects and performance metrics;
●
Our
    ability to compete and succeed in a highly competitive and evolving industry;
●
Our
    ability to respond and adapt to changes in technology and customer behavior;
●
Risks
    in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;
●
Risks
    related to the anticipated timing of the closing of any potential acquisitions;
●
Risks
    related to the integration with regards to potential or completed acquisitions;
●
Various
    risks related to health epidemics, pandemics and similar outbreaks, such as the coronavirus disease 2019 ("COVID-19")
    pandemic, which may have material adverse effects on our business, financial position, results of operations and/or cash flows; and
●
Our
    ability to take advantage of opportunities under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and the
    potential impact of the CARES Act on our business, results of operations, financial condition or liquidity.
This
prospectus also contains estimates and other statistical data made by independent parties and by us relating to market size and growth
and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to
such estimates. We have not independently verified the statistical and other industry data generated by independent parties and contained
in this prospectus and, accordingly, we cannot guarantee their accuracy or completeness, though we do generally believe the data to be
reliable. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industries
in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. Our actual results
could differ materially from those anticipated in the forward-looking statements for many reasons, including, but not limited to, the
possibility that we may fail to preserve our expertise in consumer product development; that existing and potential distribution partners
may opt to work with, or favor the products of, competitors if our competitors offer more favorable products or pricing terms; that we
may be unable to maintain or grow sources of revenue; that we may be unable maintain profitability; that we may be unable to attract
and retain key personnel; or that we may not be able to effectively manage, or to increase, our relationships with customers; and that
we may have unexpected increases in costs and expenses. These and other factors could cause results to differ materially from those expressed
in the estimates made by the independent parties and by us.
5
PROSPECTUS
SUMMARY
This
summary highlights certain information appearing elsewhere in this prospectus. This summary is not complete and does not contain all
of the information you should consider prior to investing. After you read this summary, you should read and consider carefully the more
detailed information and financial statements and related notes that we include in this prospectus, especially the sections entitled
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
If you invest in our securities, you are assuming a high degree of risk.
Unless we have indicated otherwise or the context
otherwise requires, references in the prospectus to "MJ Holdings," the "Company," "we," "us"
and "our" or similar terms are to MJ Holdings, Inc.
DESCRIPTION
OF BUSINESS
Company
Overview
MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development – currently concentrated in the Las Vegas market. It is the Company's intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to "prove the concept" profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.
Current
Initiatives include:
●
a
    three-acre, hybrid, outdoor, marijuana-cultivation facility
(the "Cultivation Facility") located in the Amargosa
    Valley of Nevada. The Company had the contractual right to manage and cultivate marijuana on this property until 2026, for which
    it would have received sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent
    (25%) of the net revenues from equipment rental. The licensed facility is owned by Acres Cultivation, LLC, a wholly owned subsidiary
    of Curaleaf Holdings, Inc. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. During the year ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its 260 Acres
    adjacent to the Acres lease. The Company will not generate any further revenue under the Acres relationship.
●
260
    acres of farmland for the purpose of cultivating additional marijuana
(the "260 Acres") purchased in January of 2019.
    The Company intends to utilize the state-of-the-art
Cravo®
cultivation system for growing an additional five acres of
    marijuana on this property. The
Cravo®
system will allow multiple harvests per year and should result in higher annual
    yields per acre. The land has more than 180-acre feet of permitted water rights, which will provide more than sufficient water to
    markedly increase the Company's marijuana cultivation capabilities. This facility, upon receipt of its business license in
    Nye County and its final inspection by the Cannabis Compliance Board ("CCB"), is expected to become operational in the
    summer of 2022. During the year ended December 31, 2021, the Company elected to relocate all of its equipment utilized on the Acres
    lease to its 260 Acres adjacent to the Acres lease. The Company will utilize the 260 Acres for its own harvest along with additional
    harvests under any Cultivation and Sales Agreements.
●
Cultivation
    and Sales Agreements
entered into for multiple grows on the Company's 260 Acres located in the Amargosa Valley of Nevada.
    During the years ended December 31, 2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the
    Company shall retain certain independent growers to provide oversight and management of the Company's cultivation and sale
    of products at its 260 Acres. The independent growers shall pay to the Company a royalty of net sales revenue with a minimum royalty
    after two years. As of the date of this filing, the Company is waiting on its business license in Nye County and its final inspection
    by the Cannabis Compliance Board before it can commence its operations under the Agreement.
●
a
    nearby commercial trailer and RV park
(THC Park – Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company's farm employees. After the Company's 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company's restricted common stock. At present, the Company's construction
    and completion of this community is approximately seventy-five present complete. The impact of COVID-19 in obtaining inspections
    and permitting significantly delayed the completion of this community. The Company has elected to cease any renovations or additions
    at its Tiny Home Community until it plants its first grow on the 260 Acres and can better evaluate the need for additional housing.
6
●
an
    agreement to acquire a cultivation license and production license,
both currently located in Nye County Nevada. On February 5,
    2021, the Company (the "Purchaser") executed a Membership Interest Purchase Agreement ("MIPA3") with MJ Distributing,
    Inc. (the "Seller") to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing
    P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional medical
    and recreational production license. In consideration of the sale, transfer, assignment and delivery of the Membership Interests
    to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash, promissory notes,
    and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00) in cash and/or promissory notes and 200,000
    shares of the Company's restricted common stock, all of which constitutes the consideration agreed to herein for (the "
Purchase
    Price
"), payable as follows: (i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021,
    (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid
    on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on
    June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business
    days after the Nevada Cannabis Compliance Board ("CCB") provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser. On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.
●
indoor
    cultivation facility build-out in the City of Las Vegas
(the "Indoor Facility").
Through
    its former subsidiary, Red Earth, LLC ("Red Earth"), the Company held a Medical Marijuana Establishment Registration
    Certificate, Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase Agreement (the "Agreement")
    with Element NV, LLC ("Element"), to sell a 49% interest in the license. Under the terms of the Agreement, Element was
    required to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on the facility from December 2019
    through March 2020 but failed to make any additional payments. On June 11, 2020, the Company entered into the First Amendment ("First
    Amendment") to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was adjusted to $441,000,
    and Element was required to make a capital contribution (the "Initial Contribution Payment") to the Target Company in
    the amount of $120,000 and was required to make an additional cash contribution (the Final Contribution Payment") in the amount
    of $240,000. The Company terminated its discussions with Element regarding its past due payments.
On or about May 7, 2021,
    Red Earth, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding the transfer of ownership
    of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus
    a Category II violation. On July 27, 2021, Red Earth entered into a Stipulation and Order for Settlement of Disciplinary Action (the
    "Stipulation Order") with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the CCB,
    by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth would be returned to the original owners.
    The Parties to the Stipulation Order resolved the matter without the necessity of taking formal action. Red Earth agreed to pay a
    civil penalty of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company's Chief Cultivation
    Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement. Under the terms of the Termination
    Agreement, the Purchase Agreement (the "Purchase Agreement"), dated December 15, 2017, entered into between the Company
    and Red Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr.
    Balaouras. Neither party shall have any further obligation to one another pursuant to the terms of the Purchase Agreement.
7
Acquisition
of MJH Research, Inc.
On
July 8, 2022, MJ Holdings, Inc. (the "Buyer") entered into a Common Stock Purchase Agreement (the "Agreement")
with MJH Research, Inc. (the "Company"), a Florida corporation, and Sunstate Futures, LLC (the "Seller"), a Florida
limited liability company. Under the terms of the Agreement, the Seller agreed to sale all issued and outstanding shares of common stock
(100,000 shares) (the "Common Stock") of the Company to the Buyer. In consideration of the purchase of the shares of Common
Stock, the Buyer agreed to issue the Seller seven million (7,000,000) shares of its common stock. The transaction closed on July 11,
2022.
MJH
Research, Inc. is a Florida corporation whose operations center around providing consulting services for growing techniques, management
and cultivation of crops, as well as licensing support, production and asset and infrastructure development.
Cultivation
and Sales Agreements
MKC
Development Group, LLC Agreement
On
January 22, 2021 (the "effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with MKC Development Group, LLC (the "Company"). Under the terms of the Agreement, MJNE shall
retain the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley,
NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $600,000 non-refundable deposit upon execution of the Agreement;
(ii)
a
    security deposit of $10,000 to be applied against the last month's obligations and a $10,000 payment to be applied against
    the first month's rent;
(iii)
$10,000
    on the first of each month for security and compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $83,000.00 per month.
As
compensation, MJNE shall pay to the Company:
(i)
90%
    of Net Sales Revenue to the Company as the Management Fee.
The
transaction closed on January 27, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties
are awaiting the issuance of a business license from Nye County before any grow can be initiated. It is anticipated that the license
will be approved and issued during the third quarter of 2022.
Natural
Green, LLC Agreement
On
March 26, 2021 (the "effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with Natural Green, LLC (the "Company"). Under the terms of the Agreement, MJNE shall retain
the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley, NV
farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $500,000 Product Royalty deposit to be applied to the first Product Royalty or Product Royalties;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.
As
compensation, MJNE shall pay to the Company:
(i)
90%
    of Net Sales Revenue to the Company as the Management Fee.
On
March 26, 2021, MJNE and the Company entered into an Amendment to the Agreement whereby MJNE waived the Company's requirement to
obtain liability insurance and required the Company to pay MJNE $40,000 for capital expenditures costs. The transaction closed on April
7, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of
a business license from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during
the third quarter of 2022.
8
Green
Grow Investments Agreement
On
May 7, 2021 (the "Effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with Green Grow Investments Corporation (the "Company"). Under the terms of the Agreement,
MJNE shall retain the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa
Valley, NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew
for a period of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters,
policies and procedures, testing, record keeping, security and marketing.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $600,000 Product Royalty of which $50,000 is due upon signing, $150,000 upon MJNE obtaining the licenses from MJ Distributing, Inc.
    and affiliates and $200,000 for each of the first and second years' harvests;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.
As
compensation, MJNE shall pay to the Company:
(i)
a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.
As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.
RK
Grow, LLC Agreement
On
June 22, 2021 (the "Effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with RK Grow, LLC (the "Company"). Under the terms of the Agreement, MJNE shall retain the
Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley, NV farm.
The Agreement shall commence on the Effective Date, continue for a period of fifteen (15) years and automatically renew for one fifteen
(15) year period. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing. The Agreement is for a designated 40 acres for cultivation.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    Product Royalty Deposit of $3,000,000.00 to be applied to the first Product Royalty or Product Royalties;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company;
(v)
Minimum
    Monthly Product Royalty: Minimum Monthly Product Royalty (MMPR) shall be calculated on a per annum basis. Therefore, Company will
    have satisfied all MMPR obligations for the year upon remitting $1,080,000.00 to MJNE; and
(vi)
MJNE
    agrees to provide access to water for the Designated Acreage without charge to the Company. However, Company will be responsible
    for any construction required to have the water actually delivered to its Designated Acreage from the source.
As
compensation, MJNE shall pay to the Company:
(i)
a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.
As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.
Termination
of Acres Cultivation, LLC Agreement
On
January 21, 2021, the Company received a Notice of Termination (the "Notice"), effective immediately, from Acres Cultivation,
LLC ("Acres") on the following three (3) agreements (collectively, herein the "Cooperation Agreement"):
(i)
The
    Cultivation and Sales Agreement entered into by and between MJNE and Acres, dated as of January 1, 2019 (the "Cultivation and
    Sales Agreement" or "CSA"), pursuant to Sections 5.3, and 16.20 (cross-default);
(ii)
The
    Consulting Agreement, by and between Acres and MJNE, made as of January 1, 2019 (the "Consulting Agreement"), pursuant
    to Sections 10 and 11.10 (cross-default); and
(iii)
The
    Equipment Lease Agreement between Acres and MJNE, dated as of January 1, 2019 (the "Equipment Lease Agreement"), pursuant
    to Sections 8(ii), 8(iv), and 29 (cross-default).
9
The
Company initiated relocating its equipment to its 260-acre farm at the end of the first quarter and does not anticipate that it will
generate any further revenue under the Acres relationship.
The
Company may also continue to seek to identify potential acquisitions of revenue producing assets and licenses within legalized cannabis
markets that can maximize shareholder value.
The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company's
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors, and it will continue to focus on this area of its operations. The Company still faces challenges engaging and retaining
senior managers.
The
Company presently occupies an office suite located at 2580 S. Sorrel St., Las Vegas, NV 89146. On January 12, 2021, the Company
closed on the sale of its corporate office building located at 1300 S. Jones Blvd, Las Vegas, NV 89146 for the sale price of $1,627,500.
The Company plans on remaining at its current location for the next 3-6 months until it can identify a new corporate office.
Consulting
Agreements
On
February 25, 2021, the Company entered into a Consulting Agreement (the "Agreement") with Sylios Corp (the "Consultant").
Under the terms of the Agreement, the Consultant shall prepare the Company's filings with the Securities and Exchange Commission
(the "SEC") including its Annual report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The
Consultant shall receive $50,000 in cash compensation plus 225,000 shares of the Company's common stock. The Agreement has a term
of the latter of one (1) year or until the Company's Annual Report for the period ended December 31, 2021 is filed with the SEC.
On
June 17, 2021, the Company entered into a Consulting Agreement (the "Agreement") with Wolfpack Consulting, LLC (the "Consultant").
Under the terms of the Agreement, the Consultant shall use its commercially reasonable efforts and adequate business time and attention
to identify various properties that may fit into Client's business model to develop, cultivate, and produce marijuana related products.
The Consultant shall receive $25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of:
(a) the first anniversary of the Effective Date (i.e., one year), or (b) either Party's receipt of written notice from the other
party of its intent to terminate this Agreement after the expiration of the first anniversary (the "Term").
Corporate
Advisory Agreement (Research & Development)
Under
the terms of the Research & Development Agreement (the "Research Agreement"), GYB, LLC (the "Advisor") shall
report to Company, in writing, on a quarterly basis beginning on July 1, 2021, on the status of the psychedelics industry including,
but not limited to, those areas of importance identified in the Recitals, identify entities operating within the legally regulated psychedelics
industry that may be suitable as a potential acquisition or merger candidate and other such services the parties agree upon. The Research
Agreement has a term of one year and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor
$310,000 upon execution of the Research Agreement.
Corporate
Advisory Agreement (M&A and Funding)
Under
the terms of the M&A and Funding Agreement (the "M&A Agreement"), GYB, LLC (the "Advisor") shall identify
prospective funding sources, identify potential companies for acquisition within the cannabis industry, identify pertinent technology
companies that drive-up point of sale solutions and other such services the parties agree upon. The M&A Agreement has a term of two
years and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor $290,000 upon execution of
the M&A Agreement.
10
COVID-19
The
novel coronavirus commonly referred to as "COVID-19" was identified in December 2019 in Wuhan, China. On January 30, 2020,
the World Health Organization declared the outbreak a global health emergency, and on March 11, 2020, the spread of COVID-19 was declared
a pandemic by the World Health Organization. On March 13, 2020, the spread of COVID-19 was declared a national emergency by former President
Donald Trump. The outbreak has spread throughout Europe, the Middle East and North America, causing companies and various international
jurisdictions to impose restrictions such as quarantines, business closures and travel restrictions. While these effects are expected
to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated
at this time. The rapid development of the COVID-19 pandemic and the measures being taken by governments and private parties to respond
to it are extremely fluid. While the Company has continuously sought to assess the potential impact of the pandemic on its financial
and operating results, any assessment is subject to extreme uncertainty as to probability, severity and duration of the pandemic as reflected
by infection rates at local, state, and regional levels. The Company has attempted to assess the impact of the pandemic by identifying
risks in the following principal areas:
●
Mandatory
Closures
.
In response to the pandemic, many states and localities implemented mandatory closures of, or limitations to,
businesses to prevent the spread of COVID-19; this impacted the Company's operations. More recently, the mandatory closures that
impacted the Company's operations were lifted and the Company resumed full operations, albeit subject to various COVID-19 related
precautions and changes in local infection rates. The Company's ability to generate revenue would be materially impacted by any
future shut down of its operations.
●
Customer
Impact
.
While the Company has not experienced an overall downturn in demand for its products in connection with the pandemic,
if its customers become ill with COVID-19, are forced to quarantine, decide to self-quarantine or not to visit stores where its products
may be sold or distribution points to observe "social distancing", it may have material negative impact on demand for its
products while the pandemic continues. While the Company has implemented measures, to reduce infection risk to its customers, regulators
may not permit such measures, or such measures may not prevent a reduction in demand.
●
Supply
Chain Disruption
.
The Company relies on third party suppliers for equipment and services to produce its products and keep
its operations going. If its suppliers are unable to continue operating due to mandatory closures or other effects of the pandemic, it
may negatively impact its own ability to continue operating. At this time, the Company has not experienced any failure to secure critical
supplies or services. However, disruptions in the Company's supply chain may affect its ability to continue certain aspects of
the Company's operations or may significantly increase the cost of operating its business and significantly reduce its margins.
●
Staffing
Disruption
.
The Company is, for the time being, implementing among its staff where feasible "social distancing"
measures recommended by such bodies as the Centers for Disease Control (CDC), the Presidential Administration, as well as state and local
governments. The Company has cancelled non-essential travel by employees, implemented remote meetings where possible, and permitted all
staff who can work remotely to do so. For those whose duties require them to work on-site, measures have been implemented to reduce infection
risk, such as reducing contact with customers, mandating additional cleaning of workspaces and hand disinfection, providing masks and
gloves to certain personnel, and contact tracing following reports of employee infection. Nevertheless, despite such measures, the Company
may find it difficult to ensure that its operations remain staffed due to employees falling ill with COVID-19, becoming subject to quarantine,
or deciding not to come to come to work on their own volition to avoid infection. At certain locations, the Company has experienced increased
absenteeism due to increased COVID-19 infection rates in certain locales. If such absenteeism increases, the Company may not be able,
including through replacement and temporary staff, to continue to operate at desired levels in some or all locations.
●
Regulatory
Backlog
.
Regulatory authorities, including those that oversee the cannabis industry on the state level, are heavily occupied
with their response to the pandemic. These regulators as well as other executive and legislative bodies in the states in which the Company
operates may not be able to provide the level of support and attention to day-to-day regulatory functions as well as to needed regulatory
development and reform that they would otherwise have provided. Such regulatory backlog may materially hinder the development of the
Company's business by delaying such activities as product launches, facility openings and approval of business acquisitions, thus
materially impeding development of its business. The Company is actively addressing the risk to business continuity represented by each
of the above factors through the implementation of a broad range of measures throughout its structure and is reassessing its response
to the COVID-19 pandemic on an ongoing basis. The above risks individually or collectively may have a material impact on the Company's
ability to generate revenue. Implementing measures to remediate the risks identified above may materially increase the Company's
costs of doing business, reduce its margins and potentially result in losses. While the Company has not to date experienced any overall
material negative impact on its operations or financial results related to the impact of the pandemic, so long as the pandemic and measures
taken in response to the pandemic are not abated, substantial risk of such impact remains, which could negatively impact the Company's
ability to generate revenue and/or profits, raise capital and complete its development plans.
11
●
Limited
availability of vaccine
.
On December 11, 2020, the federal Food and Drug Administration (FDA) issued an emergency use authorization
(EUA) for the Pfizer BioN-Tech COVID-19 vaccine, the first such approval. Additional EUAs were issued on December 18, 2020 for a vaccine
created by Moderna, and on February 27, 2021 for a vaccine created by Janssen Biotech (a Johnson & Johnson affiliate). As of April
4, 2021, the CDC reports that approximately 168 million doses of the various vaccines have been administered in the U.S., although both
the Pfizer and Moderna vaccines require the administration of two doses for full effectiveness. On March 2, 2021, President Biden stated
that the U.S. will have sufficient vaccine supply for all adults by the end of May 2021. Actual delivery of the vaccines to individuals,
however, is controlled by state and local governments using various prioritization criteria and states continue to impose activity limitations
and other precautions on businesses during this period until the vaccine is widely disseminated. In addition, there can be no assurance
of when the Company's employees in any particular jurisdiction will be able to access the vaccine. Moreover, there can be no assurance
that all employees will choose to avail themselves of the vaccine or, if so, when they will choose to do so. The same applies to the
Company's, customers, regulators, and suppliers. Consequently, the COVID-19 risk factors described above continue to be applicable.
Corporate
History
The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to the formation
of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability Company, formed
on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to change its name to Securitas
EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR Filings, Inc., a Nevada corporation.
On February 14, 2014, the Company amended and restated its Articles of Incorporation and changed its name to MJ Holdings, Inc.
On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its
stockholders an offer to exchange (the "Exchange Offer") its common stock for shares in MJ Real Estate Partners, LLC,
("MJRE") a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the
Company accepted for exchange 1,800,000 shares of its Common Stock in exchange for 1,800,000 shares of MJRE's common units,
representing membership interests in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real
estate properties and its subsidiaries, through which the Company held ownership of the real estate properties, to MJRE. MJRE also
assumed the senior notes and any and all obligations associated with the real estate properties and business, effective February 1,
2017.
Acquisition
of Red Earth
On
December 15, 2017, the Company acquired all of the issued and outstanding membership interests of Red Earth, LLC, a Nevada limited liability
company ("Red Earth") established in October 2016, in exchange for 52,732,969 shares of its Common Stock and a promissory
note in the amount of $900,000. The acquisition was accounted for as a "Reverse Merger", whereby Red Earth was considered
the accounting acquirer and became its wholly owned subsidiary. Upon the consummation of the acquisition, the now former members of Red
Earth became the beneficial owners of approximately 88% of the Company's Common Stock, obtained controlling interest of the Company,
and retained certain of its key management positions. In accordance with the accounting treatment for a "reverse merger"
or a "reverse acquisition", the Company's historical financial statements prior to the reverse merger will be replaced
with the historical financial statements of Red Earth prior to the reverse merger in all future filings with the SEC. Red Earth is the
holder of a Nevada Marijuana Establishment Certificate for the cultivation of marijuana.
The
consolidated financial statements after completion of the reverse merger included: the assets, liabilities, and results of operations
of the combined company from and after the closing date of the reverse merger, with only certain aspects of pre-consummation stockholders'
equity remaining in the consolidated financial statements. In February of 2019, the Company repurchased, from the Company's largest
shareholder, 20,000,000 of the 26,366,484 shares of common stock that this shareholder originally received in connection with the Reverse
Merger - for a total purchase price of $20,000.
On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.
On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order")
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $10,000, which
was paid on July 29, 2021.
On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
"Agreement") with Red Earth, LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for
expenses related to the activation and operation of Red Earth's cultivation license. The Loan shall bear interest at 12% per annum
and increase to 18% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $5,000
to $7,500 per month. As of December 31, 2021, the amount due the Company under the short-term loan is $40,165.
12
On August 26, 2021, the
Company and the Company's Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase Agreement"), dated December
15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement resulting in
the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another pursuant to
the terms of the Purchase Agreement. Please
see
Note 14 — Related Party Transactions
within the Company's financial
statement for the three months ended March 31, 2022 for further information.
On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.
Our
Business History
In
April 2018, the Company entered into a management agreement with Acres Cultivation, LLC, a Nevada limited liability company (the "Licensed
Operator") that holds a license for the legal cultivation of marijuana for sale under the laws of the State of Nevada. In January
of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed Operator in order to
be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged. The Licensed Operator is
contractually obligated to pay over to the Company sixty percent (60%) of the net revenues realized from its management of this facility
and twenty-five percent (25%) of the net revenues from equipment rental. The agreement is to remain in force until April 2026. In April
2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. The acquisition was
subject to all of the contractual obligations between the Company and the Licensed Operator.
In April 2018, the State of Nevada finalized and
approved the transfer of provisional Medical Marijuana Establishment Registration Certificate No. 012 (the "Certificate")
from Acres Medical, LLC to the Company's former wholly owned subsidiary, Red Earth, LLC ("Red Earth"). HDGLV, LLC ("HDGLV"),
a wholly owned subsidiary of Red Earth, holds a triple-net leasehold interest in a 17,298 square-foot commercial building located on
Western Avenue in the City of Las Vegas, which will be home to the Company's indoor cultivation facility (the "Western Facility").
The initial term of the lease is for a period of ten years with two additional five-year lease options. HDGLV also possesses an option
to purchase the building for $2,607,880 which is exercisable between months 25 and 60 of the initial term of the lease. In August of
2018, the Company received final approval from the State of Nevada, Department of Taxation, to commence cultivation activities with respect
to the Certificate. Contemporaneously therewith, Red Earth was issued a Business License by the City of Las Vegas to operate a marijuana
cultivation facility at the Western Facility. In October of 2018, the Company was requested by the City of Las Vegas Department of Building
& Safety to make additional modifications to the building, specifically the removal and remediation of all asbestos materials in
the building, which was completed in June of 2019 at a cost of approximately $140,000. In July of 2019, the City of Las Vegas asked the
Company to amend its Business License and modify its Special Use Permit ("SUP") to conform with updated marijuana cultivation
requirements within the City. A new SUP was granted on October 9, 2019. As of August 26, 2021, the Company was no longer the owner of
HDGLV as per the terms of the Termination Agreement between the Company and Paris Balaouras. Please
see
Note 7 — Intangible
Assets
and
Note 15 — Gain on Disposal of Subsidiary
within the Company's financials for the year ended December
31, 2021 for further information.
13
In August of 2018, the Company executed a letter
of intent ("LOI") for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
("Farm Road"). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement ("MIPA")
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company's restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the "Promissory
Note") in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) ("FRH") in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company's Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please
see
Note 9 — Notes Payable
within the
Company's financial statement for the three months ended March 31, 2022 for further information.
The
Company has joined with more than 15 other plaintiffs in an action against the State of Nevada in regard to how the applications were
scored and as to why licenses were granted to other applicants in contravention of the guidelines published by the State of Nevada. On
August 23, 2019, a Nevada District Court judge issued a preliminary injunction enjoining any of the entities that were granted licenses
from opening new dispensaries based upon the failure of NVDOT (the administrative body tasked with adopting and enforcing marijuana regulations
within the State of Nevada) to enforce a provision of Ballot Question 2 ("BQ2"), that was approved by Nevada voters in 2016
and adopted by the Nevada legislature and codified as NRS 453D, which legalized the sale and distribution of recreational use marijuana.
The law requires that "each prospective owner, officer and board member of a marijuana establishment license applicant" undergo
a background check. The judge found that many of the successful license applicants failed to comply with this requirement. On August
29, 2019, the judge modified the ruling and is allowing thirteen of the successful license applicants who the State of Nevada have certified
as having complied with the requirements of BQ2 to open new dispensaries as granted in December of 2018. The plaintiffs shall now continue
to trial on the merits of the pending litigation against the State of Nevada. In March of 2020, counsel for Red Earth withdrew from its
representation of Red Earth. Red Earth is actively trying to retain substitute counsel, which as of the date of this filing Red Earth
remains unrepresented in this matter. The trial, which was scheduled to commence in April of 2020, has been postponed by the State of
Nevada as part of their implementation measures to stop the spread of COVID-19, as of the date of this filing the trial has not commenced.
14
In
October of 2018, the Company entered into a Revenue Participation Rights Agreement (the "RPRA") with Let's Roll NV,
LLC and Blue Sky Companies, LLC (together, the "Subscribers"). Under the terms of the RPRA, the Company transferred its ownership
interest in 3.95% of the gross revenue from the "Amargosa Outdoor Grow" to the Subscribers in exchange for $100,000 cash
payment and a Subscription Agreement in the amount of $1,142,100. On or before April 30
th
for the next 8 years (2019-2026),
the Company shall calculate the pro rata gross revenue due to the Subscribers with payments being made on or before May 31
st
of
each year. On March 24, 2021, the Company entered into a Termination Agreement (the "Agreement") with the Subscribers. Under
the terms of the Agreement, the Company has decided to terminate its involvement in the Amargosa Outdoor Grow facility to capitalize
on additional strategic opportunities for further co-ops and/or additional outdoor grow expansions on adjacently owned properties; and
further that such termination of the Amargosa Grow would result in a complete loss of revenue sharing opportunities for the Subscribers
under the terms of the RPRA. In consideration of termination of the RPRA, the Company compensated the Partners; (i) $136,684, and (ii)
1,000,000 shares of common stock.
In
January of 2019, the Company formed Coachill-Inn, LLC ("Coachill-Inn"), a subsidiary of Alternative Hospitality
("AH"), to develop a proposed hotel in Desert Hot Springs, CA. From January through June of 2019, the Company was
actively engaged in negotiations with the property owner of the proposed location. In June of 2019, Coachill-Inn executed a purchase
and sale agreement with Coachillin' Holdings, LLC ("CHL") to acquire a 256,132 sq. ft. parcel of land within a
100-acre industrial cannabis park in Desert Hot Springs, CA (the "Property") to develop its first hotel project. The
purchase price for the property was $5,125,000. CHL was to contribute $3,000,000 toward the purchase price of this property in
exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable deposit in the amount
of $150,000 toward the purchase of the Property. As of the date of this filing, the Company has terminated its participation in the
development due to financing issues. The $150,000 deposit is classified as an impaired asset. Please
see
Note 9
—Asset Impairment
within the Company's financial statement for the year ended December 31, 2021 for further
information.
On
February 15, 2019, the Company entered into a Licensing Agreement (the "Agreement") with Highland Brothers, LLC, ("HB")
an entity controlled by the Company's former Chief Executive Officer and current director. Under the terms of the Agreement, HB
granted the Company an exclusive license to use any and all branding materials of HB including, without limitation, its name, logo, and
any and all intellectual property rights. In consideration of the license, the Company agreed to compensate HB seven percent (7%) of
the net sales generated by the Company for any products utilizing and/or integrating property rights, brands or logos of HB commencing
in 2020. The Agreement has a term of ten (10) years.
On
March 8, 2019, the Company entered into a fifteen-year Suite License Agreement (the "Agreement") with LV Stadium Events Company,
LLC ("LV Stadium") for the lease of a suite within the multipurpose stadium (the "Stadium") constructed in Clark
County, Nevada that is intended to be the home stadium for the Raiders National Football League team. Under the terms of the Agreement,
the Company paid the initial deposit of $75,000, the second payment of $150,000 and the final payment on approximately October 15, 2020.
Commencing with year 6 of the Term, the License Fee for each year of the Term shall be increased by an amount not to exceed three percent
(3%) of the License Fee payable for the immediately preceding year.
15
In
April of 2019, Roger Bloss was appointed to the Board of Directors of the Company.
In
April of 2019, the Company executed a Membership Interest Purchase Agreement (the "MIPA") to acquire all of the
membership interests in two Nevada limited liability companies that are each the holder of a State of Nevada marijuana license.
Marijuana Establishment Registration Certificate, Application No. C202 and Marijuana Establishment Registration Certificate,
Application No. P133 (collectively the "Certificates"). The terms of the MIPA required the Company to purchase the
licenses for the total sum of $1,250,000 each - $750,000 in cash per license and $500,000 of the Company's restricted common
stock per license. The terms of the MIPA provide for a $250,000 non-refundable down payment and include a short term note in the
amount of $500,000 carrying an annual interest rate of two percent (2%) that was due and payable on or before October 18, 2019. On
October 17, 2019, the State of Nevada's Governor issued an executive order restricting the transfer of all Nevada marijuana
licenses (the "Moratorium"). As of the date of this filing, the Company has made deposits totaling $550,000 and has
reduced the principal of the aforementioned note to $250,000. The Company is required to issue $1,000,000 of shares of its
restricted common stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been
issued. The Company also executed a $750,000 long term note (the "LT Note") in favor of the current license holders that
becomes due and payable upon the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months
after the production/cultivation is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On
February 19, 2020, the Company was put on notice by the Seller that it is in default under the terms of the MIPA. Additionally,
pursuant to the terms of the MIPA, the Company was required to enter into a $15,000 per month sub-lease (retroactive to March 1,
2019) for the 10-acre cultivation/production facility located in Pahrump, Nye County, NV and install a mobile production trailer.
The Company failed to make the required payments under the MIPA and the Agreement was terminated. Please
see
Note 9
—Asset Impairment
within the Company's financial statement for the year ended December 31, 2021 for further
information.
In
April of 2019, the Company consummated its purchase of an approximately 50-acre, commercial trailer and RV park (the "Trailer Park")
in close proximity to its Amargosa Valley cultivation facilities. The Trailer Park can accommodate up to 90 trailers and RV's.
There presently are 17 occupied trailers in the Trailer Park, and the Company is making the necessary upgrades to bring additional units
to the facility to provide housing for its farm personnel. The Company purchased the Trailer Park for a total of $600,000 in cash and
$50,000 of the Company's restricted common stock, resulting in the issuance of 66,667 shares. The Sellers hold a $250,000 note,
bearing interest at six and one-half percent resulting in monthly payments in the amount of $2,178 based upon a 15-year amortization
schedule (the "TP Note"). The TP Note requires additional principal reduction payments in the amount of $50,000 on or before
April 5, 2020 and April 5, 2021, respectively. As of the date of this filing, the Company has failed to make the required principal reduction
payment that was due on April 5, 2020. Additionally, due to the ongoing effects of COVID-19, the Company has been unable to make its
monthly payments of $2,178 pursuant to the terms of the TP Note. The Company is in arrears to the holders of the TP Note in the amount
of $58,711. The principal and interest payments will be recalculated based on a 15-year a amortization schedule upon each principal reduction
payment. A final balloon payment of any and all outstanding principal and accrued interest is due and payable on or before April 5, 2022.
There are no prepayment penalties should the Company elect to retire the note prior to its maturity date.
On
June 25, 2019, the Company entered into a Series Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement
(the "Agreement") with Innovation Labs, Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company
purchased 238,096 Series Post Seed Preferred Stock Shares and 238,096 Series Post Seed Preferred Units for a purchase price of
$250,000. Please
see
Note 9 —Asset Impairment
within the Company's financial statement for the year ended
December 31, 2021 for further information.
On
August 28, 2019, the Company entered into a Membership Interest Purchase Agreement (the "Agreement") with Element NV,
LLC, an Ohio limited liability company (the "Buyer"), to sell forty-nine percent (49%) of the membership interests in
the Company's wholly owned subsidiary, Red Earth, LLC ("Red Earth") for $441,000. The $441,000 was paid to the
Company on August 30, 2019. The Agreement required the Buyer to make an additional payment, in the amount of $3,559,000, to be
utilized for the improvement and build-out of the Company's Western Avenue leasehold in Las Vegas, Nevada. The payment was due
within ten (10) days of the receipt by Red Earth of a special use permit ("SUP") from the City of Las Vegas for its
Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in conjunction with the Company,
will jointly manage and operate the facility upon completion. The Agreement also requires the Buyer to make a final payment to the
Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June 11, 2020, the Company
entered into the First Amendment ("First Amendment") to the Agreement. Under the terms of the First Amendment, the
Closing Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the "Initial
Contribution Payment") to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash
contribution (the Final Contribution Payment") in the amount of $240,000. The Buyer failed to make the required payments under
the Agreement and the Agreement was thus terminated in 2021. Please
see
Note 7 — Intangible Assets
and
Note
15 — Gain on Disposal of Subsidiary
within the Company's financial statement for the year ended December 31, 2021
for further information.
16
On
January 22, 2020, the Company's President, Richard S. Groberg, tendered his resignation to the Company's Board of Directors
(the "Board"). The Board accepted Mr. Groberg's resignation effective immediately. The Company and Mr. Groberg executed
a mutual Separation Agreement.
On May 12, 2021, the Company entered into a Cooperation and Release Agreement (the "Agreement")
with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of
the Company issued to or owned by him and waived any right to any future stock issuances except for 100,000 shares to be retained by
Mr. Groberg.
O
n
January 22, 2020 the Board appointed the Company's Secretary and Chief Administrative Officer, Terrence M. Tierney, JD, age 58,
to the additional position of interim President. Mr. Tierney was a consultant to the Company from July 1, 2018 until September 18, 2018
when he was appointed Secretary of the Company. On October 15, 2018, Mr. Tierney became the Chief Administrative Officer of the Company
and signed a three-year employment agreement with the Company (which agreement has been previously filed with the SEC) that expires on
September 30, 2021. There were no changes to Mr. Tierney's current employment agreement other than his additional duties as President.
Mr. Tierney had day-to-day oversight of the Company's operations and continue to advise the Board on strategic initiatives and
business development.
On
February 20, 2020, the Company's subsidiary, Alternative Hospitality, Inc. (the "Borrower"), issued a Short-Term
Promissory Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a
director of the Company, in the amount of $110,405 that matures on February 19, 2021. The Note shall bear interest at a rate of 9%
per annum with interest-only payments in the amount of $825 due on or before the twentieth day of each month commencing on April 20,
2020. The Borrower was required to make an interest and principal reduction payment in the amount of $1,233 on or before March 20,
2020. The Holder was granted a security interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146,
which is owned by the Borrower. Please
see
Note 11 — Notes Payable – related parties
within the
Company's financial statement for the year ended December 31, 2021 for further information.
On
March 2, 2020, Mr. Ruhe tendered his resignation to the Company's Board of Directors (the "Board"). The Board accepted
Mr.Ruhe's resignation effective immediately. Mr. Ruhe also stepped down as an advisor to the Company's Audit Committee. Additionally,
pursuant to the terms of Mr. Ruhe's employment contract with the Company Mr. Ruhe shall forfeit 11,709 shares of invested common
stock previously issued to Mr. Ruhe. The Board has commenced a search to find a suitable individual to replace Mr. Ruhe.
On
March 31, 2020, the Company's subsidiary, Condo Highrise Management, LLC (the "Borrower"), issued a Short-Term
Promissory Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a
director of the Company, in the amount of $90,000 that matures on March 30, 2021. The Note shall bear interest at a rate of 9% per
annum with interest-only payments in the amount of $675 due on or before the first day of each month commencing on May 1, 2020. The
Holder was granted a security interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by
the Borrower. Please
see
Note 11 — Notes Payable – related parties
within the Company's financial
statement for the year ended December 31, 2021 for further information.
On
July 22, 2020, the Company entered into a Securities Purchase Agreement (the "Agreement") with an accredited investor (the
"Investor"). Under the terms of the Agreement, the Investor agreed to purchase 4,500,000 shares of the Company's common
stock at $0.088808889 per share for a total purchase price of $400,000. The Investor was also to be issued a warrant granting the Investor
the right to acquire 1,000,000 shares of the Company's common stock at an exercise price of $0.10. The warrant was to be dated
August 3, 2020 and have a term of three years. The Investor funded $250,000 of the purchase amount on July 31, 2020. On August 10, the
Company returned $125,465 of the funds to the Investor for a net investment of $124,535. The Company issued the Investor 1,402,279 shares
of common stock and a warrant granting the Investor the right to purchase 250,000 shares of common stock under the revised terms of the
Agreement.
17
On August 7, 2020, the Company's Board of
Directors terminated, with cause, the employment of Terrence M. Tierney, the Company's former President and Secretary, effective
immediately. On March 9, 2021, Terrence Tierney filed for arbitration with the American Arbitration Association for: (i) breach of contract,
(i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the
amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On
April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for
accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise
has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed
fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess
of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone
the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Paris Balaouras (the "Employee").
Under the terms of the Agreement, the Employee shall serve as the Company's Chief Cultivation Officer for a term of three (3) years
(the "Term") commencing on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company
in its sole discretion, in amount equal to up to 100% of Employee's base salary for the then current fiscal year, shall be eligible
to receive an annual discretionary stock grant during the Term which shall be vested in equal increments of 1/3
rd
each over
a three year period beginning on the first anniversary of employment, shall be eligible to receive a compensatory stock grant of 667,000
shares for and in consideration of past compensation (approximately $500,000 over the past 2.5 years) foregone by Employee; such grant
exercisable at Employee's option as such time as Employer is profitable at the NOI level on a trailing twelve (12) month basis
or upon other commercial reasonable terms as the Board may determine and shall be awarded options to purchase 500,000 shares of the Company's
common stock, exercisable at a price of $.75 per share.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Roger Bloss. Under the terms of
the Agreement, the Employee shall serve as the Company's Interim Chief Executive Officer for a term of six (6) months and the Chief
Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for a total of three (3) years
(the "Term") commencing on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company
in its sole discretion, in amount equal to up to 100% of Employee's base salary for the then current fiscal year, shall be eligible
to receive an annual discretionary stock grant during the Term which shall be vested in equal increments of 1/3
rd
each over
a three year period beginning on the first anniversary of employment and shall be awarded options to purchase 500,000 shares of the Company's
common stock, exercisable at a price of $.75 per share.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Bernard Moyle. Under the terms
of the Agreement, the Employee shall serve as the Company's Secretary/Treasurer for a term of three (3) years (the "Term")
commencing on September 15, 2020. The Employee shall receive a base salary of $60,000 annually, shall be eligible to receive an annual
discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion,
in amount equal to up to 200% of Employee's base salary for the then current fiscal year, shall, at commencement of the Term receive
a grant of stock of 500,000 shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be
vested in equal increments of 1/3
rd
each over a three year period beginning on the first anniversary of employment and shall
be awarded options to purchase 500,000 shares of the Company's common stock, exercisable at a price of $.75 per share.
On
September 15, 2020, the Company entered into a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss,
Dear and Balaouras (collectively, the "Directors"). Under the terms of the Agreement, each of the Directors shall provide
services to the Company as a member of the Board of Directors for a period of not less than one year. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company's common stock on the last calendar day of each quarter.
The Agreement for each of the Directors is effective as of October 1, 2020.
18
On
October 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Jim Kelly. The Agreement became
effective as of October 1, 2020. Under the terms of the Agreement, the Employee shall serve as the Company's Interim Chief Financial
Officer for a term of (i) the sooner of six (6) months, or (ii) the completion of all regulatory filings, including but not limited to
the Company's 2019 Annual Report on Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly Report
on Form 10-Q, the September 30, 2020 Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities
and Exchange Commission ("SEC") to bring the Company current with the SEC. The Employee shall receive a base salary of $24,000
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the
C-Suite of the Company in its sole discretion, in an amount equal to up to 400% of the Employee's base salary for the then current
fiscal year, and at commencement of the Term the Employee shall receive a grant of stock of 500,000 restricted shares of the Company's
common stock.
On March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial
Officer.
On
December 8, 2020, the Company entered into Amendment No. 1 (the "Amendment") to the Revenue Participation Rights Agreement
previously entered into with Blue Sky Companies, LLC and Let's Roll NV, LLC. Under the terms of the Amendment, the new effective
Date of the Agreement shall be revised to the date that the first payment shall be due in 2021 from the 2020 3-acre grow. In addition,
(i) the Company's 2020 obligation under the original Agreement for the 2019 grow is deemed satisfied in full, (ii) on or before
April 30, 2027, the Company shall pay a $26,000 exit fee.
On
January 12, 2021, the Company completed the sale of its commercial building for $1,627,500. On December 12, 2020, the Company, through
its wholly owned subsidiary (Prescott Management, LLC), entered into a sales contract with Helping Hands Support, Inc. for the sale of
the Company's commercial building located at 1300 South Jones Boulevard, Las Vegas, Nevada 89146.
On
February 17, 2021, the Company entered into a Stock Purchase Agreement (the "Agreement") with ATG Holdings, LLC (the "ATG").
Under the terms of the Agreement, the Company purchased 1,500,000,000 shares of common stock of Healthier Choices Management
Corp ("HCMC") from ATG for the purchase price of $200,000. The transaction closed on February 19, 2021. During the year ended
December 31, 2021, the Company liquidated its marketable securities that it received in the Agreement with ATG.
On
March 12, 2021, the Company (the "Holder") was issued a Convertible Promissory Note (the "Note") by GeneRx
(the "Borrower"), a Delaware corporation, in the amount of $300,000. The Note has a term of one year (April 7, 2022
Maturity Date) and accrues interest at two percent (2%) per annum. The Note is convertible, at the option of the Holder, into shares
of common stock of the Borrower at a fixed conversion price of $1.00 per share. Upon an Event of Default, the Conversion Price shall
equal the Alternate Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or
rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Alternate Conversion
Price" shall equal the lesser of (i) 80% multiplied by the average of the three lowest daily volume weighted average prices
("VWAP") during the previous twenty (20) Trading Days (as defined below) before the Issue Date of this Note
(representing a discount rate of 20%) or (ii) 80% multiplied by the Market Price (as defined herein) (representing a discount rate
of 20%). "Market Price" means the average of the three lowest daily VWAPs for the Common Stock during the twenty (20)
Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. Any amount of principal or interest on
this Note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date
thereof until the same is paid (the "Default Interest"). The Company funded $300,000 on March 15, 2021, $150,000 on
April 5, 2021 and $50,000 on April 7, 2021. Please
see
Note
5 — Note Receivable
within the Company's financial statement for the three months ended March 31, 2022 for further
information.
19
On
April 13, 2021, the Company entered into a Storage and Purchase Agreement (the "Agreement") with AP Management, LLC ("AP").
Under the terms of the Agreement, AP agreed to store the Company's fresh frozen marijuana (the "Product") while granting
AP the right to purchase the Product at $175 per pound. In the event that AP does not purchase 500 pounds of the Product, the Company
shall reimburse AP for any costs incurred for storage.
On
April 14, 2021, the Company entered into a Storage Agreement (the "Agreement") with TapRoot Labs ("TapRoot").
Under the terms of the Agreement, the TapRoot, agreed to store the Company's fresh frozen marijuana (the "Product").
As compensation for storage, the Company was to pay TapRoot the equivalent of $6,000 per month from product held in storage.
On May 12, 2021, the Company entered into a Cooperation
and Release Agreement (the "Agreement") with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement,
Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and waived any right to any future stock issuances
except for 100,000 shares to be retained by Mr. Groberg.
On June 17, 2021, the Company entered into a Consulting
Agreement (the "Agreement") with Wolfpack Consulting, LLC (the "Consultant"). Under the terms of the Agreement,
the Consultant shall use its commercially reasonable efforts and adequate business time and attention to identify various properties
that may fit into Client's business model to develop, cultivate, and produce marijuana related products. The Consultant shall receive
$25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of: (a) the first anniversary
of the Effective Date (i.e., one year), or (b) either party's receipt of written notice from the other party of its intent
to terminate this Agreement after the expiration of the first anniversary (the "Term").
20
The
Company intends to continue to grow its business through the acquisition of existing companies and/or through the development of new
opportunities and joint ventures that can maximize shareholder value while providing a 360-degree spectrum of infrastructure (dispensaries),
cultivation, production, management, and consulting services in the regulated cannabis industry.
Marijuana
Industry Overview
The
Company currently operates a marijuana business in the State of Nevada. Although the possession, cultivation and distribution of marijuana
is permitted in Nevada, provided compliance with applicable state and local laws, rules, and regulations, marijuana is illegal under
federal law. The Company believes it operates its business in compliance with applicable state laws and regulations. Any changes in federal,
state, or local law enforcement regarding marijuana may affect its ability to operate its business. Strict enforcement of federal law
regarding marijuana would likely result in the inability to proceed with its business plans, could expose the Company to potential criminal
liability, and could subject its properties to civil forfeiture. Any changes in banking, insurance, or other business services may also
affect the Company's ability to operate its business.
Marijuana
cultivation refers to the planting, tending, improving and harvesting of the flowering plant Cannabis, primarily for the production and
consumption of cannabis flowers, often referred to as "buds". The cultivation techniques for marijuana cultivation differ
than for other purposes such as hemp production. Generally, references to marijuana cultivation and production do not include hemp production.
Cannabis
belongs to the genus Cannabis in the family Cannabaceae and for the purposes of production and consumption, includes three species, C.
sativa ("Sativa"), C. Indica ("Indica"), and C. ruderalis ("Ruderalis"). Sativa and Indica generally
grow tall with some varieties reaching approximately 4 meters. The female plants produce flowers rich in tetrahydrocannabinol ("THC").
Ruderalis is a short plant and produces trace amounts of THC but is very rich in cannabidiol ("CBD"), which is an antagonist
(inhibits the physiological action) to THC.
As
of July 2022, there are a total of 38 states, plus the District of Columbia, with legislation passed as it relates to medicinal cannabis.
These state laws are in direct conflict with the United States Federal Controlled Substances Act (21 U.S.C. § 811) ("CSA"),
which places controlled substances, including cannabis, in a schedule. Cannabis is classified as a Schedule I drug, which is viewed as
having a high potential for abuse, has no currently accepted use for medical treatment in the U.S., and lacks acceptable safety for use
under medical supervision. These 35 states, plus the District of Columbia, have adopted laws that exempt patients who use medicinal cannabis
under a physician's supervision from state criminal penalties. These are collectively referred to as the states that have de-criminalized
medicinal cannabis, although there is a subtle difference between de-criminalization and legalization, and each state's laws are
different.
As
of July 2022, 18 states and the District of Columbia now allow for the recreational use and possession of small amounts of marijuana
and marijuana products. Decriminalization of marijuana varies by state. Decriminalization generally means that violators of local marijuana
laws may be subject to civil penalty rather than face criminal prosecution. Fifteen states have decriminalized the possession of small
amounts of marijuana but have not legalized possession. In these states decriminalization can mean possession of as little as ten grams
of marijuana up to one-hundred grams of marijuana that will not result in any criminal prosecution but may result in civil fines. In
three states, Idaho, South Dakota, and Kansas, the cultivation, possession or use of marijuana is strictly prohibited and violators may
be subject to criminal prosecution. In Nevada, where the Company is headquartered and has focused most of its activities, legalized marijuana
for recreational use was effective as of July 1, 2017, which made it legal for adults over the age of 21 to use marijuana and to possess
up to one ounce of marijuana flowers and one-eighth of an ounce of marijuana concentrates. Individuals are also permitted to grow up
to six marijuana plants for personal use. In addition, businesses can legally, pursuant to state regulations, cultivate, process, dispense,
distribute, and test marijuana products under certain conditions.
21
The
dichotomy between federal and state laws has limited the access to banking and other financial services by marijuana businesses. Recently
the U.S. Department of Justice (the "DOJ") and the U.S. Department of Treasury issued guidance for banks considering conducting
business with marijuana dispensaries in states where those businesses are legal, pursuant to which banks must now file a Marijuana Limited
Suspicious Activity Report that states the marijuana business is following the government's guidelines with regard to revenue that
is generated exclusively from legal sales. However, since the same guidance noted that banks could still face prosecution if they provide
financial services to marijuana businesses, it has led to the widespread refusal of the banking industry to offer banking services to
marijuana businesses operating within state and local laws. In March of this year, U.S. Congressman Ed Perlmutter (D – Colorado)
introduced house bill H.R. 1595, known as the Secure and Fair Enforcement (SAFE) Banking Act to allow legally operating cannabis related
businesses to utilize traditional banking services without fear of federal agencies taking legal action against the banks or their customers.
The SAFE bill has strong bipartisan support in the House of Representatives and many industry observers anticipate it will be ratified
within the next year.
The
DOJ has not historically devoted resources to prosecuting individuals whose conduct is limited to possession of small amounts of marijuana
for use on private property but has relied on state and local law enforcement to address marijuana activity.
In
the event the DOJ reverses its stated policy and begins strict enforcement of the CSA in states that have laws legalizing medical marijuana
and recreational marijuana in small amounts, there may be a direct and adverse impact to the Company's business and its revenue
and profits.
Furthermore,
H.R. 83, known as the Rohrabacher-Farr amendment, is a rider to the annual appropriations bill that prohibits the DOJ from using federal
funds to prevent certain states, including Nevada and California, from implementing their own laws that authorized the use, distribution,
possession, or cultivation of medical marijuana. This prohibition was in place until November 21, 2019.
The
Company is monitoring the Biden administration's, the DOJ's and Congress' positions on federal marijuana law and
policy. Based on public statements and reports, the Company understands that certain aspects of those laws and policies are
currently under review, but no official changes have been announced. It is possible that certain changes to existing laws or
policies could have a negative effect on its business and results of operations.
Corporate
Entities
MJ
    Holdings, Inc.
This
    entity, the Company, serves as a holding company for all of the operating businesses/assets.
Prescott
    Management, LLC
Prescott
    Management is a wholly owned subsidiary of the Company that provides day-to-day management and operational oversight to the Company's
    operating subsidiaries.
Icon
    Management, LLC
Icon
    is a wholly owned subsidiary of the Company that provides Human Resource Management ("HR") services to the Company. Icon
    is responsible for all payroll activities and administration of employee benefit plans and programs.
Farm
    Road, LLC
Farm
    Road, LLC is a wholly owned subsidiary of the Company that owns 260 acres of farmland in Amargosa, NV. The Company acquired all of
    the membership interests of Farm Road in January of 2019.
Condo
    Highrise Management, LLC
Condo
    Highrise Management is a wholly owned subsidiary of the Company that manages the Company owned Trailer Park in Amargosa, Nevada.
Red
    Earth Holdings, LLC
Red
    Earth Holdings, LLC is a wholly owned subsidiary of the Company that will eventually be the holder of the Company's primary
    cannabis license assets. As of the date of this report, Red Earth Holdings has no operations and holds no assets.
22
Red
    Earth, LLC
Red
                                            Earth, established in 2016, was a wholly owned subsidiary of the Company from December 15,
                                            2017 until August 30, 2019 prior to the Company selling a forty-nine percent (49%) interest
                                            in Red Earth to Element NV, LLC, an unrelated third party (See further description of the
                                            transaction hereinabove). Red Earth's assets consist of: (i) a cultivation license
                                            to grow marijuana within the City of Las Vegas in the State of Nevada, and (ii) all of the
                                            outstanding membership interests in HDGLV, which holds a triple net leasehold interest in
                                            a 17,298 square-foot building in Las Vegas, Nevada, which it expects to operate as an indoor
                                            marijuana cultivation facility. In July 2018, the Company completed the first phase of construction
                                            on this facility, and it received a City of Las Vegas Business License to operate a marijuana
                                            cultivation facility. On August 26, 2021, the Company and the Company's Chief Cultivation
                                            Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
                                            Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase
                                            Agreement"), dated December 15, 2017, entered into between the Company and the Red
                                            Earth was terminated as of the date of the Termination Agreement resulting in the return
                                            of ownership of Red Earth to Mr. Balaouras. Please
see
Note 7 — Intangible Assets
and Note 14 — Related Party Transactions
within the Company's
                                            financials for the three months ended March 31, 2022 for further information.
HDGLV,
    LLC
HDGLV
    is a wholly owned subsidiary of Red Earth, LLC and is the holder of a triple net lease on a commercial building in Las Vegas, Nevada
    which is being developed to house the Company's indoor grow facility.
Alternative
    Hospitality, Inc.
Alternative
    Hospitality is a Nevada corporation formed in November of 2018. MJ Holdings owns fifty-one percent (51%) of the company and the remaining
    forty-nine percent (49%) is owned by TVK, LLC, a Florida limited liability company.
MJ
    International Research Company Limited
MJ
    International is a wholly owned subsidiary of the Company that is headquartered in Dublin, Ireland. MJ International is the sole
    shareholder of MJ Holdings International Single Member S.A. and Gioura International Single Member Private Company.
Corporate
Information
The
Company's corporate headquarters is located at
2580 S. Sorrel St., Las Vegas, NV 89146 and its telephone number
is (702) 879-4440. The Company's website address is: www.mjholdingsinc.com. Information on or accessed through its website is not
incorporated into this Form 10-K.
The
Company's Common Stock is not listed on any national stock exchange but is quoted on the OTCQB Marketplace
under the symbol "MJNE."
Licenses:
On February 5, 2021, the Company (the "Purchaser")
executed a Membership Interest Purchase Agreement ("MIPA3") with MJ Distributing, Inc. (the "Seller") to acquire
all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing P133, LLC, each the holder of a State of
Nevada provisional medical and recreational cultivation license and a provisional medical and recreational production license. At present,
the Company is waiting for the Nevada Cannabis Compliance Board ("CCB") to provide notice that the licenses are set for hearing
to approve the transfer of ownership from the Seller to the Purchaser.
Patents/Trademarks:
We
currently hold no patents or trademarks.
Research
& Development
We
had no expenses in Research and Development costs during the three months ended March 31, 2022 or for the years ended December
31, 2021 and 2020.
Compliance
Expenses
Our
company incurs annual expenses to comply with state and local corporate governance and business licensing requirements. We estimate
these costs to be under $20,000 per year.
23
Principal
Products or Services and Markets
The principal services provided by the Company
are cultivation management and infrastructure development catering to cannabis and hemp growth.
Seasonality
The Company does not consider its business to
be seasonal.
Leases
The
Company anticipates its most significant lease obligations will be classified as fixed assets that will be used in the normal course
of its business.  Some lease obligations may include renewal or purchase options, escalation clauses, restrictions, penalties or
other obligations that we will consider in determining minimum lease payments. The leases will be classified as either operating leases
or capital leases, as appropriate.
Governmental
Regulation
General
Cannabis is currently a Schedule I controlled
substance under the Controlled Substances Act ("
CSA
") and is, therefore, illegal under federal law. Even in those
states in which the use of cannabis has been legalized pursuant to state law, its use, possession or cultivation remains a violation
of federal law. A Schedule I controlled substance is defined as one that has no currently accepted medical use in the United States,
a lack of safety for use under medical supervision and a high potential for abuse. The U.S. Department of Justice (the "
DOJ
")
defines Schedule I controlled substances as "the most dangerous drugs of all the drug schedules with potentially severe psychological
or physical dependence." If the federal government decides to enforce the CSA in those states which have legalized medicinal and/or
recreational use of cannabis, persons that are charged with distributing, possessing with intent to distribute or growing cannabis could
be subject to fines and/or terms of imprisonment, the maximum being life imprisonment and a $50 million fine.
Notwithstanding the CSA, as of the date of this
prospectus, 36 states and the District of Columbia have legalized medical marijuana in some capacity. Additionally, 17 states and the
District of Colombia have approved the implementation of legal recreational marijuana use. Such state and territorial laws are in conflict
with the federal CSA, which makes cannabis use and possession illegal at the federal level.
In light of such conflict between federal laws
and state laws regarding cannabis, the previous administration under President Obama had effectively stated that it was not an efficient
use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the
use and distribution of medical cannabis. For example, the prior DOJ Deputy Attorney General of the Obama administration, James M. Cole,
issued a memorandum (the "
Cole Memo
") to all United States Attorneys providing updated guidance to federal prosecutors
concerning cannabis enforcement under the CSA. In addition, the Financial Crimes Enforcement Network ("
FinCEN
") provided
guidelines (the "
FinCEN Guidelines
") on February 14, 2014, regarding how financial institutions can provide services
to cannabis-related businesses consistent with their Bank Secrecy Act obligations (.
During the Trump administration, there had been
indications of potential change in cannabis-related policies, including a memo issued by then Attorney General Jeff Sessions in January
2018, although no formal action was ever taken. Although we expect this policy to continue under the Biden administration, there can
be no assurance that will be the case. Accordingly, until there are formal changes in Federal cannabis-related enforcement policies,
we intend to remain within the guidelines outlined in the Cole Memo and the FinCEN Guidelines where applicable; however, we cannot provide
assurance that we are in full compliance with the Cole Memo, the FinCEN Guidelines or any applicable federal laws or regulations.
Cole Memo
Because of the discrepancy between the laws in
some states, which permit the distribution and sale of medical and recreational cannabis, from federal law that prohibits any such activities,
DOJ Deputy Attorney General James M. Cole issued the Cole Memo concerning cannabis enforcement under the CSA. The Cole Memo guidance
applies to all of the DOJ's federal enforcement activity, including civil enforcement and criminal investigations and prosecutions,
concerning cannabis in all states.
24
The Cole Memo reiterates Congress's determination
that cannabis is a dangerous drug and that the illegal distribution and sale of cannabis is a serious crime that provides a significant
source of revenue to large-scale criminal enterprises, gangs, and cartels. The Cole Memo notes that the DOJ is committed to enforcement
of the CSA consistent with those determinations. It also notes that the DOJ is committed to using its investigative and prosecutorial
resources to address the most significant threats in the most effective, consistent, and rational way. In furtherance of those objectives,
the Cole Memo provides guidance to DOJ attorneys and law enforcement to focus their enforcement resources on persons or organizations
whose conduct interferes with any one or more of the following important priorities (the "
Enforcement Priorities
")
in preventing:
●
the distribution of cannabis to minors;
●
revenue from the sale of cannabis from going to criminal enterprises,
    gangs, and cartels;
●
the diversion of cannabis from states where it is legal under state
    law in some form to other states;
●
state-authorized cannabis activity from being used as a cover or
    pretext for the trafficking of other illegal drugs or other illegal activity;
●
violence and the use of firearms in the cultivation and distribution
    of cannabis;
●
drugged driving and the exacerbation of other adverse public health
    consequences associated with cannabis use;
●
the growing of cannabis on public lands and the attendant public
    safety and environmental dangers posed by cannabis production on public lands; and
●
cannabis possession or use on federal property.
We intend to conduct rigorous due diligence to
verify the legality of all activities that we engage in and ensure that our activities do not interfere with any of the Enforcement Priorities
set forth in the Cole Memo.
The Cole Memo is meant only as a guide for United
States Attorneys and does not alter in any way the Department of Justice's authority to enforce Federal law, including Federal
laws relating to cannabis, regardless of state law.
Agriculture
Improvement Act of 2018
The federal Agricultural
Improvement Act of 2018, signed into law on December 20, 2018, along with the Agricultural Act of 2014, the corresponding Consolidated
Appropriations Act of 2016 provisions (as extended by resolution into 2018) and related state law, provide for the cultivation, processing,
manufacturing and sale of hemp-derived products, as part of agricultural pilot programs and/or state plans adopted by individual states,
including Colorado. However, there can be no assurance that new legislation or regulations may be introduced at either the federal and/or
state level which, if passed, would impose substantial new regulatory requirements on the manufacture, packaging, labeling, advertising
and distribution and sale of hemp-derived products. New legislation or regulations may require the reformulation, elimination or relabeling
of certain products to meet new standards and revisions to certain sales and marketing materials and it is possible that the costs of
complying with these new regulatory requirements could be material.
25
Competition
The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company's
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors and it will continue to focus on this area of its operations.
Competitors
include private and public companies such as: Acres Cultivation, LLC, 8lFold, The Apothecary Shoppe, Bond Road Cannabis Company, Floravega,
Remedy Cultivation and Flower One.
Joint
Venture/Acquisition Interest
The
Company intends to continue to grow its business through the acquisition of existing companies and/or through the development of new
opportunities and joint ventures that can maximize shareholder value while providing a 360-degree spectrum of infrastructure (dispensaries),
cultivation, production, management, and consulting services in the regulated cannabis industry.
Employees
As
of the date of this Report, we 9 full-time and 3 part-time employees inclusive of a Chief Executive Officer, Interim Chief
Financial Officer, Secretary and Chief Cultivation Officer. We contract all labor for public company governance
services, website development, accounting, legal and daily activities outside of management. Please
see
DIRECTORS, EXECUTIVE
OFFICERS, PROMOTERS, AND CONTROL PERSONS
for additional information.
Report
to Shareholders
The
public may read and copy these reports, statements, or other information we file at the SEC's public reference room at 100 F Street,
NE., Washington, DC 20549 on official business days during the hours of 10 a.m. to 3 p.m. State that the public may obtain information
on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. The Commission maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission
at (
http://www.sec.gov
).
26
Going
Concern
The
Company has recurring net losses, which have resulted in an accumulated deficit of $18,193,111 as of March 31, 2022. The Company
had negative cash flows from operations of $930,110 for the three months ended March 31, 2022. These factors raise substantial
doubt about the Company's ability to continue as a going concern for one year from the issuance of the financial statements.
There
can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds
will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital
resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company
to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there
can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant
dilutive effect on the Company's existing stockholders.
The
Company intends to overcome the circumstances that impact its ability to remain a going concern through a combination of the commencement
of revenues, with interim cash flow deficiencies being addressed through additional equity and debt financing. The Company anticipates
raising additional funds through public or private financing, strategic relationships or other arrangements in the near future to support
its business operations; however, the Company may not have commitments from third parties for a sufficient amount of additional capital.
The Company cannot be certain that any such financing will be available on acceptable terms, or at all, and its failure to raise capital
when needed could limit its ability to continue its operations. The Company's ability to obtain additional funding will determine
its ability to continue as a going concern. Failure to secure additional financing in a timely manner and on favorable terms would have
a material adverse effect on the Company's financial performance, results of operations and stock price and require it to curtail
or cease operations, sell off its assets, seek protection from its creditors through bankruptcy proceedings, or otherwise. Furthermore,
additional equity financing may be dilutive to the holders of the Company's common stock, and debt financing, if available, may
involve restrictive covenants, and strategic relationships, if necessary, to raise additional funds, and may require that the Company
relinquish valuable rights.
Company
Information
We
are a Nevada for-profit corporation. Our corporate address is
2580 S. Sorrel St, Las Vegas,
NV 89146
our telephone number is (702) 879-4440 and our website
address is www.mjholdingsinc.com. The information on our website is not a part of this prospectus. The Company's stock is quoted
under the symbol "MJNE" on the OTCQB Marketplace. The Company's transfer agent is Transhare Corporation whose
address is Bayside Center 1, 17755 North US Highway 19, Suite #140, Clearwater, FL 33764 and phone number is (303) 662-1112.
27
Smaller
Reporting Company
We
also qualify as a "smaller reporting company" under Rule 12b-2 of the Exchange Act, which is defined as a company with a
public equity float of less than $75 million. To the extent that we remain a smaller reporting company at such time as we are no longer
an emerging growth company, we will still have reduced disclosure requirements for our public filings some of which are similar to those
of an emerging growth company, including having to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act and the reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.
SUMMARY
OF
THE OFFERING
Securities
    offered
Up
    to 7,000,000 shares of our Common Stock
Offering
    Amount
$1,886,500
Terms
    of the Offering
The
    Selling Shareholders will determine when and how they sell the shares offered in this prospectus, as described in "Plan of
    Distribution" beginning on page 44.
Use
                                            of Proceeds
We
    are not selling any of the shares of common stock being offered by this prospectus and will receive no proceeds from the sale of
    the shares by the Selling Shareholders.
Common
    Stock Issued and Outstanding Before This Offering
79,327,355
                                            (1)
Common
    Stock Issued and Outstanding After This Offering
79,327,355 (2)
Risk
    Factors
See
"Risk Factors" beginning on page 30 and the other information set forth in this prospectus for a discussion of factors
    you should consider before deciding to invest in our securities.
Market
    for Common Stock
Our
    Common Stock is subject to quotation on the OTCQB Marketplace under the symbol "MJNE."
Dividends
We
    have not declared or paid any cash dividends on our common stock since our inception, and we do not anticipate paying any such dividends
    for the foreseeable future.
Transfer agent and
    registrar
Transhare Corporation
(1)
The
    number of shares of our common stock outstanding before this Offering is 79,327,355 as of July 29, 2022.
(2)
Shares of our common stock that will be outstanding after
    this offering is based on 79,327,755 shares of common stock outstanding as of July 29, 2022, but excludes:
●
1,500,000
    shares of common stock issuable upon exercise of the options issued to our Chief Executive Officer, Interim Chief Financial
    Officer and Chief Cultivation Officer.
●
250,000
    shares of common stock issuable upon exercise of the warrant issued in connection with the July 2020 Securities Purchase Agreement.
28
SUMMARY
FINANCIAL DATA
The
following summary of our financial data should be read in conjunction with, and is qualified in its entirety by reference to, "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements, appearing
elsewhere in this prospectus.
Statements
of Operations Data
For
                                            the
three
months
ended
March
                                            31, 2022
For
                                            the
year-ended
December
                                            31, 2021
For
                                            the
year-ended
December 31, 2020
Revenue
$
31,841
$
241,870
$
822,845
Loss from operations
$
(1,780,378
)
$
(8,647,086
)
$
(3,825,250
)
Total other income (expense)
$
59,896
$
12,454,417
$
(147,878
)
Net income (loss)
$
(1,720,482
)
$
3,807,331
$
(3,973,128
)
Balance
Sheet Data
As
    of
March
    31, 2022
As
    of
December
    31, 2021
As
    of
December
    31, 2020
Cash
$
3,321,111
$
4,699,372
$
117,536
Total
    assets
$
7,509,562
$
8,842,641
$
7,490,452
Total
    liabilities
$
4,770,677
$
5,076,258
$
8,788,580
Total
    stockholders' equity (deficiency)
$
2,052,611
$
3,766,383
$
(1,298,128
)
29
RISK
FACTORS
You
should carefully consider the risks, uncertainties and other factors described below, in addition to the other information set forth
in this Registration Statement on Form S-1, including our consolidated financial statements and the related notes thereto.
Any of these risks, uncertainties and other factors could materially and adversely affect our business, financial condition, results
of operations, cash flows, or prospects. In that case, the trading price of our Common Stock could decline, and you may lose all or part
of your investment. An investment in our securities is speculative and involves a high degree of risk. You should not invest in our securities
if you cannot bear the economic risk of your investment for an indefinite period of time and cannot afford to lose your entire investment.
There may be additional risks that we do not presently know of or that we currently believe are immaterial which could also impair our
business and financial position. See also "Cautionary Note Regarding Forward-Looking Statements."
Risks
Relating to Our Business and Industry
The
report of our independent registered public accounting firm that accompanies our audited consolidated financial statements includes
a going concern explanatory paragraph in which such firm expressed substantial doubt about our ability to continue as a going
concern.
Our
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities
and commitments in the normal course of business. However, we are a development stage company with current operations established in
October 2016. As of March 31, 2022, our accumulated deficit was $18,193,111. It is not possible at this time for us to
predict with assurance the potential success of our business. The revenue and income potential of our proposed business and operations
are unknown. If we cannot continue as a viable entity, we may be unable to continue our operations and you may lose some or all of your
investment in our common stock. These factors, among others, raise substantial doubt about the Company's ability to continue as
a going concern.
We
have a limited operating history, which may make it difficult for investors to predict future performance based on current operations.
We
have a limited operating history upon which investors may base an evaluation of our potential future performance. In particular,
we have not proven that we can sell cannabis products in a manner that enables us to be profitable and meet customer requirements,
obtain the necessary permits and/or achieve certain milestones to develop our cultivation businesses, enhance our line of cannabis
products, develop and maintain relationships with customers and strategic partners, to raise sufficient capital in the public
and/or private markets, or respond effectively to competitive pressures. As a result, there can be no assurance that we will be
able to develop or maintain consistent revenue sources, or that our operations will be profitable and/or generate positive cash
flow.
Any
forecasts we make about our operations may prove to be inaccurate. We must, among other things, determine appropriate risks, rewards,
and level of investment in our product lines, respond to economic and market variables outside of our control, respond to competitive
developments and continue to attract, retain, and motivate qualified employees. There can be no assurance that we will be successful
in meeting these challenges and addressing such risks and the failure to do so could have a materially adverse effect on our business,
results of operations, and financial condition. Our prospects must be considered in light of the risks, expenses, and difficulties
frequently encountered by companies in the early stage of development. As a result of these risks, challenges, and uncertainties,
the value of your investment could be significantly reduced or completely lost.
We
will likely need additional capital to sustain our operations and will likely need to seek further financing, which we may not
be able to obtain on acceptable terms or at all. If we fail to raise additional capital, as needed, our ability to implement our
business model and strategy could be compromised.
As
of March 31, 2022, we had limited capital resources and operations. Through that date, our operations had been funded primarily
from the proceeds of equity financings. We may require additional capital in the near future to develop business operations at our Farm
Road facility in Amargosa, Nevada, to expand our production of our future franchise production lines, to develop our intellectual
property base, and establish our targeted levels of commercial production. We may not be able to obtain additional financing on terms
acceptable to us, or at all. In particular, because marijuana is illegal under federal law, we may have difficulty attracting investors.
We
have incurred losses in prior periods, and losses in the future could cause the quoted price of our Common Stock to decline or
have a material adverse effect on our financial condition, our ability to pay our debts as they become due, and on our cash flows.
We
have incurred losses in prior periods. For the three months ended March 31, 2022, we incurred a net loss of $1,720,482
and, as of that date, we had an accumulated deficit of $18,193,111. We had net income of $3,530,331 for the
year ended December 31, 2021 and, as of that date, we had an accumulated deficit of approximately $16,472,629. Any losses
in the future could cause the quoted price of our Common Stock to decline or have a material adverse effect on our financial condition,
our ability to pay our debts as they become due, and on our cash flow.
30
Even
if we obtain financing for our near-term operations, we expect that we will require additional capital thereafter. Our capital needs
will depend on numerous factors including: (i) our profitability; (ii) the release of competitive products by our competition; (iii)
the level of our investment in research and development, and (iv) the amount of our capital expenditures, including acquisitions. We
cannot assure you that we will be able to obtain capital in the future to meet our needs.
If
we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership held by our existing
stockholders will be reduced and our stockholders may experience significant dilution. In addition, new securities may contain rights,
preferences, or privileges that are senior to those of our Common Stock. If we raise additional capital by incurring debt, this will
result in increased interest expense. If we raise additional funds through the issuance of securities, market fluctuations in the price
of our shares of Common Stock could limit our ability to obtain equity financing.
We
cannot give you any assurance that any additional financing will be available to us, or if available, will be on terms favorable to us.
If we are unable to raise capital when needed, our business, financial condition, and results of operations would be materially adversely
affected, and we could be forced to reduce or discontinue our operations.
We
face intense competition and many of our competitors have greater resources that may enable them to compete more effectively.
The
industries in which we operate in general are subject to intense and increasing competition. Some of our competitors may have greater
capital resources, facilities, and diversity of product lines, which may enable them to compete more effectively in this market. Our
competitors may devote their resources to developing and marketing products that will directly compete with our product lines. Due to
this competition, there is no assurance that we will not encounter difficulties in obtaining revenues and market share or in the positioning
of our products. There are no assurances that competition in our respective industries will not lead to reduced prices for our products.
If we are unable to successfully compete with existing companies and new entrants to the market this will have a negative impact on our
business and financial condition.
If
we fail to protect our intellectual property, our business could be adversely affected.
Our
viability will depend, in part, on our ability to develop and maintain the proprietary aspects of our intellectual property to distinguish
our products from our competitors' products. We rely on copyrights, trademarks, trade secrets, and confidentiality provisions to
establish and protect our intellectual property.
Any
infringement or misappropriation of our intellectual property could damage its value and limit our ability to compete. We may have to
engage in litigation to protect the rights to our intellectual property, which could result in significant litigation costs and require
a significant amount of our time. In addition, our ability to enforce and protect our intellectual property rights may be limited in
certain countries outside the United States, which could make it easier for competitors to capture market position in such countries
by utilizing technologies that are similar to those developed or licensed by us.
Competitors
may also harm our sales by designing products that mirror our products or processes without infringing on our intellectual property rights.
If we do not obtain sufficient protection for our intellectual property, or if we are unable to effectively enforce our intellectual
property rights, our competitiveness could be impaired, which would limit our growth and future revenue.
We
may also find it necessary to bring infringement or other actions against third parties to seek to protect our intellectual property
rights. Litigation of this nature, even if successful, is often expensive and time-consuming to prosecute and there can be no assurance
that we will have the financial or other resources to enforce our rights or be able to enforce our rights or prevent other parties from
developing similar products or processes or designing around our intellectual property.
31
Although
we believe that our products and processes do not and will not infringe upon the patents or violate the proprietary rights of
others, it is possible such infringement or violation has occurred or may occur, which could have a material adverse effect on
our business.
We
are not aware of any infringement by us of any person's or entity's intellectual property rights. In the event that
products we sell or processes we employ are deemed to infringe upon the patents or proprietary rights of others, we could be required
to modify our products or processes or obtain a license for the manufacture and/or sale of such products or processes or cease
selling such products or employing such processes. In such event, there can be no assurance that we would be able to do so in
a timely manner, upon acceptable terms and conditions, or at all, and the failure to do any of the foregoing could have a material
adverse effect upon our business.
There
can be no assurance that we will have the financial or other resources necessary to enforce or defend a patent infringement or
proprietary rights violation action. If our products or processes are deemed to infringe or likely to infringe upon the patents
or proprietary rights of others, we could be subject to injunctive relief and, under certain circumstances, become liable for
damages, which could also have a material adverse effect on our business and our financial condition.
Our
trade secrets may be difficult to protect.
Our
success depends upon the skills, knowledge, and experience of our scientific and technical personnel, our consultants and advisors,
as well as our licensors and contractors. Because we operate in several highly competitive industries, we rely in part on trade
secrets to protect our proprietary technology and processes. However, trade secrets are difficult to protect. We enter into confidentiality
or non-disclosure agreements with our corporate partners, employees, consultants, outside scientific collaborators, developers,
and other advisors. These agreements generally require that the receiving party keep confidential and not disclose to third parties'
confidential information developed by the receiving party or made known to the receiving party by us during the course of the
receiving party's relationship with us. These agreements also generally provide that inventions conceived by the receiving
party in the course of rendering services to us will be our exclusive property, and we enter into assignment agreements to perfect
our rights.
These
confidentiality, inventions, and assignment agreements may be breached and may not effectively assign intellectual property rights
to us. Our trade secrets also could be independently discovered by competitors, in which case we would not be able to prevent
the use of such trade secrets by our competitors. The enforcement of a claim alleging that a party illegally obtained and was
using our trade secrets could be difficult, expensive, and time consuming and the outcome would be unpredictable. In addition,
courts outside the United States may be less willing to protect trade secrets. The failure to obtain or maintain meaningful trade
secret protection could adversely affect our competitive position.
Our
business, financial condition, results of operations, and cash flow may in the future be negatively impacted by challenging global
economic conditions.
Future
disruptions and volatility in global financial markets and declining consumer and business confidence could lead to decreased
levels of consumer spending. These macroeconomic developments could negatively impact our business, which depends on the general
economic environment and levels of consumer spending. As a result, we may not be able to maintain our existing customers or attract
new customers, or we may be forced to reduce the price of our products. We are unable to predict the likelihood of the occurrence,
duration, or severity of such disruptions in the credit and financial markets and adverse global economic conditions. Any general
or market-specific economic downturn could have a material adverse effect on our business, financial condition, results of operations,
and cash flow.
32
Our
future success depends on our key executive officers and our ability to attract, retain, and motivate qualified personnel.
Our
future success largely depends upon the continued services of our executive officers and management team. If one or more of our
executive officers are unable or unwilling to continue in their present positions, we may not be able to replace them readily,
if at all. Additionally, we may incur additional expenses to recruit and retain new executive officers. If any of our executive
officers joins a competitor or forms a competing company, we may lose some or all of our customers. Finally, we do not maintain
"key person" life insurance on any of our executive officers. Because of these factors, the loss of the services of
any of these key persons could adversely affect our business, financial condition, and results of operations, and thereby an investment
in our stock.
Our
continuing ability to attract and retain highly qualified personnel will also be critical to our success because we will need
to hire and retain additional personnel as our business grows. There can be no assurance that we will be able to attract or retain
highly qualified personnel. We face significant competition for skilled personnel in our industries. In particular, if the marijuana
industry continues to grow, demand for personnel may become more competitive. This competition may make it more difficult and
expensive to attract, hire, and retain qualified managers and employees. Because of these factors, we may not be able to effectively
manage or grow our business, which could adversely affect our financial condition or business. As a result, the value of your
investment could be significantly reduced or completely lost.
We
may not be able to effectively manage our growth or improve our operational, financial, and management information systems, which
would impair our results of operations.
In
the near term, we intend to expand the scope of our operations activities significantly. If we are successful in executing our
business plan, we will experience growth in our business that could place a significant strain on our business operations, finances,
management, and other resources. The factors that may place strain on our resources include, but are not limited to, the following:
●
The
    need for continued development of our financial and information management systems;
●
The
    need to manage strategic relationships and agreements with manufacturers, customers, and partners, and
●
Difficulties
    in hiring and retaining skilled management, technical, and other personnel necessary to support and manage our business
Additionally,
our strategy envisions a period of rapid growth that may impose a significant burden on our administrative and operational resources.
Our ability to effectively manage growth will require us to substantially expand the capabilities of our administrative and operational
resources and to attract, train, manage, and retain qualified management and other personnel. There can be no assurance that we
will be successful in recruiting and retaining new employees or retaining existing employees.
We
cannot provide assurances that our management will be able to manage this growth effectively. Our failure to successfully manage
growth could result in our sales not increasing commensurately with capital investments or otherwise materially adversely affecting
our business, financial condition, or results of operations.
If
we are unable to continually innovate and increase efficiencies, our ability to attract new customers may be adversely affected.
In
the area of innovation, we must be able to develop new technologies and products that appeal to our customers. This depends, in
part, on the technological and creative skills of our personnel and on our ability to protect our intellectual property rights.
We may not be successful in the development, introduction, marketing, and sourcing of new technologies or innovations, that satisfy
customer needs, achieve market acceptance, or generate satisfactory financial returns.
We
are dependent on the popularity of consumer acceptance of our current and future product lines.
Our
ability to generate revenue and be successful in the implementation of our business plan is dependent on consumer acceptance and demand
of our current and future product lines. In the near term, we expect to begin operating a cultivation facility on our 260-acre Farm
in Nevada at which we expect to grow and sell marijuana on a commercial basis. Acceptance of our cannabis products, will depend
on several factors, including availability, cost, ease of use, familiarity of use, convenience, effectiveness, safety, and reliability.
If customers do not accept our products, or if we fail to meet customers' needs and expectations adequately, our ability to continue
generating revenues could be reduced.
33
A
drop in the retail price of medical marijuana and recreational (adult use) marijuana products may negatively impact our business.
In
the future, the demand for the marijuana we intend to cultivate will depend in part on the market price of commercially grown
marijuana. Fluctuations in economic and market conditions that impact the prices of commercially grown marijuana, such as increases
in the supply of such marijuana and the decrease in the price of products using commercially grown marijuana, could cause the
demand for our marijuana products to decline, which would have a negative impact on our business.
Federal
regulation and enforcement may adversely affect the implementation of cannabis laws and regulations may negatively impact our
revenues and profits.
Currently,
there are 38 states plus the District of Columbia that have laws and/or regulations that recognize, in one form or another, legitimate
medical uses for cannabis and consumer use of cannabis in connection with medical treatment, as well as, in some cases, the legalization
of cannabis for adult use. Many other states are considering similar legislation. Conversely, under the CSA, the policies and regulations
of the federal government and its agencies are that cannabis has no medical benefit and a range of activities including cultivation and
the personal use of cannabis is prohibited. Unless and until Congress amends the CSA with respect to marijuana, as to the timing or scope
of any such potential amendments there can be no assurance, there is a risk that federal authorities may enforce current federal law,
and we may be deemed to be producing, cultivating, or dispensing marijuana in violation of federal law. Thus, active enforcement of the
current federal regulatory position on cannabis may indirectly and adversely affect our revenues and profits. The risk of strict enforcement
of the CSA in light of Congressional activity, judicial holdings, and stated federal policy remains uncertain. In February 2017, the
Trump administration announced that there may be "greater enforcement" of federal laws regarding marijuana. Any such enforcement
actions could have a negative effect on our business and results of operations.
On
January 4, 2018, Attorney General Jeff Sessions issued a Marijuana Enforcement Memorandum that rescinded guidance previously issued
to federal law enforcement in a memorandum known as the "Cole Memo". The Cole Memo provided that the DOJ is committed
to the enforcement of the CSA, but the DOJ is also committed to using its limited investigative and prosecutorial resources to
address the most significant threats in the most effective, consistent, and rational way. On April 10, 2019, U.S. Attorney General
William Barr, during testimony before the U.S, Senate Appropriations sub-committee, stated "I am accepting the Cole Memorandum
for now, but I have generally left it up to the U.S. Attorneys in each state to determine what the best approach is in that state,"
A.G. Barr further testified during the hearing. "I haven't heard any complaints from the states that have legalized
marijuana."
The
guidance in the "Cole Memo" sets forth certain enforcement priorities that are important to the federal government:
●
Distribution
    of marijuana to children;
●
Revenue
    from the sale of marijuana going to criminals;
●
Diversion
    of medical marijuana from states where it is legal to states where it is not;
●
Using
    state authorized marijuana activity as a pretext of another illegal drug activity;
●
Preventing
    violence in the cultivation and distribution of marijuana;
●
Preventing
    drugged driving;
●
Growing
    marijuana on federal property; and
●
Preventing
    possession or use of marijuana on federal property.
34
The
DOJ historically has not devoted resources to prosecuting individuals whose conduct is limited to possession of small amounts
of marijuana for use on private property but has relied on state and local law enforcement to address marijuana activity. In the
event the DOJ reverses its stated policy and begins strict enforcement of the CSA in states that have laws legalizing medical
marijuana and recreational marijuana in small amounts, there may be a direct and adverse impact to our business and our revenue
and profits. Furthermore, H.R. 83, known as the Rohrabacher-Farr amendment, is a rider to the annual appropriations bill that
prohibits the DOJ from using federal funds to prevent certain states, including Nevada and California, from implementing their
own laws that authorized the use, distribution, possession, or cultivation of medical marijuana.
On
September 27, 2018, the U.S. Drug Enforcement Agency announced that drugs, including "finished dosage formulations"
of CBD with THC below 0.1%, will be considered Schedule 5 drugs as long as the medications have been approved by the U.S. Food
and Drug Administration. The Agriculture Improvement Act of 2018 generally referred to as the 2018 Farm Bill included provisions
to greatly expand the ability to grow industrial hemp in the United States and declassified hemp as a Schedule 1 controlled substance
under the Controlled Substances Act. By definition hemp must have a less than .03% concentration of THC or it is then considered
marijuana. While the U.S. Department of Agriculture ("USDA") has primary jurisdiction over the cultivation of industrial
hemp, the U.S. Food and Drug Administration ("FDA") continues to have responsibility to regulate cannabis products
under the Food, Drug and Cosmetics Act ("FD&C Act"). Therefore, any product, including hemp derived products,
that make any claims as to the therapeutic benefit of the product must be approved by the FDA in advance of any sales to the public.
We
could be found to be violating laws related to cannabis.
Currently,
there are 38 states plus the District of Columbia that have laws and/or regulations that recognize, in one form or another, legitimate
medical uses for cannabis and consumer use of cannabis in connection with medical treatment, as well as, in some cases, the legalization
of cannabis for adult use. Many other states are considering similar legislation. Conversely, under the CSA, the policies and regulations
of the federal government and its agencies are that cannabis has no medical benefit and a range of activities including cultivation and
the personal use of cannabis is prohibited. Unless and until Congress amends the CSA with respect to medical marijuana, as to the timing
or scope of any such amendments there can be no assurance, there is a risk that federal authorities may enforce current federal law.
The risk of strict enforcement of the CSA in light of Congressional activity, judicial holdings, and stated federal policy remains uncertain.
With respect to our greenhouse products, we intend to market and sell our greenhouse solutions to marijuana growers. Should it be determined
under the CSA that our greenhouse products or equipment are deemed to fall under the definition of drug paraphernalia because its products
could be determined to be primarily intended or designed for use in manufacturing or producing cannabis, we could be found to be in violation
of federal drug paraphernalia laws and there may be a direct and adverse effect on our business, revenues, and profits. With respect
to Red Earth, we do not currently cultivate, produce, sell, or distribute any marijuana, and, therefore, have no risk that we will be
deemed to cultivate, produce, sell, or distribute any marijuana in violation of federal law. However, if we obtain the necessary final
governmental approvals and permits in Nevada to commence the cultivation and production of marijuana, as to the successfully achievement
of any or all of such objectives there can be no assurance, we could be found in violation of the CSA. This would cause a direct and
adverse effect on our subsidiaries' businesses, or intended businesses, and on our revenue and prospective profits.
Variations
in state and local regulation, and enforcement in states that have legalized cannabis, may restrict marijuana-related activities,
including activities related to medical cannabis, which may negatively impact our revenues and prospective profits.
Individual
state laws do not always conform to the federal standard or to other states laws. A number of states have decriminalized marijuana to
varying degrees, other states have created exemptions specifically for medical cannabis, and several have both decriminalization and
medical laws. As of the date of this filing, 18 states and the District of Columbia have legalized the recreational use of cannabis.
Variations exist among states that have legalized, decriminalized, or created medical marijuana exemptions. For example, certain states
have limits on the number of marijuana plants that can be homegrown. In most states, the cultivation of marijuana for personal use continues
to be prohibited except for those states that allow small-scale cultivation by the individual in possession of medical marijuana needing
care or that person's caregiver. Active enforcement of state laws that prohibit personal cultivation of marijuana may indirectly
and adversely affect our business and our revenue and profits.
35
Prospective
customers may be deterred from doing business with a company with a significant nationwide online presence because of fears of
federal or state enforcement of laws prohibiting possession and sale of medical or recreational marijuana.
Our
website is visible in jurisdictions where medicinal and/or recreational use of marijuana is not permitted and, as a result, we
may be found to be violating the laws of those jurisdictions.
Marijuana
remains illegal under federal law.
Marijuana
is a Schedule-I controlled substance and is illegal under federal law. Even in those 38 states in which the use of marijuana has
been legalized, its use remains a violation of federal law. Since federal law criminalizing the use of marijuana preempts state laws
that legalize its use, strict enforcement of federal law regarding marijuana would likely result in our inability to proceed with our
business plan, especially in respect of our marijuana cultivation, production and dispensaries. In addition, our assets, including real
property, cash, equipment, and other goods, could be subject to asset forfeiture because marijuana is still federally illegal.
In
February 2017, the Trump administration announced that there may be "greater enforcement" of federal laws regarding
marijuana. In January 2018, Attorney General Jeff Sessions rescinded previously issued guidance. Any such enforcement actions
or changes in federal policy or guidance could have a negative effect on our business and results of operations. On November 7,
2018, Jeff Sessions resigned as the Attorney General of the United States. Mr. Sessions was succeeded by William Barr who has
publicly stated that he would not prosecute legal marijuana businesses that rely on the Cole memo.
In
the future, we will not be able to deduct some of our business expenses.
Section
280E of the Internal Revenue Code prohibits any business engaged in the trafficking of controlled substances (within the meaning
of schedule I and II of the Controlled Substances Act) from deducting their ordinary and necessary business expenses, which may
force us to pay higher effective federal tax rates than similar companies in other industries. The effective tax rate on a marijuana
business depends on how large its ratio of nondeductible expenses is to its total revenues. Therefore, our marijuana business
may be less profitable than it could otherwise be.
We
may not be able to attract or retain any independent directors.
Our
board of directors (the "Board") is not currently comprised of a majority of independent directors. We may have difficulty
attracting and retaining independent directors because, among other things, we operate in the marijuana industry.
We
may not be able to successfully execute on our merger and acquisition strategy.
Our
business plan depends in part on merging with or acquiring other businesses in the marijuana industry. The success of any acquisition
will depend upon, among other things, our ability to integrate acquired personnel, operations, products and technologies into
our organization effectively, to retain and motivate key personnel of acquired businesses, and to retain their customers. Any
acquisition may result in diversion of management's attention from other business concerns, and such acquisition may be
dilutive to our financial results and/or result in impairment charges and write-offs. We might also spend time and money investigating
and negotiating with potential acquisition or investment targets, but not complete the transaction.
Although
we expect to realize strategic, operational, and financial benefits as a result of our acquisitions, we cannot predict whether
and to what extent such benefits will be achieved. There are significant challenges to integrating an acquired operation into
our business.
Any
future acquisition could involve other risks, including the assumption of unidentified liabilities for which we, as a successor
owner, may be responsible. These transactions typically involve a number of risks and present financial and other challenges,
including the existence of unknown disputes, liabilities, or contingencies and changes in the industry, location, or regulatory
or political environment in which these investments are located, that our due diligence review may not adequately uncover and
that may arise after entering into such arrangements.
36
Laws
and regulations affecting the medical and adult use marijuana industry are constantly changing, which could detrimentally affect
our proposed cultivation and production operations and greenhouse products.
Local,
state, and federal medical and adult use marijuana laws and regulations are broad in scope and subject to evolving interpretations,
which could require us to incur substantial costs associated with compliance or alter certain aspects of our business plan. In
addition, violations of these laws, or allegations of such violations, could disrupt certain aspects of our business plan and
result in a material adverse effect on certain aspects of our planned operations. In addition, it is possible that regulations
may be enacted in the future that will be directly applicable to certain aspects of our proposed cultivation and production businesses,
as well as our greenhouse solutions business. We cannot predict the nature of any future laws, regulations, interpretations, or
applications, nor can we determine what effect additional governmental regulations or administrative policies and procedures,
when and if promulgated, could have on our business.
We
may not obtain the necessary permits and authorizations to operate our proposed marijuana business.
We
may not be able to obtain or maintain the necessary licenses, permits, authorizations, or accreditations for our proposed cultivation
and production businesses and greenhouse solutions business, or may only be able to do so at great cost. In addition, we may not
be able to comply fully with the wide variety of laws and regulations applicable to the medical and adult use marijuana industry.
Failure to comply with or to obtain the necessary licenses, permits, authorizations, or accreditations could result in restrictions
on our ability to operate the medical and adult use marijuana business, which could have a material adverse effect on our business.
If
we incur substantial liability from litigation, complaints, or enforcement actions, our financial condition could suffer.
Our
participation in the medical and adult use marijuana industry may lead to litigation, formal or informal complaints, enforcement
actions, and inquiries by various federal, state, or local governmental authorities against us. Litigation, complaints, and enforcement
actions could consume considerable amounts of financial and other corporate resources, which could have a negative impact on our
sales, revenue, profitability, and growth prospects. We have not been, and are not currently, subject to any material litigation,
complaint, or enforcement action regarding marijuana (or otherwise) brought by any federal, state, or local governmental authority.
Certain of our operating subsidiaries, may in the future engage in the distribution of marijuana; however, we have not been, and
are not currently, subject to any material litigation, complaint, or enforcement action regarding marijuana (or otherwise) brought
by any federal, state, or local governmental authority with respect to the business of any our subsidiaries.
We
may have difficulty accessing the service of banks, which may make it difficult for us to operate.
Since
the use of marijuana is illegal under federal law, many banks will not except for deposit funds from businesses involved with
the marijuana industry. Consequently, businesses involved in the marijuana industry often have difficulty finding a bank willing
to accept their business. The inability to open or maintain bank accounts may make it difficult for us to operate our proposed
marijuana businesses. If any of our bank accounts are closed, we may have difficulty processing transactions in the ordinary course
of business, including paying suppliers, employees and landlords, which could have a significant negative effect on our operations.
In March of this year, U.S. Congressman Ed Perlmutter (D – Colorado) introduced house bill H.R. 1595, known as the Secure
and Fair Enforcement (SAFE) Banking Act to allow legally operating cannabis related businesses to utilize traditional banking
services without fear of federal agencies taking legal action against the banks or their customers. On September 25, 2019, the
SAFE bill was passed with strong bipartisan support in the House of Representatives. Many industry observers anticipate that the
bill will be signed into law within the next year.
37
Litigation
may adversely affect our business, financial condition, and results of operations.
From
time to time in the normal course of our business operations, we may become subject to litigation that may result in liability
material to our financial statements as a whole or may negatively affect our operating results if changes to our business operations
are required. The cost to defend such litigation may be significant and may require a diversion of our resources. There also may
be adverse publicity associated with litigation that could negatively affect customer perception of our business, regardless of
whether the allegations are valid or whether we are ultimately found liable. Insurance may not be available at all or in sufficient
amounts to cover any liabilities with respect to these or other matters. A judgment or other liability in excess of our insurance
coverage for any claims could adversely affect our business and the results of our operations.
Our
officers and directors have substantial equity ownership in the Company and substantial control over certain corporate actions.
As
of July 29, 2022, our officers and directors owned approximately 31% of our outstanding Common Stock and thus exercise
substantial control over stockholder matters, such as election of directors, amendments to the Articles of Incorporation, and approval
of significant corporate transactions.
If
we fail to implement and maintain proper and effective internal controls and disclosure controls and procedures pursuant to Section
404 of the Sarbanes-Oxley Act of 2002, our ability to produce accurate and timely financial statements and public reports could
be impaired, which could adversely affect our operating results, our ability to operate our business, and investors' views
of us.
Our
internal controls and procedures were not effective to detect the inappropriate application of U.S. GAAP rules. Our internal controls
were adversely affected by deficiencies in the design or operation of our internal controls, which management considered to be
material weaknesses. These material weaknesses include the following:
●
lack
    of a majority of independent members and a lack of a majority of outside directors on our Board, resulting in ineffective
    oversight in the establishment and monitoring of required internal controls and procedures;
●
inadequate
    segregation of duties consistent with control objectives;
●
ineffective
    controls over period end financial disclosure and reporting processes;
●
beginning
    in July of 2019 the Company's executive management team began convening weekly meetings to review expenditures and provide
    cash flow analysis, and
●
the
    Company intends to add additional external accounting support. On October 1, 2019, the Company established an audit committee
    which is chaired by Roger Bloss, the Company's Interim Chief Executive Officer and a Director of the Company and established
    a compensation committee which is chaired by Paris Balaouras, the Company's Chief Cultivation Officer and a Director
    of the Company.
The
failure to implement and maintain proper and effective internal controls and disclosure controls could result in material weaknesses
in our financial reporting, such as errors in our financial statements and in the accompanying footnote disclosures that could
require restatements. Investors may lose confidence in our reported financial information and disclosure, which could negatively
impact our stock price.
We
do not expect that our internal controls over financial reporting will prevent all errors and all fraud. A control system, no
matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives
will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits
of controls must be considered relative to their costs. Controls can be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the controls. Over time, controls may become inadequate because
changes in conditions or deterioration in the degree of compliance with policies or procedures may occur. Because of the inherent
limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
38
Our
insurance coverage may be inadequate to cover all significant risk exposures.
We
will be exposed to liabilities that are unique to the products we provide. While we intend to maintain insurance for certain risks,
the amount of our insurance coverage may not be adequate to cover all claims or liabilities, and we may be forced to bear substantial
costs resulting from risks and uncertainties of our business. It is also not possible to obtain insurance to protect against all
operational risks and liabilities. In particular, we may have difficulty obtaining insurance because we intend to operate in the
marijuana industry. The failure to obtain adequate insurance coverage on terms favorable to us, or at all, could have a material
adverse effect on our business, financial condition, and results of operations. We do not have any business interruption insurance.
Any business disruption or natural disaster could result in substantial costs and diversion of resources.
If
our products are contaminated, we may have litigation and products liability exposure.
We
source some of our products from third-party suppliers. Although we are required by Nevada law to test the products we receive
from third-party suppliers, we may not identify all contamination in those products. Possible contaminates include pesticides,
molds, and fungus. If a customer suffers an injury from our products, they may sue us in addition to the supplier and we may not
have adequate insurance to cover any such claims, which could result in a negative effect on our results of operations.
Some
of our lines of business rely on our third-party service providers to host and deliver services and data, and any interruptions
or delays in these hosted services, security or privacy breaches, or failures in data collection could expose us to liability
and harm our business and reputation.
Some
of our lines of business and services rely on services hosted and controlled directly by third-party service providers. We do
not have redundancy for all of our systems, many of our critical applications reside in only one of our data centers and our disaster
recovery planning may not account for all eventualities. If our business relationship with a third-party provider of hosting or
software services is negatively affected, or if one of our service providers were to terminate its agreement with us, we might
not be able to deliver access our data, which could subject us to reputational harm and cause us to lose customers and future
business, thereby reducing our revenue.
We
may hold large amounts of customer data, some of which will likely be hosted in third-party facilities. A security incident at
those facilities or ours may compromise the confidentiality, integrity or availability of customer data. Unauthorized access to
customer data stored on our computers or networks may be obtained through break-ins, breaches of our secure network by an unauthorized
party, employee theft or misuse or other misconduct. It is also possible that unauthorized access to customer data may be obtained
through inadequate use of security controls by customers. Accounts created with weak passwords could allow cyber-attackers to
gain access to customer data. If there were an inadvertent disclosure of customer information, or if a third party were to gain
unauthorized access to the information we possess on behalf of our customers, our operations could be disrupted, our reputation
could be damaged, and we could be subject to claims or other liabilities. In addition, such perceived or actual unauthorized disclosure
of the information we collect, or breach of our security could damage our reputation, result in the loss of customers and harm
our business.
Because
of the data we expect to collect and manage using our hosted solutions, it is possible that hardware or software failures or errors
in our systems (or those of our third-party service providers) could result in data loss or corruption, cause the information
that we collect to be incomplete or contain inaccuracies that our customers regard as significant or cause us to fail to meet
committed service levels. Furthermore, our ability to collect and report data may be delayed or interrupted by a number of factors,
including access to the Internet, the failure of our network or software systems or security breaches. In addition, computer viruses
or other malware may harm our systems, causing us to lose data, and the transmission of computer viruses or other malware could
expose us to litigation. We may also find, on occasion, that we cannot deliver data and reports in near real time because of a
number of factors, including failures of our network or software. If we supply inaccurate information or experience interruptions
in our ability to capture, store and supply information in near real time or at all, our reputation could be harmed and we could
lose customers, or we could be found liable for damages or incur other losses. Moreover, states in which we operate may require
that we maintain certain information about our customers and transactions. If we fail to maintain such information, we could be
in violation of state laws.
Our
business operations have been and may continue to be materially and adversely affected by the outbreak of the novel respiratory
illness coronavirus ("COVID-19").
On
March 11, 2020, the World Health Organization declared the outbreak of the novel respiratory illness COVID-19 a pandemic. The
new strain of COVID-19 is considered to be highly contagious and poses a serious public health threat.
Any
outbreak of such epidemic illness or other adverse public health developments may materially and adversely affect the global economy,
our markets and our business. In the first two quarters of 2020, the COVID-19 outbreak has caused disruptions in our grow operations,
which have resulted in delays in the shipment of products to certain of our customers and ultimately, a suspension of our operations.
A prolonged disruption or any further unforeseen delay in our operations of the growing and delivery process within any of our
facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue.
We
cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of
its impact. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition
may be materially and adversely affected as a result of the deteriorating market outlook for sales, the slowdown in regional and
national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee.
Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause
uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially
and adversely impact our business, financial condition and results of operations.
39
We
face potential business disruptions and related risks resulting from the recent outbreak of the novel coronavirus, which could
have a material adverse effect on our business, financial condition and results of operations.
In
December 2019, a novel strain of coronavirus, or COVID-19, was reported to have surfaced in Wuhan, China. The COVID-19 outbreak
has grown into a global pandemic that has impacted Asia, United States, Europe and other countries throughout the world. Financial
markets have been experiencing extreme fluctuations that may cause a contraction in available liquidity globally as important
segments of the credit markets react to the development. The pandemic may lead to a decline in business and consumer confidence.
The global outbreak of COVID-19 continues to rapidly evolve. As a result, businesses have closed and limits have been placed on
travel. The extent to which COVID-19 may impact our business, such as the ultimate geographic spread of the disease, the duration
of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business
disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.
We
are monitoring the potential impact of the COVID-19 outbreak, and if COVID-19 continues to spread globally, including in the United
States, we may experience disruptions that could severely impact the Company's grow opportunities along with sales, including:
●
the
    pandemic has reduced foot traffic in the stores where our products are sold that remain open, and the global economic impact
    of the pandemic has reduced consumer demand for our products generally;
●
the
    uncertainty that our contractors, suppliers, and other business partners may be prevented from conducting business activities
    for an unknown period of time;
●
the
    impact of social distancing at commercial and retail facilities;
●
delays
    in receiving approval from local regulatory authorities in the completion of the Company's Tiny Home community;
●
the
    pandemic has reduced foot traffic in the stores where our products are sold that remain open, and the global economic impact
    of the pandemic has reduced consumer demand for our products generally; and
●
the
    majority of our retail customers have been unable to sell our products in their stores due to government-mandated closures
    and have temporarily reduced orders for our products;
Quarantines,
shelter-in-place and similar government orders, or the perception that such orders, shutdowns or other restrictions on the conduct
of business operations could occur, related to COVID-19 or other infectious diseases could impact personnel at third-party suppliers
in the United States and other countries, or the availability or cost of materials, which would disrupt our supply chain. Any
manufacturing supply interruption of materials could adversely affect our ability to conduct ongoing and future research and testing
activities.
The
spread of COVID-19, which has caused a broad impact globally, may materially affect us economically. While the potential economic
impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, a widespread pandemic could result in
significant disruption of global financial markets, reducing our ability to access capital, which could in the future negatively
affect our liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect
our business and the value of our common stock.
40
Risks
Related to an Investment in Our Securities
We
expect to experience volatility in the price of our Common Stock, which could negatively affect stockholders' investments.
The
trading price of our Common Stock may be highly volatile and could be subject to wide fluctuations in response to various factors,
some of which are beyond our control. The stock market in general has experienced extreme price and volume fluctuations that have
often been unrelated or disproportionate to the operating performance of companies with securities traded in those markets. Broad
market and industry factors may seriously affect the market price of companies' stock, including ours, regardless of actual
operating performance. All of these factors could adversely affect your ability to sell your shares of Common Stock or, if you
are able to sell your shares, to sell your shares at a price that you determine to be fair or favorable.
Our
Common Stock is categorized as "penny stock," which may make it more difficult for investors to sell their shares
of Common Stock due to suitability requirements.
Our
Common Stock is categorized as "penny stock." The SEC has adopted Rule 15g-9, which generally defines "penny
stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of
less than $5.00 per share, subject to certain exceptions. The price of our Common Stock is significantly less than $5.00 per share
and, therefore, is considered "penny stock." This designation imposes additional sales practice requirements on broker-dealers
who sell to persons other than established customers and accredited investors. The penny stock rules require a broker-dealer buying
our securities to disclose certain information concerning the transaction, obtain a written agreement from the purchaser and determine
that the purchaser is reasonably suitable to purchase the securities given the increased risks generally inherent in penny stocks.
These rules may restrict the ability and/or willingness of brokers or dealers to buy or sell our Common Stock, either directly
or on behalf of their clients, may discourage potential stockholders from purchasing our Common Stock, or may adversely affect
the ability of stockholders to sell their shares.
Financial
Industry Regulatory Authority ("FINRA") sales practice requirements may also limit a stockholder's ability to
buy and sell our Common Stock, which could depress the price of our Common Stock.
In
addition to the "penny stock" rules described above, FINRA has adopted rules that require a broker-dealer to have
reasonable grounds for believing that the investment is suitable for that customer before recommending an investment to a customer.
Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable
efforts to obtain information about the customer's financial status, tax status, investment objectives, and other information.
Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will
not be suitable for at least some customers. Thus, the FINRA requirements make it more difficult for broker-dealers to recommend
that their customers buy our Common Stock, which may limit your ability to buy and sell our shares of Common Stock, have an adverse
effect on the market for our shares of Common Stock, and thereby depress our price per share of Common Stock.
Our
Common Stock may not be eligible for listing or quotation on any national securities exchange.
We
do not currently meet the initial quantitative listing standards of any national securities exchange. We cannot assure you that we will
be able to meet the initial listing standards of any national securities exchange in the future, or, if we do meet such initial listing
standards, that we will be able to maintain any such listing. Until our Common Stock is listed on a national securities exchange, which
event may never occur, we expect that it will continue to be eligible and quoted on the OTCQB  Marketplace.
However, investors may find it difficult to obtain accurate quotations as to the market value of our Common Stock. Further, the national
securities exchanges are adopting so-called "seasoning" rules that will require that we meet certain requirements, including
prescribed periods of time trading over the counter and minimum filings of periodic reports with the SEC, before we are eligible to apply
for listing on such national securities exchanges. In addition, if we fail to meet the criteria set forth in SEC regulations, various
requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited
investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which may further affect
its liquidity. This would also make it more difficult for us to raise additional capital.
41
The
elimination of monetary liability against our directors, officers, and employees under Nevada law and the existence of indemnification
rights for our obligations to our directors, officers, and employees may result in substantial expenditures by us and may discourage
lawsuits against our directors, officers, and employees.
Our
Articles of Incorporation contain a provision permitting us to eliminate the personal liability of our directors to us and our
stockholders for damages for the breach of a fiduciary duty as a director or officer to the extent provided by Nevada law. We
may also have contractual indemnification obligations under any future employment agreements with our officers or agreements entered
into with our directors. The foregoing indemnification obligations could result in us incurring substantial expenditures to cover
the cost of settlement or damage awards against directors and officers, which we may be unable to recoup. These provisions and
the resulting costs may also discourage us from bringing a lawsuit against directors and officers for breaches of their fiduciary
duties and may similarly discourage the filing of derivative litigation by our stockholders against our directors and officers
even though such actions, if successful, might otherwise benefit us and our stockholders.
We
may issue additional shares of Common Stock or preferred stock in the future, which could cause significant dilution to all stockholders.
Our
Articles of Incorporation authorize the issuance of up to 95,000,000 shares of Common Stock and 5,000,000 shares of Preferred Stock,
with a par value of $0.001 per share. As of March 31, 2022, we had 71,501,667 shares of Common Stock and 0 shares of Preferred
Stock, outstanding; however, we may issue additional shares of Common Stock or Preferred Stock in the future in connection with a financing
or an acquisition. Such issuances may not require the approval of our stockholders. Any issuance of additional shares of our Common Stock,
or equity securities convertible into our Common Stock, including but not limited to, Preferred Stock, warrants, and options, will dilute
the percentage ownership interest of all stockholders, may dilute the book value per share of our Common Stock, and may negatively impact
the market price of our Common Stock.
Anti-takeover
effects of certain provisions of Nevada state law hinder a potential takeover of us.
Nevada
has a business combination law that prohibits certain business combinations between Nevada corporations and "interested
stockholders" for three years after an "interested stockholder" first becomes an "interested stockholder,"
unless the corporation's board of directors approves the combination in advance. For purposes of Nevada law, an "interested
stockholder" is any person who is (i) the beneficial owner, directly or indirectly, of ten percent or more of the voting
power of the outstanding voting shares of the corporation or (ii) an affiliate or associate of the corporation and at any time
within the three previous years was the beneficial owner, directly or indirectly, of ten percent or more of the voting power of
the then outstanding shares of the corporation. The definition of the term "business combination" is sufficiently
broad to cover virtually any kind of transaction that would allow a potential acquirer to use the corporation's assets to
finance the acquisition or otherwise to benefit its own interests rather than the interests of the corporation and its other stockholders.
The
effect of Nevada's business combination law is potentially to discourage parties interested in taking control of us from
doing so if they cannot obtain the approval of our Board. Both of these provisions could limit the price investors would be willing
to pay in the future for shares of our Common Stock.
Because
we do not intend to pay any cash dividends on our Common Stock, our stockholders will not be able to receive a return on their
shares unless they sell them.
We
intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any
cash dividends on our Common Stock in the foreseeable future. Declaring and paying future dividends, if any, will be determined
by our Board, based upon earnings, financial condition, capital resources, capital requirements, restrictions in our Articles
of Incorporation, contractual restrictions, and such other factors as our Board deems relevant. Unless we pay dividends, our stockholders
will not be able to receive a return on their shares unless they sell them. There is no assurance that stockholders will be able
to sell shares when desired or for prices that they deem acceptable.
42
NOTE
ABOUT FORWARD-LOOKING STATEMENTS
Statements
under "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition
and Results of Operations," "Description of Business" and elsewhere in this prospectus may be "forward-looking
statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements
include, among other things, statements regarding:
●
the
    growth of our business and revenues and our expectations about the factors that influence our success;
●
our
    plans to continue to invest in systems, facilities, and infrastructure, increase our hiring and grow our business;
●
our
    plans for the build out, expansion and funding of;
●
our
    ability to identify and acquire waste management facilities that are accretive to future earnings;
●
our
    ability to identify and acquire;
●
our
    ability to identify joint ventures and other business combinations;
●
our
    ability to attain funding for the development of;
●
our
    ability to attain funding and the sufficiency of our sources of funding;
●
our
    expectation that our cost of revenues, development expenses, sales and marketing expenses, and general and administrative expenses
    will increase;
●
fluctuations
    in our capital expenditures; and
●
our
    plans for potential business partners and any acquisition plans.
as
well as other statements regarding our future operations, financial condition and prospects, and business strategies. These statements
are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements
due to numerous factors, including those described above and those risks discussed from time to time in this registration statement,
of which this prospectus is a part, including the risks described under "Risk Factors." Any forward-looking statements speak
only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect
events or circumstances that occur in the future.
If
one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results
may vary materially from what we may have projected. Any forward-looking statements you read in this prospectus reflect our current views
with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results
of operations, financial condition, growth strategy and liquidity. You should specifically consider the factors identified in this prospectus
that could cause actual results to differ before making an investment decision. In addition, as discussed in "Risk Factors,"
our shares may be considered a "penny stock" and, as a result, the safe harbors provided for forward-looking statements made
by a public company that files reports under the federal securities laws may not be available to us.
TAX
CONSIDERATIONS
We
are not providing any tax advice as to the acquisition, holding or disposition of the securities offered herein. In making an investment
decision, investors are strongly encouraged to consult their own tax advisor to determine the U.S. Federal, state and any applicable
foreign tax consequences relating to their investment in our securities.
USE
OF PROCEEDS
This
prospectus relates to shares of our common stock that may be offered and sold from time to time by the selling stockholders. We will
not receive any proceeds from the sale of shares of common stock in this offering.
DETERMINATION
OF OFFERING PRICE
The
pricing of the Shares has been arbitrarily determined and established by the Company. No independent accountant or appraiser has been
retained to protect the interest of the investors. No assurance can be made that the offering price is in fact reflective of the underlying
value of the Shares. Each prospective investor is urged to consult with his or her counsel and/or accountant as to offering price and
the terms and conditions of the Shares. Factors to be considered in determining the price include the amount of capital expected to be
required, the market for securities of entities in a new business venture, projected rates of return expected by prospective investors
of speculative investments, the Company's prospects for success and prices of similar entities.
DILUTION
Not
applicable. We are not offering any shares in this registration statement. All shares are being registered on behalf of our selling shareholders.
43
PLAN
OF DISTRIBUTION
The
Selling Shareholders and any of its pledgees, donees, assignees and other successors-in-interest may, from time to time, sell any or
all of their shares of Common Stock on any market or trading facility on which the shares are traded or in private transactions. These
sales may be at fixed or negotiated prices. On July 29, 2022, the last reported sales price for our Common Stock was $0.2695
per share. We urge prospective purchasers of our Common Stock to obtain current information about the market prices of our Common Stock.
The Company will not receive any of the proceeds from the sale by the Selling Shareholders. A Selling Shareholder may use any one or
more of the following methods when selling securities:
●
ordinary
    brokerage transactions and transactions in which the broker-dealer solicits the purchaser;
●
block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as
    principal;
●
facilitate
    the transaction;
●
purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
●
an
    exchange distribution in accordance with the rules of the applicable exchange;
●
privately-negotiated
    transactions;
●
broker-dealers
    may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;
●
through
    the writing of options on the shares;
●
a
    combination of any such methods of sale; and
●
any
    other method permitted pursuant to applicable law.
The
selling stockholders may also sell shares under Rule 144 of the Securities Act, if available, rather than under this prospectus. The
selling stockholders shall have the sole and absolute discretion not to accept any purchase offer or make any sale of shares if it deems
the purchase price to be unsatisfactory at any particular time.
The
selling stockholders or their respective pledgees, donees, transferees or other successors in interest, may also sell the shares directly
to market makers acting as principals and/or broker-dealers acting as agents for themselves or their customers. Such broker-dealers may
receive compensation in the form of discounts, concessions or commissions from the selling stockholders and/or the purchasers of shares
for whom such broker-dealers may act as agents or to whom they sell as principal or both, which compensation as to a particular broker-dealer
might be in excess of customary commissions. Market makers and block purchasers purchasing the shares will do so for their own account
and at their own risk. It is possible that a selling stockholder will attempt to sell shares of common stock in block transactions to
market makers or other purchasers at a price per share which may be below the then existing market price. We cannot assure that all or
any of the shares offered in this prospectus will be issued to, or sold by, the selling stockholders. The selling stockholders and any
brokers, dealers or agents, upon effecting the sale of any of the shares offered in this prospectus, may be deemed to be "underwriters"
as that term is defined under the Securities Exchange Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the
rules and regulations of such acts. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.
We
are required to pay all fees and expenses incident to the registration of the shares, including fees and disbursements of counsel to
the selling stockholders, but excluding brokerage commissions or underwriter discounts.
The
selling stockholders, alternatively, may sell all or any part of the shares offered in this prospectus through an underwriter. The selling
stockholders have not entered into any agreement with a prospective underwriter and there is no assurance that any such agreement will
be entered into.
The
selling stockholders may pledge their shares to their brokers under the margin provisions of customer agreements. If a selling stockholder
defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares. The selling stockholders and any other
persons participating in the sale or distribution of the shares will be subject to applicable provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations under such Act, including, without limitation, Regulation M. These provisions may
restrict certain activities of and limit the timing of purchases and sales of any of the shares by, the selling stockholders or any other
such person. In the event that any of the selling stockholders are deemed an affiliated purchaser or distribution participant within
the meaning of Regulation M, then the selling stockholders will not be permitted to engage in short sales of common stock. Furthermore,
under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and
certain other activities with respect to such securities for a specified period of time prior to the commencement of such distributions,
subject to specified exceptions or exemptions. In addition, if a short sale is deemed to be a stabilizing activity, then the selling
stockholders will not be permitted to engage in a short sale of our common stock. All of these limitations may affect the marketability
of the shares.
If
a selling stockholder notifies us that it has a material arrangement with a broker-dealer for the resale of the common stock, then we
would be required to amend the registration statement of which this prospectus is a part and file a prospectus supplement to describe
the agreements between the selling stockholder and the broker-dealer.
44
SELLING
SHAREHOLDERS
This
prospectus covers the resale from time to time by the selling shareholders identified in the table below of up to 7,000,000 shares
of our common stock, which were issued in various transactions exempt from registration under the Securities Act, as follows:
The
shares to be offered by the Selling Shareholders named in this prospectus are "restricted" securities under applicable federal
and state securities laws and are being registered under the Securities Act to give those Selling Shareholders the opportunity to publicly
sell these shares, if they elect to do so. The registration of these shares does not require that any of the shares be offered or sold
by the Selling Shareholders. We are registering the shares in order to permit the Selling Shareholders to offer the shares for resale
from time to time. For additional information regarding these shares, see "
Private Placement of Securities
" above.
The
table below lists the Selling Shareholders and other information regarding the beneficial ownership of shares of common stock by each
of the Selling Shareholders. The first column in the table below lists the name of each Selling Shareholder. The second column lists
the number of shares of common stock beneficially owned by each Selling Shareholder, based on its ownership of the shares of common stock,
as of July 29, 2022.
The
fourth column lists the shares of common stock being offered by this prospectus by the Selling Shareholders.
In
accordance with the terms of a registration rights agreement between the Company and the Selling Shareholders, this prospectus generally
covers the resale of all shares of common stock held by the Selling Shareholders. The fourth column assumes the sale of all of the shares
offered by the Selling Shareholders pursuant to this prospectus.
The
Selling Shareholders may sell all, some or none of their shares in this offering. See "
Plan of Distribution
."
Stockholder
Beneficial Ownership Before Offering
(ii)
Percentage
of
Common Stock
Owned
Before
Offering
(ii)
Shares of Common Stock Included
in Prospectus
Beneficial Ownership After the Offering
(iii)
Percentage
of
Common Stock
Owned
After the Offering
(iii)
Sunstate Futures, LLC
7,000,000
8.63
%
7,000,000
0
0.00
%
TOTAL
7,000,000
8.63
%
7,000,000
0
0.00
%
*
Less than 1%
(i)
These columns represent the aggregate maximum number and percentage of shares that the selling stockholders can own at one time (and
therefore, offer for resale at any one time).
(ii)
The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Securities Exchange Act of
1934, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial
ownership includes any shares as to which the selling stockholders has sole or shared voting power or investment power and also any
shares, which the selling stockholders has the right to acquire within 60 days. The percentage of shares owned by each selling
stockholder is based on 81,077,355 shares that is comprised of 79,327,355 shares of common stock issued and
outstanding as of July 29, 2022, 1,500,000 shares of common stock issuable upon exercise of the options issued to our Chief Executive Officer, Chief
Financial Officer and Chief Cultivation Officer and 250,000 shares of common stock issuable upon exercise of the warrant issued in
connection with the July 2020 Securities Purchase Agreement.
(iii)
Assumes that all securities registered will be sold.
(iv)
Included within Sunstate Futures, LLC's beneficial ownership includes 7,000,000 shares of common stock issued in
connection with the Common Stock Purchase Agreement dated July 8, 2022. The principal for Sunstate Futures, LLC is Jim
Kelly and its address is 3507 Acorn St., Tampa, FL 33619.
45
DESCRIPTION
OF SECURITIES
Description
of Registrant's Securities to be Registered.
We
are registering on this Registration Statement only our common stock, the terms of which are described below. However, because our preferred
stock will remain outstanding following the effectiveness of this Registration Statement, we also describe below the terms of our preferred
stock to the extent such terms qualify the rights of our common stock.
Our
authorized capital consists of 95,000,000 shares of common stock, par value $.0001 per share (the "Common Stock") and 5,000,000
are shares of preferred stock, par value $.0001 per share (the "Preferred Stock"). At March 31, 2022, December 31,
2021 and December 31, 2020, the Company had 71,501,667, 71,501,667 and 68,613,541 shares of Common Stock
issued and outstanding, respectively, and 0, 0 and 0 shares of Preferred Stock issued and outstanding, respectively.
Common
Stock
Of
the 95,000,000 shares of Common Stock authorized by the Company's Articles of Incorporation, 71,501,667 shares of Common
Stock are issued and outstanding as of March 31, 2022. Each holder of Common Stock is entitled to one vote per share on all matters
to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common Stock
are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally
available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend to pay
any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings, if any,
for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders of Common
Stock are entitled, unless otherwise provided by law or the Company's Articles of Incorporation, including any certificate of designations
for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences of preferred
stockholders. Holders of the Company's Common Stock do not have preemptive, conversion, or other subscription rights. There are
no redemptions or sinking fund provisions applicable to the Company's Common Stock.
Preferred
Stock
The
Board is authorized, without further approval from the Company's stockholders, to create one or more series of preferred stock,
and to designate the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly,
the Board may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other
rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of the Company's Common Stock, diluting the voting power of its Common
Stock, impairing the liquidation rights of its Common Stock, or delaying or preventing a change in control of the Company, all without
further action by its stockholders. Of the 5,000,000 shares of preferred stock, par value $0.001 per share, authorized in the Company's
Articles of Incorporation, 2,500 shares are designated as Series A Convertible Preferred Stock.
Series
A Convertible Preferred Stock
Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $1,000) by the conversion price (currently, $0.75).
The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation. The Company is
prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion, the
holder (together with such holder's affiliates and any persons acting as a group with holder or any of such holder's affiliates)
would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion. A holder, upon notice to us, may increase or decrease this beneficial ownership
limitation; provided, that, in no event can the holder increase the beneficial ownership limitation in excess of 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon the conversion of
the Series A Preferred Stock then held by holder. Such increase of the beneficial ownership limitation cannot be effective until the
61
st
day after such notice is given to us and shall apply only to such holder. The Series A Preferred Stock has no voting
rights; however, as long as any shares of Series A Preferred Stock are outstanding, the Company is not permitted, without the affirmative
vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock to (i) alter or change adversely the
powers, preferences, or rights given to the Series A Preferred Stock or alter or amend the Series A Preferred Stock Certificate of Designation,
(ii) amend the Company's Articles of Incorporation or other charter documents in any manner that adversely affects any rights of
the holders, (iii) increase the number of authorized shares of Series A Preferred Stock, or (iv) enter into any agreement with respect
to any of the forgoing.
At
March 31, 2022, December 31, 2021 and December 31, 2020, there are 0, 0 and 0 shares of Series A Preferred Stock
issued and outstanding, respectively.
46
Options
and Warrants
As
of March 31, 2022, the Company has 1,500,000 options and 250,000 warrants outstanding. Please see
Note 13 —
Stock Based Compensation
within the Company's financial statement for the three months ended March 31, 2022 for further
information.
To
date, no warrants or options have been issued under shareholder approved plans and no shareholder approved plans currently exist.
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is Transhare Corporation whose address is Bayside Center 1, 17755 North US Highway
19, Suite #140, Clearwater, FL 33764 and phone number is (303) 662-1112.
INTERESTS
OF NAMED EXPERTS AND COUNSEL
The
validity of the shares of common stock offered hereby will be passed upon for the Registrant by the Law Offices of Gary L. Blum, 3278
Wilshire Boulevard, Suite 603, Los Angeles, CA 90010. The financial statements for the years ended December 31, 2021 and 2020
for MJ Holdings, Inc. included in this prospectus and elsewhere in the registration statement have been audited by Sadler Gibb, 344
W. 13800 S., Suite 250, Draper, UT 84020 as indicated in its report with respect thereto, and are included herein in reliance upon the
authority of said firm as experts in auditing and accounting in giving said reports.
DIVIDEND
POLICY
We
have never paid any cash dividends on our common stock and anticipate that, for the foreseeable future, no cash dividends will be paid
on our common stock.
INFORMATION WITH RESPECT TO THE REGISTRANT
Description
of Business
Organization
MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development – currently concentrated in the Las Vegas market. It is the Company's intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to "prove the concept" profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.
Current
Initiatives include:
●
a
    three-acre, hybrid, outdoor, marijuana-cultivation facility
(the "Cultivation Facility") located in the Amargosa
    Valley of Nevada. The Company had the contractual right to manage and cultivate marijuana on this property until 2026, for which
    it would have received sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent
    (25%) of the net revenues from equipment rental. The licensed facility is owned by Acres Cultivation, LLC, a wholly owned subsidiary
    of Curaleaf Holdings, Inc. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. During the year ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its 260 Acres
    adjacent to the Acres lease. The Company will not generate any further revenue under the Acres relationship.
●
260
    acres of farmland for the purpose of cultivating additional marijuana
(the "260 Acres") purchased in January of 2019.
    The Company intends to utilize the state-of-the-art
Cravo®
cultivation system for growing an additional five acres of
    marijuana on this property. The
Cravo®
system will allow multiple harvests per year and should result in higher annual
    yields per acre. The land has more than 180-acre feet of permitted water rights, which will provide more than sufficient water to
    markedly increase the Company's marijuana cultivation capabilities. This facility, upon receipt of its business license in
    Nye County and its final inspection by the Cannabis Compliance Board ("CCB"), is expected to become operational in the
    summer of 2022. During the year ended December 31, 2021, the Company elected to relocate all of its equipment utilized on the Acres
    lease to its 260 Acres adjacent to the Acres lease. The Company will utilize the 260 Acres for its own harvest along with additional
    harvests under any Cultivation and Sales Agreements.
●
Cultivation
    and Sales Agreements
entered into for multiple grows on the Company's 260 Acres located in the Amargosa Valley of Nevada.
    During the years ended December 31, 2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the
    Company shall retain certain independent growers to provide oversight and management of the Company's cultivation and sale
    of products at its 260 Acres. The independent growers shall pay to the Company a royalty of net sales revenue with a minimum royalty
    after two years. As of the date of this filing, the Company is waiting on its business license in Nye County and its final inspection
    by the Cannabis Compliance Board before it can commence its operations under the Agreement.
47
●
a
    nearby commercial trailer and RV park
(THC Park – Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company's farm employees. After the Company's 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company's restricted common stock. At present, the Company's construction
    and completion of this community is approximately seventy-five present complete. The impact of COVID-19 in obtaining inspections
    and permitting significantly delayed the completion of this community. The Company has elected to cease any renovations or additions
    at its Tiny Home Community until it plants its first grow on the 260 Acres and can better evaluate the need for additional housing.
●
an
    agreement to acquire a cultivation license and production license,
both currently located in Nye County Nevada. On February 5,
    2021, the Company (the "Purchaser") executed a Membership Interest Purchase Agreement ("MIPA3") with MJ Distributing,
    Inc. (the "Seller") to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ Distributing
    P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional medical
    and recreational production license. In consideration of the sale, transfer, assignment and delivery of the Membership Interests
    to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash, promissory notes,
    and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00) in cash and/or promissory notes and 200,000
    shares of the Company's restricted common stock, all of which constitutes the consideration agreed to herein for (the "
Purchase
    Price
"), payable as follows: (i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021,
    (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid
    on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on
    June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business
    days after the Nevada Cannabis Compliance Board ("CCB") provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser. On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.
●
indoor
    cultivation facility build-out in the City of Las Vegas
(the "Indoor Facility").
Through
    its former subsidiary, Red Earth, LLC ("Red Earth"), the Company held a Medical Marijuana Establishment Registration
    Certificate, Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase Agreement (the "Agreement")
    with Element NV, LLC ("Element"), to sell a 49% interest in the license. Under the terms of the Agreement, Element was
    required to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on the facility from December 2019
    through March 2020 but failed to make any additional payments. On June 11, 2020, the Company entered into the First Amendment ("First
    Amendment") to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was adjusted to $441,000,
    and Element was required to make a capital contribution (the "Initial Contribution Payment") to the Target Company in
    the amount of $120,000 and was required to make an additional cash contribution (the Final Contribution Payment") in the amount
    of $240,000. The Company terminated its discussions with Element regarding its past due payments.
On or about May 7, 2021,
    Red Earth, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding the transfer of ownership
    of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus
    a Category II violation. On July 27, 2021, Red Earth entered into a Stipulation and Order for Settlement of Disciplinary Action (the
    "Stipulation Order") with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the CCB,
    by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth would be returned to the original owners.
    The Parties to the Stipulation Order resolved the matter without the necessity of taking formal action. Red Earth agreed to pay a
    civil penalty of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company's Chief Cultivation
    Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement. Under the terms of the Termination
    Agreement, the Purchase Agreement (the "Purchase Agreement"), dated December 15, 2017, entered into between the Company
    and Red Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr.
    Balaouras. Neither party shall have any further obligation to one another pursuant to the terms of the Purchase Agreement.
48
Cultivation
and Sales Agreements
MKC
Development Group, LLC Agreement
On
January 22, 2021 (the "effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with MKC Development Group, LLC (the "Company"). Under the terms of the Agreement, MJNE shall
retain the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley,
NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $600,000 non-refundable deposit upon execution of the Agreement;
(ii)
a
    security deposit of $10,000 to be applied against the last month's obligations and a $10,000 payment to be applied against
    the first month's rent;
(iii)
$10,000
    on the first of each month for security and compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $83,000.00 per month.
As
compensation, MJNE shall pay to the Company:
(i)
90%
    of Net Sales Revenue to the Company as the Management Fee.
The
transaction closed on January 27, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties
are awaiting the issuance of a business license from Nye County before any grow can be initiated. It is anticipated that the license
will be approved and issued during the third quarter of 2022.
Natural
Green, LLC Agreement
On
March 26, 2021 (the "effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with Natural Green, LLC (the "Company"). Under the terms of the Agreement, MJNE shall retain
the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley, NV
farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew for a period
of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $500,000 Product Royalty deposit to be applied to the first Product Royalty or Product Royalties;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.
As
compensation, MJNE shall pay to the Company:
(i)
90%
    of Net Sales Revenue to the Company as the Management Fee.
On
March 26, 2021, MJNE and the Company entered into an Amendment to the Agreement whereby MJNE waived the Company's requirement to
obtain liability insurance and required the Company to pay MJNE $40,000 for capital expenditures costs. The transaction closed on April
7, 2021. As of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of
a business license from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during
the third quarter of 2022.
Green
Grow Investments Agreement
On
May 7, 2021 (the "Effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with Green Grow Investments Corporation (the "Company"). Under the terms of the Agreement,
MJNE shall retain the Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa
Valley, NV farm. The Agreement shall commence on the Effective Date, continue for a period of ten (10) years and automatically renew
for a period of five (5) years. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters,
policies and procedures, testing, record keeping, security and marketing.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    $600,000 Product Royalty of which $50,000 is due upon signing, $150,000 upon MJNE obtaining the licenses from MJ Distributing, Inc.
    and affiliates and $200,000 for each of the first and second years' harvests;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company; and
(v)
the
    Company shall, after the first two (2) years from execution of the Agreement, be responsible to pay to MJNE a minimum royalty of
    $50,000.00 per month.
49
As
compensation, MJNE shall pay to the Company:
(i)
a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.
As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.
RK
Grow, LLC Agreement
On
June 22, 2021 (the "Effective Date"), MJ Holdings, Inc. ("MJNE") entered into a Cultivation and Sales Agreement
(the "Agreement") with RK Grow, LLC (the "Company"). Under the terms of the Agreement, MJNE shall retain the
Company to provide oversight and management of MJNE's cultivation and sale of products at MJNE's Amargosa Valley, NV farm.
The Agreement shall commence on the Effective Date, continue for a period of fifteen (15) years and automatically renew for one fifteen
(15) year period. The Company shall be responsible for compliance, standard of care, packaging, insurance, labor matters, policies and
procedures, testing, record keeping, security and marketing. The Agreement is for a designated 40 acres for cultivation.
As
deposits, security and royalty, the Company shall pay to MJNE:
(i)
a
    Product Royalty Deposit of $3,000,000.00 to be applied to the first Product Royalty or Product Royalties;
(ii)
a
    deposit of $20,000 to be applied against the first and last month's Security and Compliance fee;
(iii)
$10,000
    on the first of each month for Security and Compliance;
(iv)
a
    royalty of 10% of gross revenue less applicable taxes (hereinafter "Net Sales Revenue") on all sales of product by the
    Company;
(v)
Minimum
    Monthly Product Royalty: Minimum Monthly Product Royalty (MMPR) shall be calculated on a per annum basis. Therefore, Company will
    have satisfied all MMPR obligations for the year upon remitting $1,080,000.00 to MJNE; and
(vi)
MJNE
    agrees to provide access to water for the Designated Acreage without charge to the Company. However, Company will be responsible
    for any construction required to have the water actually delivered to its Designated Acreage from the source.
As
compensation, MJNE shall pay to the Company:
(i)
a
    Management Fee that is based upon the net sales price (after taxes) and further subject to all contractual expenses.
As
of the date of this filing, the Company has made all required payments to MJNE. The parties are awaiting the issuance of a business license
from Nye County before any grow can be initiated. It is anticipated that the license will be approved and issued during the third quarter
of 2022.
Termination
of Acres Cultivation, LLC Agreement
On
January 21, 2021, the Company received a Notice of Termination (the "Notice"), effective immediately, from Acres Cultivation,
LLC ("Acres") on the following three (3) agreements (collectively, herein the "Cooperation Agreement"):
(i)
The
    Cultivation and Sales Agreement entered into by and between MJNE and Acres, dated as of January 1, 2019 (the "Cultivation and
    Sales Agreement" or "CSA"), pursuant to Sections 5.3, and 16.20 (cross-default);
(ii)
The
    Consulting Agreement, by and between Acres and MJNE, made as of January 1, 2019 (the "Consulting Agreement"), pursuant
    to Sections 10 and 11.10 (cross-default); and
(iii)
The
    Equipment Lease Agreement between Acres and MJNE, dated as of January 1, 2019 (the "Equipment Lease Agreement"), pursuant
    to Sections 8(ii), 8(iv), and 29 (cross-default).
The
Company initiated relocating its equipment to its 260-acre farm at the end of the first quarter and does not anticipate that it will
generate any further revenue under the Acres relationship.
50
The
Company may also continue to seek to identify potential acquisitions of revenue producing assets and licenses within legalized cannabis
markets that can maximize shareholder value.
The
Company may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been
granted cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company's
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors, and it will continue to focus on this area of its operations. The Company still faces challenges engaging and retaining
senior managers.
Consulting
Agreements
On
February 25, 2021, the Company entered into a Consulting Agreement (the "Agreement") with Sylios Corp (the "Consultant").
Under the terms of the Agreement, the Consultant shall prepare the Company's filings with the Securities and Exchange Commission
(the "SEC") including its Annual report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The
Consultant shall receive $50,000 in cash compensation plus 225,000 shares of the Company's common stock. The Agreement has a term
of the latter of one (1) year or until the Company's Annual Report for the period ended December 31, 2021 is filed with the SEC.
On
June 17, 2021, the Company entered into a Consulting Agreement (the "Agreement") with Wolfpack Consulting, LLC (the "Consultant").
Under the terms of the Agreement, the Consultant shall use its commercially reasonable efforts and adequate business time and attention
to identify various properties that may fit into Client's business model to develop, cultivate, and produce marijuana related products.
The Consultant shall receive $25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of:
(a) the first anniversary of the Effective Date (i.e., one year), or (b) either Party's receipt of written notice from the other
party of its intent to terminate this Agreement after the expiration of the first anniversary (the "Term").
Corporate
Advisory Agreement (Research & Development)
Under
the terms of the Research & Development Agreement (the "Research Agreement"), GYB, LLC (the "Advisor") shall
report to Company, in writing, on a quarterly basis beginning on July 1, 2021, on the status of the psychedelics industry including,
but not limited to, those areas of importance identified in the Recitals, identify entities operating within the legally regulated psychedelics
industry that may be suitable as a potential acquisition or merger candidate and other such services the parties agree upon. The Research
Agreement has a term of one year and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor
$310,000 upon execution of the Research Agreement.
Corporate
Advisory Agreement (M&A and Funding)
Under
the terms of the M&A and Funding Agreement (the "M&A Agreement"), GYB, LLC (the "Advisor") shall identify
prospective funding sources, identify potential companies for acquisition within the cannabis industry, identify pertinent technology
companies that drive-up point of sale solutions and other such services the parties agree upon. The M&A Agreement has a term of two
years and begins on May 18, 2021. As compensation for the services provided, the Company paid the Advisor $290,000 upon execution of
the M&A Agreement.
51
Background:
MJ Holdings, Inc.
The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to the formation
of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability Company, formed
on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to change its name to Securitas
EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR Filings, Inc., a Nevada corporation.
On February 14, 2014, the Company amended and restated its Articles of Incorporation and changed its name to MJ Holdings, Inc.
On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its stockholders
an offer to exchange (the "Exchange Offer") its common stock for shares in MJ Real Estate Partners, LLC, ("MJRE")
a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company accepted for exchange
1,800,000 shares of its Common Stock in exchange for 1,800,000 shares of MJRE's common units, representing membership interests
in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real estate properties and its subsidiaries,
through which the Company held ownership of the real estate properties, to MJRE. MJRE also assumed the senior notes and any and all obligations
associated with the real estate properties and business, effective February 1, 2017.
Acquisition
of Red Earth
On
December 15, 2017, the Company acquired all of the issued and outstanding membership interests of Red Earth, LLC, a Nevada limited liability
company ("Red Earth") established in October 2016, in exchange for 52,732,969 shares of its Common Stock and a promissory
note in the amount of $900,000. The acquisition was accounted for as a "Reverse Merger", whereby Red Earth was considered
the accounting acquirer and became its wholly owned subsidiary. Upon the consummation of the acquisition, the now former members of Red
Earth became the beneficial owners of approximately 88% of the Company's Common Stock, obtained controlling interest of the Company,
and retained certain of its key management positions. In accordance with the accounting treatment for a "reverse merger"
or a "reverse acquisition", the Company's historical financial statements prior to the reverse merger will be replaced
with the historical financial statements of Red Earth prior to the reverse merger in all future filings with the SEC. Red Earth is the
holder of a Nevada Marijuana Establishment Certificate for the cultivation of marijuana.
The
consolidated financial statements after completion of the reverse merger included: the assets, liabilities, and results of operations
of the combined company from and after the closing date of the reverse merger, with only certain aspects of pre-consummation stockholders'
equity remaining in the consolidated financial statements. In February of 2019, the Company repurchased, from the Company's largest
shareholder, 20,000,000 of the 26,366,484 shares of common stock that this shareholder originally received in connection with the Reverse
Merger - for a total purchase price of $20,000.
On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.
On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order")
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $10,000, which
was paid on July 29, 2021.
On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
"Agreement") with Red Earth, LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for
expenses related to the activation and operation of Red Earth's cultivation license. The Loan shall bear interest at 12% per annum
and increase to 18% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $5,000
to $7,500 per month. As of March 31, 2022, the amount due the Company under the short-term loan is $138,316.
Please
see
Note 14 — Related Party Transactions
within the Company's financial statement
for the three months ended March 31, 2022 for further information.
On
August 26, 2021, the Company and the Company's Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase Agreement"),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. Please
see
Note 15 — Gain on Disposal of Subsidiary
within the Company's
financial statement for the year ended December 31, 2021 for further information
.
On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.
52
Our
Business History
In April 2018, the Company entered into a management
agreement with Acres Cultivation, LLC, a Nevada limited liability company (the "Licensed Operator") that holds a license
for the legal cultivation of marijuana for sale under the laws of the State of Nevada. In January of 2019, the Company entered into a
revised agreement, which replaced the April 2018 agreement, with the Licensed Operator in order to be more stringently aligned with Nevada
marijuana laws. The material terms of the agreement remain unchanged. The Licensed Operator is contractually obligated to pay over to
the Company sixty percent (60%) of the net revenues realized from its management of this facility and twenty-five percent (25%) of the
net revenues from equipment rental. The agreement is to remain in force until April 2026. In April 2019, the Licensed Operator was acquired
by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. The acquisition was subject to all of the contractual obligations
between the Company and the Licensed Operator.
In April 2018, the State of Nevada finalized and
approved the transfer of provisional Medical Marijuana Establishment Registration Certificate No. 012 (the "Certificate")
from Acres Medical, LLC to the Company's former wholly owned subsidiary, Red Earth, LLC ("Red Earth"). HDGLV, LLC ("HDGLV"),
a wholly owned subsidiary of Red Earth, holds a triple-net leasehold interest in a 17,298 square-foot commercial building located on
Western Avenue in the City of Las Vegas, which will be home to the Company's indoor cultivation facility (the "Western Facility").
The initial term of the lease is for a period of ten years with two additional five-year lease options. HDGLV also possesses an option
to purchase the building for $2,607,880 which is exercisable between months 25 and 60 of the initial term of the lease. In August of
2018, the Company received final approval from the State of Nevada, Department of Taxation, to commence cultivation activities with respect
to the Certificate. Contemporaneously therewith, Red Earth was issued a Business License by the City of Las Vegas to operate a marijuana
cultivation facility at the Western Facility. In October of 2018, the Company was requested by the City of Las Vegas Department of Building
& Safety to make additional modifications to the building, specifically the removal and remediation of all asbestos materials in
the building, which was completed in June of 2019 at a cost of approximately $140,000. In July of 2019, the City of Las Vegas asked the
Company to amend its Business License and modify its Special Use Permit ("SUP") to conform with updated marijuana cultivation
requirements within the City. A new SUP was granted on October 9, 2019. As of August 26, 2021, the Company was no longer the owner of
HDGLV as per the terms of the Termination Agreement between the Company and Paris Balaouras. Please
see
Note 7 — Intangible
Assets
and
Note 15 — Gain on Disposal of Subsidiary
within the Company's financials for the year ended December
31, 2021 for further information.
In August of 2018, the Company executed a letter
of intent ("LOI") for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
("Farm Road"). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement ("MIPA")
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company's restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the "Promissory
Note") in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) ("FRH") in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company's Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please
see
Note 9 — Notes Payable
within the
Company's financial statement for the three months ended March 31, 2022 for further information.
53
The Company has joined with more than 15 other
plaintiffs in an action against the State of Nevada in regard to how the applications were scored and as to why licenses were granted
to other applicants in contravention of the guidelines published by the State of Nevada. On August 23, 2019, a Nevada District Court
judge issued a preliminary injunction enjoining any of the entities that were granted licenses from opening new dispensaries based upon
the failure of NVDOT (the administrative body tasked with adopting and enforcing marijuana regulations within the State of Nevada) to
enforce a provision of Ballot Question 2 ("BQ2"), that was approved by Nevada voters in 2016 and adopted by the Nevada legislature
and codified as NRS 453D, which legalized the sale and distribution of recreational use marijuana. The law requires that "each
prospective owner, officer and board member of a marijuana establishment license applicant" undergo a background check. The judge
found that many of the successful license applicants failed to comply with this requirement. On August 29, 2019, the judge modified the
ruling and is allowing thirteen of the successful license applicants who the State of Nevada have certified as having complied with the
requirements of BQ2 to open new dispensaries as granted in December of 2018. The plaintiffs shall now continue to trial on the merits
of the pending litigation against the State of Nevada. In March of 2020, counsel for Red Earth withdrew from its representation of Red
Earth. Red Earth is actively trying to retain substitute counsel, which as of the date of this filing Red Earth remains unrepresented
in this matter. The trial, which was scheduled to commence in April of 2020, has been postponed by the State of Nevada as part of their
implementation measures to stop the spread of COVID-19, as of the date of this filing the trial has not commenced.
In October of 2018, the Company entered into a
Revenue Participation Rights Agreement (the "RPRA") with Let's Roll NV, LLC and Blue Sky Companies, LLC (together,
the "Subscribers"). Under the terms of the RPRA, the Company transferred its ownership interest in 3.95% of the gross revenue
from the "Amargosa Outdoor Grow" to the Subscribers in exchange for $100,000 cash payment and a Subscription Agreement in
the amount of $1,142,100. On or before April 30
th
for the next 8 years (2019-2026), the Company shall calculate the pro rata
gross revenue due to the Subscribers with payments being made on or before May 31
st
of each year. On March 24, 2021, the Company
entered into a Termination Agreement (the "Agreement") with the Subscribers. Under the terms of the Agreement, the Company
has decided to terminate its involvement in the Amargosa Outdoor Grow facility to capitalize on additional strategic opportunities for
further co-ops and/or additional outdoor grow expansions on adjacently owned properties; and further that such termination of the Amargosa
Grow would result in a complete loss of revenue sharing opportunities for the Subscribers under the terms of the RPRA. In consideration
of termination of the RPRA, the Company compensated the Partners; (i) $136,684, and (ii) 1,000,000 shares of common stock.
In January of 2019, the Company formed Coachill-Inn,
LLC ("Coachill-Inn"), a subsidiary of Alternative Hospitality ("AH"), to develop a proposed hotel in Desert Hot
Springs, CA. From January through June of 2019, the Company was actively engaged in negotiations with the property owner of the proposed
location. In June of 2019, Coachill-Inn executed a purchase and sale agreement with Coachillin' Holdings, LLC ("CHL")
to acquire a 256,132 sq. ft. parcel of land within a 100-acre industrial cannabis park in Desert Hot Springs, CA (the "Property")
to develop its first hotel project. The purchase price for the property was $5,125,000. CHL was to contribute $3,000,000 toward the purchase
price of this property in exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable
deposit in the amount of $150,000 toward the purchase of the Property. As of the date of this filing, the Company has terminated its
participation in the development due to financing issues. The $150,000 deposit is classified as an impaired asset. Please
see
Note 9 —Asset Impairment
within the Company's financial statement for the year ended December 31, 2021 for further
information.
On February 15, 2019, the Company entered into
a Licensing Agreement (the "Agreement") with Highland Brothers, LLC, ("HB") an entity controlled by the Company's
former Chief Executive Officer and current director. Under the terms of the Agreement, HB granted the Company an exclusive license to
use any and all branding materials of HB including, without limitation, its name, logo, and any and all intellectual property rights.
In consideration of the license, the Company agreed to compensate HB seven percent (7%) of the net sales generated by the Company for
any products utilizing and/or integrating property rights, brands or logos of HB commencing in 2020. The Agreement has a term of ten
(10) years.
54
On March 8, 2019, the Company entered into a fifteen-year
Suite License Agreement (the "Agreement") with LV Stadium Events Company, LLC ("LV Stadium") for the lease of
a suite within the multipurpose stadium (the "Stadium") constructed in Clark County, Nevada that is intended to be the home
stadium for the Raiders National Football League team. Under the terms of the Agreement, the Company paid the initial deposit of $75,000,
the second payment of $150,000 and the final payment on approximately October 15, 2020. Commencing with year 6 of the Term, the License
Fee for each year of the Term shall be increased by an amount not to exceed three percent (3%) of the License Fee payable for the immediately
preceding year.
In April of 2019, Roger Bloss was appointed to
the Board of Directors of the Company.
In April of 2019, the Company executed a Membership
Interest Purchase Agreement (the "MIPA") to acquire all of the membership interests in two Nevada limited liability companies
that are each the holder of a State of Nevada marijuana license. Marijuana Establishment Registration Certificate, Application No. C202
and Marijuana Establishment Registration Certificate, Application No. P133 (collectively the "Certificates"). The terms of
the MIPA required the Company to purchase the licenses for the total sum of $1,250,000 each - $750,000 in cash per license and $500,000
of the Company's restricted common stock per license. The terms of the MIPA provide for a $250,000 non-refundable down payment
and include a short term note in the amount of $500,000 carrying an annual interest rate of two percent (2%) that was due and payable
on or before October 18, 2019. On October 17, 2019, the State of Nevada's Governor issued an executive order restricting the transfer
of all Nevada marijuana licenses (the "Moratorium"). As of the date of this filing, the Company has made deposits totaling
$550,000 and has reduced the principal of the aforementioned note to $250,000. The Company is required to issue $1,000,000 of shares
of its restricted common stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been
issued. The Company also executed a $750,000 long term note (the "LT Note") in favor of the current license holders that
becomes due and payable upon the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months after
the production/cultivation is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On February 19,
2020, the Company was put on notice by the Seller that it is in default under the terms of the MIPA. Additionally, pursuant to the terms
of the MIPA, the Company was required to enter into a $15,000 per month sub-lease (retroactive to March 1, 2019) for the 10-acre cultivation/production
facility located in Pahrump, Nye County, NV and install a mobile production trailer. The Company failed to make the required payments
under the MIPA and the Agreement was terminated. Please
see
Note 9 —Asset Impairment
within the Company's financial
statement for the year ended December 31, 2021 for further information.
In April of 2019, the Company consummated its
purchase of an approximately 50-acre, commercial trailer and RV park (the "Trailer Park") in close proximity to its Amargosa
Valley cultivation facilities. The Trailer Park can accommodate up to 90 trailers and RV's. There presently are 17 occupied trailers
in the Trailer Park, and the Company is making the necessary upgrades to bring additional units to the facility to provide housing for
its farm personnel. The Company purchased the Trailer Park for a total of $600,000 in cash and $50,000 of the Company's restricted
common stock, resulting in the issuance of 66,667 shares. The Sellers hold a $250,000 note, bearing interest at six and one-half percent
resulting in monthly payments in the amount of $2,178 based upon a 15-year amortization schedule (the "TP Note"). The TP
Note requires additional principal reduction payments in the amount of $50,000 on or before April 5, 2020 and April 5, 2021, respectively.
As of the date of this filing, the Company has failed to make the required principal reduction payment that was due on April 5, 2020.
Additionally, due to the ongoing effects of COVID-19, the Company has been unable to make its monthly payments of $2,178 pursuant to
the terms of the TP Note. The Company is in arrears to the holders of the TP Note in the amount of $58,711. The principal and interest
payments will be recalculated based on a 15-year a amortization schedule upon each principal reduction payment. A final balloon payment
of any and all outstanding principal and accrued interest is due and payable on or before April 5, 2022. There are no prepayment penalties
should the Company elect to retire the note prior to its maturity date.
On June 25, 2019, the Company entered into a Series
Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement (the "Agreement") with Innovation Labs,
Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company purchased 238,096 Series Post Seed Preferred Stock Shares
and 238,096 Series Post Seed Preferred Units for a purchase price of $250,000. Please
see
Note 9 —Asset Impairment
within the Company's financial statement for the year ended December 31, 2021 for further information.
55
On August 28, 2019, the Company entered into a
Membership Interest Purchase Agreement (the "Agreement") with Element NV, LLC, an Ohio limited liability company (the "Buyer"),
to sell forty-nine percent (49%) of the membership interests in the Company's wholly owned subsidiary, Red Earth, LLC ("Red
Earth") for $441,000. The $441,000 was paid to the Company on August 30, 2019. The Agreement required the Buyer to make an additional
payment, in the amount of $3,559,000, to be utilized for the improvement and build-out of the Company's Western Avenue leasehold
in Las Vegas, Nevada. The payment was due within ten (10) days of the receipt by Red Earth of a special use permit ("SUP")
from the City of Las Vegas for its Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in
conjunction with the Company, will jointly manage and operate the facility upon completion. The Agreement also requires the Buyer to
make a final payment to the Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June
11, 2020, the Company entered into the First Amendment ("First Amendment") to the Agreement. Under the terms of the First
Amendment, the Closing Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the "Initial
Contribution Payment") to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash contribution
(the Final Contribution Payment") in the amount of $240,000. The Buyer failed to make the required payments under the Agreement
and the Agreement was thus terminated in 2021. Please
see
Note 7 — Intangible Assets
and
Note 15 — Gain on
Disposal of Subsidiary
within the Company's financial statement for the year ended December 31, 2021 for further information.
On January 22, 2020, the Company's President,
Richard S. Groberg, tendered his resignation to the Company's Board of Directors (the "Board"). The Board accepted
Mr. Groberg's resignation effective immediately. The Company and Mr. Groberg executed a mutual Separation Agreement. On May 12,
2021, the Company entered into a Cooperation and Release Agreement (the "Agreement") with Richard S. Groberg and RSG Advisors,
LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and
waived any right to any future stock issuances except for 100,000 shares to be retained by Mr. Groberg.
On January 22, 2020 the Board appointed the Company's
Secretary and Chief Administrative Officer, Terrence M. Tierney, JD, age 58, to the additional position of interim President. Mr. Tierney
was a consultant to the Company from July 1, 2018 until September 18, 2018 when he was appointed Secretary of the Company. On October
15, 2018, Mr. Tierney became the Chief Administrative Officer of the Company and signed a three-year employment agreement with the Company
(which agreement has been previously filed with the SEC) that expires on September 30, 2021. There were no changes to Mr. Tierney's
current employment agreement other than his additional duties as President. Mr. Tierney had day-to-day oversight of the Company's
operations and continue to advise the Board on strategic initiatives and business development.
On February 20, 2020, the Company's subsidiary,
Alternative Hospitality, Inc. (the "Borrower"), issued a Short-Term Promissory Note (the "Note") to Pyrros One,
LLC (the "Holder"), an entity controlled by a relative of a director of the Company, in the amount of $110,405 that matures
on February 19, 2021. The Note shall bear interest at a rate of 9% per annum with interest-only payments in the amount of $825 due on
or before the twentieth day of each month commencing on April 20, 2020. The Borrower was required to make an interest and principal reduction
payment in the amount of $1,233 on or before March 20, 2020. The Holder was granted a security interest in that certain real property
located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which is owned by the Borrower. Please
see
Note 11 — Notes Payable
– related parties
within the Company's financial statement for the year ended December 31, 2021 for further information.
On March 2, 2020, Mr. Ruhe tendered his resignation
to the Company's Board of Directors (the "Board"). The Board accepted Mr.Ruhe's resignation effective immediately.
Mr. Ruhe also stepped down as an advisor to the Company's Audit Committee. Additionally, pursuant to the terms of Mr. Ruhe's
employment contract with the Company Mr. Ruhe shall forfeit 11,709 shares of invested common stock previously issued to Mr. Ruhe. The
Board has commenced a search to find a suitable individual to replace Mr. Ruhe.
On March 31, 2020, the Company's subsidiary,
Condo Highrise Management, LLC (the "Borrower"), issued a Short-Term Promissory Note (the "Note") to Pyrros One,
LLC (the "Holder"), an entity controlled by a relative of a director of the Company, in the amount of $90,000 that matures
on March 30, 2021. The Note shall bear interest at a rate of 9% per annum with interest-only payments in the amount of $675 due on or
before the first day of each month commencing on May 1, 2020. The Holder was granted a security interest in that certain real property
located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by the Borrower. Please
see
Note 11 — Notes Payable –
related parties
within the Company's financial statement for the year ended December 31, 2021 for further information.
56
On July 22, 2020, the Company entered into a Securities
Purchase Agreement (the "Agreement") with an accredited investor (the "Investor"). Under the terms of the Agreement,
the Investor agreed to purchase 4,500,000 shares of the Company's common stock at $0.088808889 per share for a total purchase price
of $400,000. The Investor was also to be issued a warrant granting the Investor the right to acquire 1,000,000 shares of the Company's
common stock at an exercise price of $0.10. The warrant was to be dated August 3, 2020 and have a term of three years. The Investor funded
$250,000 of the purchase amount on July 31, 2020. On August 10, the Company returned $125,465 of the funds to the Investor for a net
investment of $124,535. The Company issued the Investor 1,402,279 shares of common stock and a warrant granting the Investor the right
to purchase 250,000 shares of common stock under the revised terms of the Agreement.
On August 7, 2020, the Company's Board of
Directors terminated, with cause, the employment of Terrence M. Tierney, the Company's former President and Secretary, effective
immediately. On March 9, 2021, Terrence Tierney filed for arbitration with the American Arbitration Association for: (i) breach of contract,
(i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the
amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On
April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for
accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise
has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed
fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess
of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone
the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.
On September 1, 2020, the Company entered into
an Employment Agreement (the "Agreement") with Paris Balaouras (the "Employee"). Under the terms of the Agreement,
the Employee shall serve as the Company's Chief Cultivation Officer for a term of three (3) years (the "Term") commencing
on September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible to receive an annual discretionary
bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount
equal to up to 100% of Employee's base salary for the then current fiscal year, shall be eligible to receive an annual discretionary
stock grant during the Term which shall be vested in equal increments of 1/3
rd
each over a three year period beginning on
the first anniversary of employment, shall be eligible to receive a compensatory stock grant of 667,000 shares for and in consideration
of past compensation (approximately $500,000 over the past 2.5 years) foregone by Employee; such grant exercisable at Employee's
option as such time as Employer is profitable at the NOI level on a trailing twelve (12) month basis or upon other commercial reasonable
terms as the Board may determine and shall be awarded options to purchase 500,000 shares of the Company's common stock, exercisable
at a price of $.75 per share.
On September 1, 2020, the Company entered into
an Employment Agreement (the "Agreement") with Roger Bloss. Under the terms of the Agreement, the Employee shall serve as
the Company's Interim Chief Executive Officer for a term of six (6) months and the Chief Executive Officer and for an additional
two (2) years and six (6) months as the Chief Executive Officer for a total of three (3) years (the "Term") commencing on
September 15, 2020. The Employee shall receive a base salary of $105,000 annually, shall be eligible to receive an annual discretionary
bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount
equal to up to 100% of Employee's base salary for the then current fiscal year, shall be eligible to receive an annual discretionary
stock grant during the Term which shall be vested in equal increments of 1/3
rd
each over a three year period beginning on
the first anniversary of employment and shall be awarded options to purchase 500,000 shares of the Company's common stock, exercisable
at a price of $.75 per share.
On September 1, 2020, the Company entered into
an Employment Agreement (the "Agreement") with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve
as the Company's Secretary/Treasurer for a term of three (3) years (the "Term") commencing on September 15, 2020. The
Employee shall receive a base salary of $60,000 annually, shall be eligible to receive an annual discretionary bonus during the Term,
based on performance criteria determined by the board of directors of the Company in its sole discretion, in amount equal to up to 200%
of Employee's base salary for the then current fiscal year, shall, at commencement of the Term receive a grant of stock of 500,000
shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in equal increments
of 1/3
rd
each over a three year period beginning on the first anniversary of employment and shall be awarded options to purchase
500,000 shares of the Company's common stock, exercisable at a price of $.75 per share.
57
On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss, Dear and Balaouras (collectively, the "Directors").
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($15,000.00), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares
of the Company's common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.
On October 1, 2020, the Company entered into an
Employment Agreement (the "Agreement") with Jim Kelly. The Agreement became effective as of October 1, 2020. Under the terms
of the Agreement, the Employee shall serve as the Company's Interim Chief Financial Officer for a term of (i) the sooner of six
(6) months, or (ii) the completion of all regulatory filings, including but not limited to the Company's 2019 Annual Report on
Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly Report on Form 10-Q, the September 30, 2020
Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities and Exchange Commission ("SEC")
to bring the Company current with the SEC. The Employee shall receive a base salary of $24,000 annually, shall be eligible to receive
an annual discretionary bonus during the Term, based on performance criteria determined by the C-Suite of the Company in its sole discretion,
in an amount equal to up to 400% of the Employee's base salary for the then current fiscal year, and at commencement of the Term
the Employee shall receive a grant of stock of 500,000 restricted shares of the Company's common stock.
On
March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial Officer.
On December 8, 2020, the Company entered into
Amendment No. 1 (the "Amendment") to the Revenue Participation Rights Agreement previously entered into with Blue Sky Companies,
LLC and Let's Roll NV, LLC. Under the terms of the Amendment, the new effective Date of the Agreement shall be revised to the date
that the first payment shall be due in 2021 from the 2020 3-acre grow. In addition, (i) the Company's 2020 obligation under the
original Agreement for the 2019 grow is deemed satisfied in full, (ii) on or before April 30, 2027, the Company shall pay a $26,000 exit
fee.
On January 12, 2021, the Company completed the
sale of its commercial building for $1,627,500. On December 12, 2020, the Company, through its wholly owned subsidiary (Prescott Management,
LLC), entered into a sales contract with Helping Hands Support, Inc. for the sale of the Company's commercial building located
at 1300 South Jones Boulevard, Las Vegas, Nevada 89146.
On February
17, 2021, the Company entered into a Stock Purchase Agreement (the "Agreement") with ATG Holdings, LLC (the "ATG").
Under the terms of the Agreement, the Company purchased 1,500,000,000 shares of common stock of Healthier Choices Management
Corp ("HCMC") from ATG for the purchase price of $200,000. The transaction closed on February 19, 2021. During the year ended
December 31, 2021, the Company liquidated its marketable securities that it received in the Agreement with ATG.
On March
12, 2021, the Company (the "Holder") was issued a Convertible Promissory Note (the "Note") by GeneRx (the "Borrower"),
a Delaware corporation, in the amount of $300,000. The Note has a term of one year (April 7, 2022 Maturity Date) and accrues interest
at two percent (2%) per annum. The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a
fixed conversion price of $1.00 per share. Upon an Event of Default, the Conversion Price shall equal the Alternate Conversion Price
(as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating
to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). The "Alternate Conversion Price" shall equal the lesser of (i) 80% multiplied
by the average of the three lowest daily volume weighted average prices ("VWAP") during the previous twenty (20) Trading
Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the Market
Price (as defined herein) (representing a discount rate of 20%). "Market Price" means the average of the three lowest daily
VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion
Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent
(24%) per annum from the due date thereof until the same is paid (the "Default Interest"). The Company funded $300,000 on
March 15, 2021, $150,000 on April 5, 2021 and $50,000 on April 7, 2021. Please
see
Note 5 — Note Receivable
within the Company's financial statement for the three months ended March 31, 2022 for further information.
58
On April 13, 2021, the Company entered into a
Storage and Purchase Agreement (the "Agreement") with AP Management, LLC ("AP"). Under the terms of the Agreement,
AP agreed to store the Company's fresh frozen marijuana (the "Product") while granting AP the right to purchase the
Product at $175 per pound. In the event that AP does not purchase 500 pounds of the Product, the Company shall reimburse AP for any costs
incurred for storage.
On April 14, 2021, the Company entered into a
Storage Agreement (the "Agreement") with TapRoot Labs ("TapRoot"). Under the terms of the Agreement, the TapRoot,
agreed to store the Company's fresh frozen marijuana (the "Product"). As compensation for storage, the Company was
to pay TapRoot the equivalent of $6,000 per month from product held in storage.
On May 12, 2021, the Company entered into a Cooperation
and Release Agreement (the "Agreement") with Richard S. Groberg and RSG Advisors, LLC. Under the terms of the Agreement,
Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and waived any right to any future stock issuances
except for 100,000 shares to be retained by Mr. Groberg.
On June 17, 2021, the Company entered into a Consulting
Agreement (the "Agreement") with Wolfpack Consulting, LLC (the "Consultant"). Under the terms of the Agreement,
the Consultant shall use its commercially reasonable efforts and adequate business time and attention to identify various properties
that may fit into Client's business model to develop, cultivate, and produce marijuana related products. The Consultant shall receive
$25,000 in cash compensation. The Agreement shall begin on the Effective date and end upon the earlier of: (a) the first anniversary
of the Effective Date (i.e., one year), or (b) either party's receipt of written notice from the other party of its intent to terminate
this Agreement after the expiration of the first anniversary (the "Term").
59
Corporate
Entities
MJ
    Holdings, Inc.
This
    entity, the Company, serves as a holding company for all of the operating businesses/assets.
Prescott
    Management, LLC
Prescott
    Management is a wholly owned subsidiary of the Company that provides day-to-day management and operational oversight to the Company's
    operating subsidiaries.
Icon
    Management, LLC
Icon
    is a wholly owned subsidiary of the Company that provides Human Resource Management ("HR") services to the Company. Icon
    is responsible for all payroll activities and administration of employee benefit plans and programs.
Farm
    Road, LLC
Farm
    Road, LLC is a wholly owned subsidiary of the Company that owns 260 acres of farmland in Amargosa, NV. The Company acquired all of
    the membership interests of Farm Road in January of 2019.
Condo
    Highrise Management, LLC
Condo
    Highrise Management is a wholly owned subsidiary of the Company that manages the Company owned Trailer Park in Amargosa, Nevada.
Red
    Earth Holdings, LLC
Red
    Earth Holdings, LLC is a wholly owned subsidiary of the Company that will eventually be the holder of the Company's primary
    cannabis license assets. As of the date of this report, Red Earth Holdings has no operations and holds no assets.
Red
    Earth, LLC
Red
                                            Earth, established in 2016, was a wholly owned subsidiary of the Company from December 15,
                                            2017 until August 30, 2019 prior to the Company selling a forty-nine percent (49%) interest
                                            in Red Earth to Element NV, LLC, an unrelated third party (See further description of the
                                            transaction hereinabove). Red Earth's assets consist of: (i) a cultivation license
                                            to grow marijuana within the City of Las Vegas in the State of Nevada, and (ii) all of the
                                            outstanding membership interests in HDGLV, which holds a triple net leasehold interest in
                                            a 17,298 square-foot building in Las Vegas, Nevada, which it expects to operate as an indoor
                                            marijuana cultivation facility. In July 2018, the Company completed the first phase of construction
                                            on this facility, and it received a City of Las Vegas Business License to operate a marijuana
                                            cultivation facility. On August 26, 2021, the Company and the Company's Chief Cultivation
                                            Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
                                            Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase
                                            Agreement"), dated December 15, 2017, entered into between the Company and the Red
                                            Earth was terminated as of the date of the Termination Agreement resulting in the return
                                            of ownership of Red Earth to Mr. Balaouras. Please
see
Note
                                            7 — Intangible Assets and Note 14 — Related Party Transactions
within
                                            the Company's financial statement for the three months ended March 31, 2022
                                            for further information.
HDGLV,
    LLC
HDGLV
    is a wholly owned subsidiary of Red Earth, LLC and is the holder of a triple net lease on a commercial building in Las Vegas, Nevada
    which is being developed to house the Company's indoor grow facility.
Alternative
    Hospitality, Inc.
Alternative
    Hospitality is a Nevada corporation formed in November of 2018. MJ Holdings owns fifty-one percent (51%) of the company and the remaining
    forty-nine percent (49%) is owned by TVK, LLC, a Florida limited liability company.
MJ
    International Research Company Limited
MJ
    International is a wholly owned subsidiary of the Company that is headquartered in Dublin, Ireland. MJ International is the sole
    shareholder of MJ Holdings International Single Member S.A. and Gioura International Single Member Private Company.
Corporate
Information
The
Company's corporate headquarters is located at 2580 S. Sorrel St., Las Vegas, NV 89146 and its telephone number is (702) 879-4440.
The Company's website address is: www.mjholdingsinc.com. Information on or accessed through its website is not incorporated into
this Form 10-K.
The
Company's Common Stock is not listed on any national stock exchange but is quoted on the OTCQB Marketplace under the symbol
"MJNE."
Licenses:
On
February 5, 2021, the Company (the "Purchaser") executed a Membership Interest Purchase Agreement ("MIPA3") with
MJ Distributing, Inc. (the "Seller") to acquire all of the outstanding membership interests of MJ Distributing C202, LLC
and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a provisional
medical and recreational production license. At present, the Company is waiting for the Nevada Cannabis Compliance Board ("CCB")
to provide notice that the licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.
60
Patents/Trademarks:
We
currently hold no patents or trademarks.
Research
& Development
We
had no expenses in Research and Development costs during the three months ended March 31, 2022 or for the years
ended December 31, 2021 and 2020.
Compliance
Expenses
Our
company incurs annual expenses to comply with state corporate governance and business licensing requirements. We estimate these costs
to be under $20,000 per year for the establishment of foreign corporations in other states that we plan to operate.
Principal
Products or Services and Markets
The principal services provided by the Company
are cultivation management and infrastructure development catering to cannabis and hemp growth.
Seasonality
The
Company does not consider its business to be seasonal.
Leases
The
Company anticipates its most significant lease obligations will be classified as fixed assets that will be used in the normal course
of its business.  Some lease obligations may include renewal or purchase options, escalation clauses, restrictions, penalties or
other obligations that we will consider in determining minimum lease payments. The leases will be classified as either operating leases
or capital leases, as appropriate.
Employees
and Consultants
As of the date of this
Report, we have 9 full-time and 3 part-time employees inclusive of a Chief Executive Officer, Interim Chief Financial Officer,
Secretary and Chief Cultivation Officer. We contract all labor for public company governance services, website
development, accounting, legal and daily activities outside of management. Please
see
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS,
AND CONTROL PERSONS
for additional information.
Amount
Spent on Research and Website Development
For
the three months ended March 31, 2022 and years ended December 31, 2021 and 2020, the Company spent $0, $0
and $0 on research and website development, respectively.
Compliance Expenses
Our company incurs annual expenses to comply with
state corporate governance and business licensing requirements. We estimate these costs to be under $20,000 per year for the establishment
of foreign corporations in other states that we plan to operate.
Insurance
MJ Holdings, Inc. currently
offers health, dental and vision insurance to its employees at an estimated monthly cost of $7,500. MJ Holdings, Inc. also carries
general liability insurance. We do not currently hold any other forms of insurance, including directors' and officers' insurance.
Because we do not have any insurance, if we are made a party of a legal action, we may not have sufficient funds to defend the litigation.
If that occurs a judgment could be rendered against us that could cause us to cease operations.
61
Patents/Trademarks:
We currently hold no patents or trademarks.
Competitors,
Methods of Completion, Competitive Business Conditions
The Company
may face substantial competition in the operation of cultivation facilities in Nevada. Numerous other companies have also been granted
cultivation licenses, and, therefore, the Company anticipates that it will face competition from these other companies. The Company's
management team has experience in successfully developing, implementing, and operating marijuana cultivation and related businesses in
other legal cannabis markets. The Company believes its experience in outdoor cultivation provides it with a distinct competitive advantage
over its competitors and it will continue to focus on this area of its operations.
Competitors include private and public companies
such as: Acres Cultivation, LLC, 8lFold, The Apothecary Shoppe, Bond Road Cannabis Company, Floravega, Remedy Cultivation and Flower
One.
Legal
Proceedings
From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. I addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business. There is no pending litigation involving the Company at this time.
MJ
Holdings, Inc. Complaint
On
December 14, 2021, MJ Holdings, Inc. (the "Plaintiff") filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie
Small (collectively, the "Defendants"). In the Complaint, the Plaintiff alleges that the Defendants have refused to return
the cannabis that was being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to
return the cannabis to Plaintiff, or Plaintiff's designee, the Defendants have deprived Plaintiff of the ability to sell, transfer
or market the product. In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of
dollars in money and/or cannabis in exchange for returning the cannabis. As of the date of this filing, pleadings are pending.
Gappy
and Shaba Compliant
On
December 3, 2021, a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the "Defendants")
by Ziad Gappy and David Shaba (collectively, the "Plaintiffs"). In the Complaint, the Plaintiffs allege the Defendants made
misleading statements and/or omissions relating to the Company in the Plaintiffs' negotiation to purchase shares of MJ Holdings,
Inc. In addition, the Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and
Defendants, MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and
the Defendants have failed to start the Western Project.
The Defendants will vigorously defend
themselves against this action and will file
an appropriate and timely answer to the Complaint including a lengthy and comprehensive
series of affirmative defenses and liability and damage avoidances. As of the date of this filing, the Defendants have yet to file an
answer.
DGMD
Complaint
On
March 19, 2021, a Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras,
Dimitri Deslis, ATG Holdings, LLC and Curaleaf, Inc. (collectively, the "Defendants") by DGMD Real Estate Investments, LLC,
ARMPRO, LLC, Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the "Plaintiffs") in the
District Court of Clark County, Nevada.
In
the Complaint, the Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put
that money towards the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants'
agents, and (ii) the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings "Investment
Schemes", and (iii) the Defendants intended to fraudulently obtain Plaintiffs' money for the purpose of harming the Plaintiffs
to benefit the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement
to defraud the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.
As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company's consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed
an
appropriate and timely answer to the Complaint including a lengthy and comprehensive series of affirmative defenses and liability and
damage avoidances. As of the date of this filing, discovery has commenced and written discovery has been exchanged between the parties.
62
Tierney
Arbitration
On March 9, 2021, Terrence Tierney, the Company's
former President and Secretary, filed for arbitration with the American Arbitration Association for: (i) breach of contract, (i) breach
of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the amount of $501,085
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On April 7, 2021, the
Company made payment against the wage claim in the amount of $62,392, inclusive of $59,583 for wages and $2,854 for accrued vacation
and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise has no liability.
The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed fraud, malfeasance
and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess of any monetary claim
made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone the June arbitration and have
referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and
conferred and are scheduled to proceed with arbitration on November 7-10, 2022.
Sources
and Availability of Raw Materials
We
do not use raw materials in our business.
Seasonal
Aspect of our Business
None
of our products are affected by seasonal factors.
Reports
to Security Holders
We
are required to file reports and other information with the SEC. You may read and copy any document that we file at the SEC's public
reference facilities at 100 F. Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 for more information about
its public reference facilities. Our SEC filings are available to you free of charge at the SEC's web site at www.sec.gov. We are
an electronic filer with the SEC and, as such, our information is available through the Internet site maintained by the SEC that contains
reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. This information
may be found at www.sec.gov and posted on our website for investors at http://www.mjholdingsinc.com.
PROPERTIES
The
Company's principal office is located at 2580 S. Sorrel St., Las Vegas, NV 89146
.
In
January 2021, the Company sold its commercial office building located at 1300 South Jones Boulevard, Las Vegas, NV 89146.
The
Company held a triple net leasehold interest, through its former subsidiary Red Earth LLC ("Red Earth"), in a 17,298 square
foot building located at 2310 Western Avenue, Las Vegas, Nevada (the "Western lease"). The lease was for an initial term
of 10 years, with a 12-month rent abatement. The commencement date of the lease was June 29, 2017. The lease included two options to
extend, each for an additional 5 years. The lease granted the Company an option to purchase the property on or after the 25
th
month
of the lease and continuing through the 60
th
month of the lease for the sum of $2,607,880. On August 26, 2021, the Company
and the Company's Chief Cultivation Officer and previous owner of Red Earth, Paris Balaouras, entered into a Termination Agreement.
Under the terms of the Termination Agreement, the Purchase Agreement, dated December 15, 2017, entered into between the Company and Red
Earth was terminated as of the date of the Termination Agreement resulting in the return of ownership of Red Earth to Mr. Balaouras.
As such, the Company no longer holds any interest in the Western lease.
In August of 2018, the Company executed a letter
of intent ("LOI") for the acquisition of all of the membership units of Farm Road, LLC, a Wyoming limited liability company
("Farm Road"). Farm Road was the owner of five parcels of farmland in the Amargosa Valley of Nevada totaling 260 acres and
the concomitant 180 acre-feet of water rights. Pursuant to the terms of a Membership Interest Purchase Agreement ("MIPA")
executed between the Company and Farm Road in November of 2018, the Company was to acquire Farm Road for $1,000,000 on the following
terms: a deposit of $50,000 in cash and $50,000 of the Company's restricted common stock upon execution of the LOI, was to be held
in escrow until closing, $150,000 in cash payable at closing and a promissory note bearing 5% simple annual interest (the "Promissory
Note") in the amount of $750,000.00 payable to FR Holdings, LLC (an unrelated third party) ("FRH") in 36 equal monthly
interest only payments of three thousand one hundred twenty five ($3,125.00) dollars commencing on the March 1, 2019. On January 18,
2019, pursuant to the terms of the MIPA, the Company acquired a 100% interest in Farm Road. The terms of the Promissory Note include
a balloon payment to be made on January 17, 2022 of any of the then remaining principal balance and accrued interest. The MIPA further
provides that FRH shall be entitled to receive a consulting fee of five per cent (5%) of the gross sales from any commercial use of the
property up to a maximum of five hundred thousand ($500,000.00) dollars payable to FRH within two years of the January 18, 2019 closing
date. The land acquired in Amargosa Valley will be the home of the Company's Nye County cultivation facility upon closing of the
purchase of the cultivation and production certificates in the MIPA3. Please
see
Note 9 — Notes Payable
within the
Company's financial statement for the three months ended March 31, 2022 for further information.
Effective
August 1, 2019, the Company entered into an agreement to lease an approximately 17,000 sq. ft. commercial building in Pahrump, NV. The
lease is for a term of ten years at an initial monthly rent of $10,000 per month with rent increases each August 1
st
during
the term of the lease equal to the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for CPI W (Urban
Wage Earners and Clerical Workers) for Las Vegas, Nevada. The Company paid the property owner a security deposit in the amount of $20,000.
While the Company took possession of the premises on August 1, 2019, the monthly rent commenced on October 1, 2019. The Company has an
option, exercisable between July 1, 2020 and July 1, 2024, to purchase the property for $1,800,000. The leasehold has previously been
utilized as a fully licensed State of Nevada marijuana cultivation facility. On November 29, 2019, the building suffered significant
damage after a windstorm swept through the town of Pahrump. The storm caused structural damage as well as damage to the plumbing and
electrical supply to the building, making the facility unusable. Pursuant to the terms of the lease, the inability to occupy and utilize
the facility relieves us of any obligation to pay rent. As of the date of this filing, repairs to the building have not yet commenced.
It was the Company's intention to move its marijuana processing into this facility upon receipt of all required regulatory approvals.
The Company has no intention to occupy the leased space.
We
believe that our facilities are adequate for our current needs and that, if required, we will be able to expand our current space or
locate suitable new office space and obtain a suitable replacement for our executive and administrative headquarters.
63
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND
RESULTS OF OPERATION
Please
read the following discussion of our financial condition and results of operations in conjunction with financial statements and notes
thereto, as well as the "Risk Factors" and "Description of Business" sections included elsewhere in this prospectus.
The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could
differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this prospectus, particularly in "Risk Factors".
Overview
MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development – currently concentrated in the Las Vegas market. It is the Company's intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to "prove the concept" profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.
Current
Initiatives include:
●
a three-acre,
                                            hybrid, outdoor, marijuana-cultivation facility
(the "Cultivation Facility")
                                            located in the Amargosa Valley of Nevada. The Company had the contractual right to manage
                                            and cultivate marijuana on this property until 2026, for which it would have received sixty
                                            percent (60%) of the net revenues realized from its management of this facility and twenty-five
                                            percent (25%) of the net revenues from equipment rental. The licensed facility is owned by
                                            Acres Cultivation, LLC, a wholly owned subsidiary of Curaleaf Holdings, Inc. On January 21,
                                            2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
                                            LLC. During the year ended December 31, 2021, the Company relocated all of its equipment
                                            utilized on the Acres lease to its 260 Acres adjacent to the Acres lease. The Company will
                                            not generate any further revenue under the Acres relationship.
●
260
    acres of farmland for the purpose of cultivating additional marijuana
(the "260 Acres") purchased in January of 2019.
    The Company intends to utilize the state-of-the-art
Cravo®
cultivation system for growing an additional five acres of
    marijuana on this property, that is contiguous to the three-acre property that it manages in Amargosa. The
Cravo®
system
    will allow multiple harvests per year and should result in higher annual yields per acre. The land has more than 180-acre feet of
    permitted water rights, which will provide more than sufficient water to markedly increase the Company's marijuana cultivation
    capabilities. This facility, upon receipt of required funding, is expected to become operational in the summer of 2021. Subsequent
    to year end, the Company elected to relocate all of its equipment utilized on the Acres lease to its 260 acres adjacent to the Acres
    lease. The Company will utilize the 260 Acres for its own harvest along with additional harvests under any Cultivation and Sales
    Agreements.
●
Cultivation and Sales Agreements
entered into
    for multiple grows on the Company's 260 Acres located in the Amargosa Valley of Nevada. During the years ended December 31,
    2021 and 2020, the Company entered into separate Cultivation and Sales Agreements, whereby the Company shall retain certain independent
    growers to provide oversight and management of the Company's cultivation and sale of products at its 260 Acres. The independent
    growers shall pay to the Company a royalty of net sales revenue with a minimum royalty after two years. As of the date of this filing,
    the Company is waiting on its business license in Nye County and its final inspection by the Cannabis Compliance Board before it
    can commence its operations under the Agreement.
●
a
    nearby commercial trailer and RV park
(THC Park – Tiny Home Community) was purchased in April of 2019 to supply necessary
    housing for the Company's farm employees. After the Company's 2018 harvest, it came to realize that it would need to
    find a more efficient method of housing and to bring its cultivation team to its facilities. The Company purchased the 50-acre plus
    THC Park for $600,000 in cash and $50,000 of the Company's restricted common stock. The Company has elected to reinitiate renovations
    and/or additions at its Tiny Home Community so that workers on the 260 Acres will be afforded housing.
●
an
    agreement to acquire an additional cultivation license and production license,
both currently
    located in Nye County Nevada. On February 5, 2021, the Company (the "Purchaser") executed a Membership Interest Purchase
    Agreement ("MIPA3") with MJ Distributing, Inc. (the "Seller") to acquire all of the outstanding membership
    interests of MJ Distributing C202, LLC and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and
    recreational cultivation license and a provisional medical and recreational production license. In consideration of the sale, transfer,
    assignment and delivery of the Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agrees
    to pay a combination of cash, promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($1,250,000.00)
    in cash and/or promissory notes and 200,000 shares of the Company's restricted common stock, all of which constitutes the consideration
    agreed to herein for (the "
Purchase Price
"), payable as follows: (i) a non-refundable down payment in the amount
    of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a
    deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against the June 12, 2021 payment due
    under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, and (v) $250,000 shall be deposited within five (5) business days
    after the Nevada Cannabis Compliance Board ("CCB") provides notice on its agenda that the Licenses are set for hearing
    to approve the transfer of ownership from the Seller to the Purchaser.
On April 12, 2022, the CCB issued an Adult-Use Production
    License to MJ Distributing P133, LLC and an Adult-Use Cultivation License to MJ Distributing C202, LLC. The Company is currently
    awaiting its business license to be issued by Nye County, Nevada.
●
indoor
                                            cultivation facility build-out in the City of Las Vegas
(the "Indoor Facility").
Through its former subsidiary, Red Earth, LLC ("Red
                                            Earth"), the Company held a Medical Marijuana Establishment Registration Certificate,
                                            Application No. C012. In August of 2019, the Company entered into a Membership Interest Purchase
                                            Agreement (the "Agreement") with Element NV, LLC ("Element"), to
                                            sell a 49% interest in the license. Under the terms of the Agreement, Element was required
                                            to invest more than $3,500,000 into this Indoor Facility. Element paid the monthly rent on
                                            the facility from December 2019 through March 2020 but failed to make any additional payments.
                                            On June 11, 2020, the Company entered into the First Amendment ("First Amendment")
                                            to the Agreement. Under the terms of the First Amendment, the Closing Purchase Price was
                                            adjusted to $441,000, and Element was required to make a capital contribution (the "Initial
                                            Contribution Payment") to the Target Company in the amount of $120,000 and was required
                                            to make an additional cash contribution (the Final Contribution Payment") in the amount
                                            of $240,000. The Company terminated its discussions with Element regarding its past due payments.
On or about May 7, 2021, Red Earth, received an inquiry from the State of Nevada Cannabis
                                            Compliance Board ("CCB") regarding the transfer of ownership of the Subsidiary
                                            from its previous owners to the Company. The CCB has determined that the transfer was not
                                            formally approved, thus a Category II violation. On July 27, 2021, Red Earth entered into
                                            a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order")
                                            with the CCB. Under the terms of the Stipulation Order, Red Earth agreed to present to the
                                            CCB, by not later than August 31, 2021, a plan pursuant to which the ownership of Red Earth
                                            would be returned to the original owners. The Parties to the Stipulation Order resolved the
                                            matter without the necessity of taking formal action. Red Earth agreed to pay a civil penalty
                                            of $10,000, which was paid on July 29, 2021. On August 26, 2021, the Company and the Company's
                                            Chief Cultivation Officer and previous owner of Red Earth, Paris Balaouras, entered into
                                            a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement
                                            (the "Purchase Agreement"), dated December 15, 2017, entered into between the
                                            Company and Red Earth was terminated as of the date of the Termination Agreement resulting
                                            in the return of ownership of Red Earth to Mr. Balaouras. Neither party shall have any further
                                            obligation to one another pursuant to the terms of the Purchase Agreement.
The below discussions are as of the date stated
(unless specifically noted otherwise) and should be read in conjunction with financial statements and notes thereto for the applicable
period referenced. These discussions may include information that has since changed and may not be consistent with other sections of
this prospectus.
64
Results
of Operations
Three
Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021
Revenues
The
Company's revenue was $31,841 for the three months ended March 31, 2022, compared to $307,375 for the three
months ended March 31, 2021. The decrease in revenue for the three months ended March 31, 2022 versus the three
months ended March 31, 2021 was largely attributable to the termination of the management agreement with Acres Cultivation,
LLC. Revenue, by class, is as follows:
For the three months ended
March 31,
2022
2021
Revenues:
Rental income (i)
$
31,841
$
19,861
Management income (ii)
-
202,951
Equipment lease income (ii)
-
84,563
Total
$
31,841
$
307,375
(i)
The
    rental income is from the Company's THC Park.
(ii)
In
    April 2018, the Company entered into a management agreement with Acres Cultivation, LLC, a Nevada limited liability company (the
    "Licensed Operator") that holds a license for the legal cultivation of marijuana for sale under the laws of the State
    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (85%) percent of gross revenues defined as
    gross proceeds from sales of marijuana products minus applicable state excise taxes and local sales tax. The agreement is to remain
    in force until April 2026. In April 2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian
    cannabis company. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. The Company will not  generate any further revenue under the Acres relationship.
65
Operating
Expenses
Direct
costs of revenues were $- and $- for the three months ended March 31, 2022 and 2021, respectively.
For the three months ended
Direct costs of revenue:
March 31,
2022
2021
Management and equipment lease income
$
-
$
-
Total
$
-
$
-
The
direct costs of revenue of $- for the three months ended March 31, 2022 is attributable to: labor, compliance, testing
and others related expenses – all of which are directly related to the Consulting and Equipment Lease Agreements with the Licensed
Operator.
General
and administrative
For
the three months ended March 31, 2022, our general and administrative expenses were $1,764,943 compared to $2,805,927
for the three months ended March 31, 2021, resulting in a decrease of $1,040,984. The decrease was largely
attributable to the termination of the management agreement with Acres Cultivation, LLC.
Other
Income (Expense)
For
the three months ended March 31, 2022, our other income (expense) were $59,896 compared to $9,836,205 for
the three months ended March 31, 2021, resulting in a decrease in other income of $9,776,309. The decrease
was largely attributable to the Company's liquidation of its marketable securities held for sale during the three months
ended March 31, 2021 as compared to no liquidation of marketable securities in the three months ended March 31, 2022.
Net
Income (Loss)
Net
loss attributable to common shareholders was ($1,720,482) for the three months ended March 31, 2022, compared to net income
of $7,240,183 for the three months ended March 31, 2021. The decrease in net income for the three months
ended March 31, 2022 as compared to the same period in 2021 is largely attributable to the Company's liquidation
of its marketable securities held for sale during the three months ended March 31, 2021 as compared to no liquidation of marketable
securities in the three months ended March 31, 2022.
Year
Ended December 31, 2021 Compared
to the Year ended December 31, 2020
The
Company's historical financial statements prior to the reverse merger were replaced with the historical financial statements of
Red Earth, the "accounting acquirer," based on the accounting treatment for reverse merger transactions.
Revenues
Revenues
were $241,870 for the year ended December 31, 2021 compared to $822,845 for the year ended December 31, 2020.
For the years ended
December 31,
2021
2020
Revenues:
Rental income (i)
$
74,003
$
140,391
Management income (ii)
30,989
587,237
Equipment lease income (ii)
12,912
95,217
Product sales (iii)
123,966
-
Total
$
241,870
$
822,845
(i)
The
    rental income is from the Company's THC Park.
(ii)
In
    April 2018, the Company entered into a management agreement with Acres Cultivation, LLC, a Nevada limited liability company (the
    "Licensed Operator") that holds a license for the legal cultivation of marijuana for sale under the laws of the State
    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (85%) percent of gross revenues defined as
    gross proceeds from sales of marijuana products minus applicable state excise taxes and local sales tax. The agreement is to remain
    in force until April 2026. In April 2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian
    cannabis company. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. The Company does not anticipate that it will generate any further revenue under the Acres relationship.
(iii)
Product
    sales from Company inventory. As part of the termination of the Acres Cultivation, LLC Cultivation and Sales Agreement, the Company
    was given cannabis available for resale. Sales in 2021 include product sold to third parties and product given in exchange for rent.
    Please
see
Note 4 — Inventory
within the Company's financial statement for the year ended December 31, 2021
    for further information.
66
Operating
Expenses
Direct
cost of revenue was $341,626 for the year ended December 31, 2021 compared to $1,206,960 for the year ending December 31, 2020, resulting
in a decrease of $865,334. The decrease was largely attributable to the termination of the management agreement with Acres Cultivation,
LLC.
Year ended
December 31,
Direct costs of revenue:
2021
2020
Rental income
$
-
$
-
Management and lease equipment income
-
1,206,960
Product sales
341,626
-
Total
$
341,626
$
1,206,960
General
and administrative, marketing and selling expenses were $4,903,085 for the year ended December 31, 2021 compared to $2,064,911 for the
year ended December 31, 2020, resulting in an increase of $2,838,174. The increase was largely attributable to an increase in the Company's
payment for payroll expenses and the settlement of its rights participation agreement.
Depreciation
and amortization were $293,937 for the year ended December 31, 2021 compared to $453,887 for the year ended December 31, 2020, resulting
in a decrease of $159,950. The decrease was largely attributable to disposal of the Company's subsidiary, Red Earth.
Other
income (expenses)
Other
income (expenses) were $12,454,417 for the year ended December 31, 2021 compared to ($147,878) for the year ended December 31, 2020,
resulting in an increase of $12,602,295. The increase was largely attributable to the gain on sale of marketable securities of $9,857,429
and other income of $2,416,357.
Net
income (loss)
Net
income (loss) was $3,530,331 for the year ended December 31, 2021 compared to loss of ($3,973,128) for the year ended December 31, 2020,
resulting in an increase of $7,503,459. The increase in net income in 2021 is largely attributable to the gain on sale of marketable
securities of $9,857,429 and other income of $2,416,357.
Liquidity
and Capital Resources
Working
Capital
The
following table summarizes the working capital at March 31, 2022 and December 31, 2021:
Three months ended March 31, 2022
Year ended December 31, 2021
Current Assets
$
3,980,880
$
5,247,526
Current Liabilities
$
4,770,677
$
4,389,984
Working Capital (Deficit)
$
(789,797
)
$
857,542
At March 31, 2022, the
Company had cash of $3,321,111 and total current assets of $3,980,880 compared with cash of $4,699,372 and total current assets of $5,247,526
at December 31, 2021. The decrease in total current assets largely attributable to the termination of the management agreement with Acres
Cultivation, LLC.
The overall working capital (deficit) increased from $857,542 at December
31, 2021 to ($789,797) at March 31, 2022.
Cash
Flows
The
following table summarizes the cash flows for the three months ended March 31, 2022 and 2021:
2022
2021
Cash Flows:
Net cash  (used in) operating activities
(930,110
)
(2,685,338
)
Net cash (used by) provided by investing activities
(98,151
)
11,223,890
Net cash (used in) provided by financing activities
(350,000
)
(1,177,728
)
Net increase (decrease) in cash
(1,378,621
)
7,360,824
Cash at beginning of period
4,699,372
117,536
Cash at end of period
$
3,321,111
$
7,478,360
The
Company had cash of $3,321,111 at March 31, 2022 compared with cash of $7,478,360 at March 31, 2021.
67
Operating
Activities
Net
cash used in operating activities for the three months ended March 31, 2022, was $930,110 versus $2,685,338
for the three months ended March 31, 2021. The decrease in cash used in operating activities for the three months
ended March 31, 2022 included a net loss of $1,720,482 offset by an increase in accounts payable and
accrued expenses of $799,166.
Investing
Activities
Net
cash (used in) provided by investing activities during the three months ended March 31, 2022, was ($98,151)
as compared to $11,223,890 for the three months ended March 31, 2021. The decrease in cash provided by investing
activities for the three months ended March 31, 2022 is largely attributable to the proceeds from the sale of its marketable
securities held for sale related to the sale of the Company's equity holding in the common stock of Healthier Choice Management
Corporation ("HCMC") during the three months ended March 31, 2021 as compared to no liquidation of marketable securities
in the three months ended March 31, 2022.
Financing
Activities
Net
cash (used in) financing activities during the three months ended March 31, 2022, was ($350,000) as compared to
($1,177,728) for the three months ended March 31, 2021. The decrease in cash flow from financing activities for
the three months ended March 31, 2022 is largely attributable to repayment on notes payable of $350,000.
We
currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that
will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.
We
are dependent on the sale of our securities to fund our operations and will remain so until we generate sufficient revenues to pay for
our operating costs. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the
form of cash advances, loans and/or financial guarantees.
If
we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals.
There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have
not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing
in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we
are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we
fail to raise funds, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.
Our
independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern and
believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. Please
see
Note
3 — Going Concern
within the Company's financial statement for the three months ended March
31, 2022 for further information.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements.
Critical
Accounting Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
68
Recent
Accounting Pronouncements
There
were various updates recently issued, most of which represented technical corrections to the accounting literature or application to
specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results
of operations or cash flows. See the Notes to the Financial Statements for more information.
OTC
Markets Considerations
As
discussed elsewhere in this registration statement, the Company's common stock is currently traded on the OTCQB Marketplace
under the symbol "MJNE."
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS
Directors
and Executive Officers
The
names and ages of our Directors and Executive Officers are set forth below. Our By-Laws provide for not less than one Director. All Directors
are elected annually by the stockholders to serve until the next annual meeting of the stockholders and until their successors are duly
elected and qualified. The officers are elected by our Board.
Name of Officer/Director
Age
Position with Company
Director Since
Paris Balaouras (1)
50
Chief Cultivation Officer and Chairman of the Board of Directors
December 15, 2017
Roger J. Bloss (2)
63
Chief Executive Officer and Director
April 1, 2019
Bernard Moyle (3)
63
Chief Financial Officer and
Secretary
————
David Dear ()
67
Director
October 1, 2020
(1)
Mr. Balaouras was appointed to the Board of Directors on December
    15, 2017 and retained as the Company's Chief Cultivation Officer on September 15, 2020.
(2)
Mr. Bloss was appointed to the Board of Directors on April 1, 2019 and retained as the Company's
    interim Chief Executive Officer on September 15, 2020.
(3)
Mr. Moyle was retained as the Company's corporate Secretary on September 15, 2020. On
    March 16, 2021, Mr. Moyle was appointed as Interim Chief Financial Officer upon the resignation of Mr. Kelly. Mr. Moyle currently
    serves as the Company's Secretary and Interim Chief Financial Officer.
(4)
Mr. Dear was appointed to the Board of Directors on October 1, 2020.
Business Experience
The following is a brief overview of the education
and business experience of each of the Company's directors and executive officers during at least the past five years, including
their principal occupations or employment during the period, the name and principal business of the organization by which they were employed,
and certain of their other directorships:
Paris Balaouras
has served as
Chief Cultivation Officer since September 15, 2020 and Chairman of the Board since December 15, 2017. Mr. Balaouras has more than ten
years of experience in the development and operations of legal cannabis businesses, including license acquisition, facility management,
cannabis cultivation, and legislative initiatives. Mr. Balaouras was the founding and managing partner of Acres Medical, LLC ("Acres
Medical") from April 2014 until February 2016. While with Acres Medical, Mr. Balaouras was instrumental in raising investment capital
for the acquisition of five Nevada Medical and Recreational Marijuana Establishment Certificates, the development and opening of a 20,000
square foot dispensary in Las Vegas, Nevada, and the acquisition of a 37-acre cultivation facility in the Amargosa Valley, Nevada, creating
the largest cultivation site in the State of Nevada. From 2012 until 2016, while serving as the Principal Officer at Natural Remedy Patient
Center, Mr. Balaouras obtained an Arizona dispensary, cultivation, and production license. Mr. Balaouras is a member of the Nevada Dispensary
Association, Americans for Safe Access, and the National Organization for the Reform of Marijuana Law. Mr. Balaouras' extensive
experience and background with entities related to the Company's core business initiatives uniquely qualifies him to serve on the
Company's Board of Directors.
Roger J. Bloss
has served as
interim Chief Executive Officer of September 15, 2020 and elected to the Company's Board of Directors on April 1, 2019. Mr. Bloss
has more than 40 years of experience in the hospitality industry and has served in executive positions with several major hotel franchise
companies including as Executive VP and President of Global Development at Red Lion Hotels Corp. and President and Chief Executive Officer
of Vantage Hospitality Group, Inc. which he co-founded in 1996. Mr. Bloss' vast business and senior level management experience,
with both private and public companies, makes him highly qualified to serve on the Company's Board of Directors.
69
Bernard Moyle
has served as
the Company's Secretary since September 15, 2020. From 1987 to present, Mr. Moyle served as Founder and Chief Operating Officer
of Cal-Vegas, Ltd, a hotel management company and its parent company, Thirty-Eight Street, Inc. The former is focused on hotel management
and the latter on providing accounting and bookkeeping services. From 1999 to present, Mr. Moyle served as Founder and Chief Operating
Officer of VHGI, Inc., f/k/a Vantage Hospitality Group, Inc ("VHGI"). In late 2016, VHGI along with an affiliate, sold its
approximately 1,400 franchisee/member Hotel Brands and operations to Red Lion Hotel Corporation ("RLH Corp"), a publicly
traded company. Mr. Moyle became an Executive Vice-President and Chief Operating Officer of RLH Corp through the transition and held
this post for approximately two years. Mr. Moyle remains a consultant to RLH Corp. Mr. Moyle also serves as the Managing Partner and
President of The Country Club of Coral Springs, an 18-hole, par 71 Championship Golf Course and Country Club located in Coral Springs,
FL. Mr. Moyle has held several volunteer posts for the City of Coral Springs, FL, including Chairman of the Board for the Economic Development
Foundation, Vice Chair of the Community Redevelopment Authority and twice Chair of the Charter Review Committee. Mr. Moyle has also served
as a member of the board of the Florida Restaurant & Lodging Association, both State and Broward County (Fort Lauderdale) and is
a past Co-Chair of the Tourism Committee of the Broward Workshop. Prior to founding Cal-Vegas, Mr. Moyle practiced law for 18 years in
Fort Lauderdale, FL. Mr. Moyle holds a Bachelor's degree from Salisbury State University, Salisbury, MD and Juris Doctor from the
Shepard Broad School of Law at Nova Southeastern University, FL where he was recognized as a Distinguished Alumni of the Year and is
a former treasurer and president of the alumni association. Mr. Moyle also holds a Certified Hotel Administrator accreditation via the
American Hotel & Lodging Association, Education Institute.
David Dear
was appointed to
the Company's Board of Directors on October 1, 2020. From 2015 to the present, David C. Dear has served as the President of Newgrass
Brewing Company as well as the Managing Member for Hudson Phoenix, LLC, a property management company. From 2011-2015, Mr. Dear served
as an economic development consultant for Industrial Recruiting. Prior to that, Mr. Dear served in several different roles, such as grant
administrator, data processing manager, county finance director and county manager/administrator with local government administrations.
Mr. Dear currently serves as the Board Chairman for the local government Federal Credit Union of Raleigh, NC as well as a director on
the Board of Trustees of the North Carolina State Retirement Systems. Mr. Dear received his Bachelor of Sciences degree in Accounting
with a minor in Finance from the University of North Carolina Charlotte.
Significant Employees
At March 31, 2022
and December 31, 2021, the Company did not have any significant employees other than its executive officers.
Family
Relationships
There
are no family relationships among the directors and executive officers.
70
EXECUTIVE
COMPENSATION
Executive
Compensation
Summary
Compensation Table
The following table provides
certain summary information concerning the compensation earned for services rendered to the Company for the fiscal years ended December
31, 2021 and 2020, by its Chief Executive Officer and its other most highly compensated executive officers (the "named
executive officers") who served in such capacities at the end of the fiscal year ended December 31, 2020. Except as provided below,
none of its named executive officers received any other compensation required to be disclosed by law in excess of $10,000 annually.
Name and Principal Position
Year
Salary- Paid or accrued ($)
Bonus ($)
Stock Awards ($)
Option Awards ($)
Non-Equity Incentive Plan Compensation
    ($)
Change in Pensions Value and Nonqualified
    Deferred Compensation Earnings
($)
All Other Compensation ($)
Total ($)
Paris Balaouras
Chief Cultivation Officer and Director (1)
2021
142,355
-
-
-
-
-
-
142,355
2020
100,625
-
-
-
-
-
-
100,625
Roger J. Bloss
Chief Executive Officer and Director (2)
2021
164,619
-
-
-
-
-
-
164,619
2020
30,625
-
166,667
-
-
-
-
197,292
Bernard Moyle
Interim Chief Financial Officer, Secretary (3)
2021
78,653
-
-
-
-
-
-
78,653
2020
17,500
-
333,333
-
-
-
-
350,833
(1)
Mr.
    Balaouras was appointed Chief Cultivation Officer on September 15, 2020 and appointed as Chairman of the Board on December 15, 2017
(2)
Mr.
    Bloss was appointed as interim Chief Executive Officer on September 15, 2020 and elected to the Company's Board of Directors
    on April 1, 2019.
(3)
Mr.
    Moyle was appointed Secretary on September 15, 2020. On March 16, 2021, Mr. Moyle was appointed as interim Chief Financial Officer
    upon the resignation of Jim Kelly. Mr. Moyle currently serves as the Company's Secretary and Interim Chief Financial Officer.
Outstanding Equity Awards at Fiscal Year-End
The following table provides information with
respect to outstanding stock option awards for shares of the Company's common stock classified as exercisable and unexercisable
as of December 31, 2021, for the named executive officers.
Option
    Awards
Stock
    Awards
Name
Number
    of Securities Underlying Unexercised Options (#) Exercisable
Number
    of Securities Underlying Unexercised Options (#) Unexercisable
Equity
    Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)
Option
    Exercise Price ($)
Option Expiration
    Date
Number
    of Shares or Units of Stock That Have Not Vested (#)
Market
    Value of Shares or Units of Stock That Have Not Vested ($)
Equity
    Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)
Equity
    Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)
Paris Balaouras
500,000
-
-
0.75
9/15/2023
-
-
-
-
Roger J. Bloss
500,000
-
-
0.75
9/15/2023
-
-
-
-
Bernard Moyle
500,000
-
-
0.75
9/15/2023
-
-
-
-
71
We
have no plans in place and have never maintained any plans that provide for the payment of retirement benefits or benefits that will
be paid primarily following retirement including, but not limited to, tax qualified deferred benefit plans, supplemental executive retirement
plans, tax-qualified deferred contribution plans and nonqualified deferred contribution plans.
Except
as indicated below, we have no contracts, agreements, plans or arrangements, whether written or unwritten, that provide for payments
to the named executive officers listed above.
Equity
Compensation, Pension or Retirement Plans
No
retirement, pension, profit sharing or insurance programs or other similar programs have been adopted by the Company for
the benefit of its employees.
Audit
and Compensation Committees
On
October 2, 2019, the Company established an audit committee which is chaired by Roger Bloss, the Company's Interim Chief Executive
Officer and a Director of the Company and established a compensation committee which is chaired by Paris Balaouras, the Company's
Chief Cultivation Officer and a Director of the Company. The Company's common stock is not currently listed on any national exchange
and it is not required to maintain such committees by any self-regulatory agency.
Options/SARS
Grants During Last Fiscal Year
None.
Directors'
Compensation
Fees
                                            Earned
or
                                            Paid
in
                                            Cash
($)
Stock
Awards
($)
Option
Awards
($)
Non-Equity
Incentive
                                            Plan
Compensation
($)
Nonqualified
                                            Deferred Compensation Earnings
($)
All
                                            Other
Compensation
($)
Total
($)
Name
Year
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Roger J. Bloss
2021
$
3,750
$
16,250
-
-
-
-
$
20,000
2020
-
11,250
-
-
-
-
11,250
Paris Balaouras
2021
$
3,750
$
16,250
-
-
-
-
$
20,000
2020
-
11,250
-
-
-
-
11,250
David Dear
2021
$
3,750
$
16,250
-
-
-
-
$
20,000
2020
-
11,250
-
-
-
-
11,250
On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss, Dear and Balaouras (collectively, the "Directors").
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($15,000.00), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares
of the Company's common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.
On March 26, 2021, the Company's Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors' cash compensation was revised to stock compensation in the following manner: $3,750 divided by the closing
stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.
On September 30, 2021, the Company's Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company's common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.
Code of Ethics
The Company has adopted a code of ethics within
the meaning of Item 406 of Regulation S-K promulgated under the Securities Act of 1933, as amended, titled, "Business Conduct:
"Code of Conduct and Policy," that applies to all of the Company's employees, including its principal executive officer,
principal financial officer and principal accounting officer, and the Board. The Company intends to disclose any changes in or waivers
from its code of ethics by posting such information on its website or by filing a Current Report on Form 8-K.
72
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The
following table sets forth certain information, as of July 29, 2022, with respect to any person (including any "group",
as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) who is
known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities, and as to those shares of
our equity securities beneficially owned by each of our directors and executive officers and all of our directors and executive officers
as a group. Unless otherwise specified in the table below, such information, other than information with respect to our directors and
executive officers, is based on a review of statements filed with the Securities and Exchange commission (the "Commission")
pursuant to Sections 13 (d), 13 (f), and 13 (g) of the Exchange Act with respect to our common stock.
The
                                            number of shares of common stock beneficially owned by each person is determined under the
                                            rules of the Commission and the information is not necessarily indicative of beneficial ownership
                                            for any other purpose. Under such rules, beneficial ownership includes any shares as to which
                                            such person has sole or shared voting power or investment power and also any shares which
                                            the individual has the right to acquire within sixty (60) days after the date hereof, through
                                            the exercise of any stock option, warrant or other right. Unless otherwise indicated, each
                                            person has sole investment and voting power (or shares such power with his or her spouse)
                                            with respect to the shares set forth in the following table. The inclusion herein of any
                                            shares deemed beneficially owned does not constitute an admission of beneficial ownership
                                            of those shares.
The
table below shows the number of shares beneficially owned as of July 29, 2022 by each of our individual directors and executive
officers, by other holders of 5% or more of the outstanding stock and by all our current directors and executive officers as a group.
The
percentage of beneficial ownership is based on 81,077,355 shares of our common stock as of July 29, 2022 that includes,
79,327,355 shares of common stock outstanding as of July 29, 2022, 1,500,000 shares issuable upon exercise of the options
issued to our executive officers and 250,000 shares issuable upon exercise of the warrant issued in connection with the July 2020 Securities
Purchase Agreement.
73
Common Stock
Beneficially
Percentage of
Name of Beneficial Owner (1)
Owned
Common Stock (2)
Roger Bloss (3)(4)
2,640,226
3.26
%
Bernard Moyle (5)(6)
1,028,200
1.27
%
Paris Balaouras (7)(8)
20,936,913
25.82
%
David Dear (9)(10)
1,720,965
2.12
%
Officers and Directors as a Group
26,326,304
32.47
%
Five Percent Beneficial Owners:
Doug Brown (11)(12)
11,652,279
14.37
%
Sunstate Futures, LLC (13)(14)
7,000,000
8.63
%
*
Equals
                                            less than 1%
(1)
Beneficial
    Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment
    power with respect to securities. Shares of common stock subject to options, warrants, or convertible debt currently exercisable
    or convertible, or exercisable or convertible within 60 days of July 29, 2022 are deemed outstanding for computing percentage
    of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any person. Percentages
    are based on a total of shares of common stock outstanding on July 29, 2022, and the shares issuable upon exercise of options,
    warrants exercisable, and debt convertible on or within 60 days of July 29, 2022.
(2)
The
    number of common shares outstanding used in computing the percentages is 81,077,355.
(3)
Included
    within Roger Bloss' beneficial ownership includes 2,140,226 shares of common stock and 500,000 shares of common stock
    issuable upon exercise of the option issued to Mr. Bloss as per the terms of the Employment Agreement dated September 1, 2020.
(4)
The
    address for Mr. Bloss is 2580 S. Sorrel St, Las Vegas, NV 89146.
(5)
Included within Bernard Moyle's
    beneficial ownership includes 528,200 shares of common stock and 500,000 shares of common stock issuable upon exercise of the option
    issued to Mr. Moyle as per the terms of the Employment Agreement dated September 1, 2020.
(6)
The address for Mr. Moyle is
    2580 S. Sorrel St, Las Vegas, NV 89146.
(7)
Included
                                            within Paris Balaouras' beneficial ownership includes 20,319,500 shares of common stock
                                            held by Roll On, LLC, 117,413 shares of common stock held in Mr. Balaouras'
                                            name and 500,000 shares of common stock issuable upon exercise of the option issued to Mr.
                                            Balaouras as per the terms of the Employment Agreement dated September 1, 2020. Mr. Balaouras
                                            is the sole owner of Roll On, LLC, a Nevada limited liability company.
(8)
The address for Mr. Balaouras
    and Roll On, LLC is 2580 S. Sorrel St, Las Vegas, NV 89146.
(9)
Included
                                            within David Dear's beneficial ownership includes 1,720,965 shares of common
                                            stock.
(10)
The
    address for Mr. Dear is 2580 S. Sorrel St, Las Vegas, NV 89146.
(11)
Included
                                            within Doug Brown's ownership include 10,000,000 shares of common stock acquired in
                                            May of 2019 pursuant to the Company's Regulation D private placement offering, 1,402,279
                                            shares of common stock issued as per the terms of the Securities Purchase Agreement in July
                                            2020 and 250,000 shares issuable upon exercise of the warrant issued in connection with the
                                            July 2020 Securities Purchase Agreement.
(12)
The
    address for Mr. Brown is 1300 South Dekalb St., Shelby, NC 28152.
(13)
Included within Sunstate Futures,
    LLC's beneficial ownership includes 7,000,000 shares of common stock issued as per the terms of the Common Stock Purchase Agreement
    between the Company and Sunstate Futures, LLC dated July 8, 2022.
(14)
The principal of Sunstate Futures,
    LLC is Jim Kelly and its address is 3507 Acorn St., Tampa, FL 33619.
74
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market
Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters.
Market
Information
The
Common Stock of the Company is currently trading on the OTCQB Marketplace under the symbol "MJNE." The following information
reflects the high and low closing prices of the Company's common stock on the OTCQB Marketplace.
Closing Bid Price Per Share
Closing Bid Price Per Share
2021
2020
High
Low
High
Low
First Quarter
1.67
0.235
0.33
0.15
Second Quarter
0.745
0.29
0.19
0.11
Third Quarter
0.485
0.271
0.15
0.09
Fourth Quarter
0.45
0.253
0.28
0.11
●
Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down
  or commission and may not necessarily represent actual transactions.
Holders
As
of July 29, 2022, the approximate number of stockholders of record of the Common Stock of the Company was 147.
Dividend
Policy
The
Company has never declared or paid any cash dividends on its common stock. We currently intend to retain future earnings, if any, to
finance the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future.
75
Indemnification
for Securities Act Liabilities
Our
Certificate of Incorporation provides to the fullest extent permitted by Nevada Law that our directors or officers shall not be
personally liable to us or our shareholders for damages for breach of such director's or officer's fiduciary duty. The effect
of this provision of our Articles of Incorporation is to eliminate our rights and our shareholders (through shareholders' derivative
suits on behalf of our company) to recover damages against a director or officer for breach of the fiduciary duty of care as a director
or officer (including breaches resulting from negligent or grossly negligent behavior), except under certain situations defined by statute.
We believe that the indemnification provisions in our Articles of Incorporation, as amended, are necessary to attract and retain qualified
persons as directors and officers.
Our
By-Laws also provide that the Board of Directors may also authorize us to indemnify our employees or agents, and to advance the reasonable
expenses of such persons, to the same extent, following the same determinations and upon the same conditions as are required for the
indemnification of and advancement of expenses to our directors and officers. As of the date of this Registration Statement, the Board
of Directors has not extended indemnification rights to persons other than directors and officers.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
us pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
Where
You Can Find More Information
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock we and
the selling stockholders are offering by this prospectus. This prospectus does not contain all of the information included in the registration
statement. For further information pertaining to us and our common stock, you should refer to the registration statement and to its exhibits.
Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily
complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract, agreement or
other document.
We
are subject to the informational requirements of the Securities Exchange Act of 1934 and file annual, quarterly and current reports,
proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet
at the SEC's website at www.sec.gov. You may also read and copy any document we file with the SEC at its public reference facility
at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.
You
may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.
Legal
Proceedings
We
know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has
a material interest adverse to us.
●
None
    of our executive officers or directors have (i) been involved in any bankruptcy proceedings within the last five years, (ii) been
    convicted in or has pending any criminal proceedings (other than traffic violations and other minor offenses), (iii) been subject
    to any order, judgment or decree enjoining, barring, suspending or otherwise limiting involvement in any type of business, securities
    or banking activity or (iv) been found to have violated any Federal, state or provincial securities or commodities law and such finding
    has not been reversed, suspended or vacated.
From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business.
MJ
Holdings, Inc. Complaint
On
December 14, 2021, MJ Holdings, Inc. (the "Plaintiff") filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie
Small (collectively, the "Defendants"). In the Complaint, the Plaintiff alleges that the Defendants have refused to return
the cannabis that was being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to
return the cannabis to Plaintiff, or Plaintiff's designee, the Defendants have deprived Plaintiff of the ability to sell, transfer
or market the product. In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of
dollars in money and/or cannabis in exchange for returning the cannabis. As of the date of this filing, pleadings are pending.
Gappy
and Shaba Compliant
On
December 3, 2021, a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the "Defendants")
by Ziad Gappy and David Shaba (collectively, the "Plaintiffs"). In the Complaint, the Plaintiffs allege the Defendants made
misleading statements and/or omissions relating to the Company in the Plaintiffs' negotiation to purchase shares of MJ Holdings,
Inc. In addition, the Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and
Defendants, MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and
the Defendants have failed to start the Western Project.
The Defendants will vigorously defend
themselves against this action and will file
an appropriate and timely answer to the Complaint including a lengthy and comprehensive
series of affirmative defenses and liability and damage avoidances. As of the date of this filing, the Defendants have yet to file an
answer.
DGMD
Complaint
On
March 19, 2021, a Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras,
Dimitri Deslis, ATG Holdings, LLC and Curaleaf, Inc. (collectively, the "Defendants") by DGMD Real Estate Investments, LLC,
ARMPRO, LLC, Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the "Plaintiffs") in the
District Court of Clark County, Nevada.
In
the Complaint, the Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put
that money towards the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants'
agents, and (ii) the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings "Investment
Schemes", and (iii) the Defendants intended to fraudulently obtain Plaintiffs' money for the purpose of harming the Plaintiffs
to benefit the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement
to defraud the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.
As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company's consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed
an
appropriate and timely answer to the Complaint including a lengthy and comprehensive series of affirmative defenses and liability and
damage avoidances. As of the date of this filing, discovery has commenced and written discovery has been exchanged between the parties.
Tierney
Arbitration
On
March 9, 2021, Terrence Tierney, the Company's former President and Secretary, filed for arbitration with the American Arbitration
Association for: (i) breach of contract, (i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim.
Mr. Tierney demanded payment in the amount of $501,085 for deferred business compensation, expenses paid on behalf of the Company, accrued
vacation and severance pay. On April 7, 2021, the Company made payment against the wage claim in the amount of $62,392, inclusive of
$59,583 for wages and $2,854 for accrued vacation and, as such posits that any claims that Tierney may have had have been paid in full
and that the Company otherwise has no liability. The Company filed a counterclaim in the action declaring that Tierney breached the contract
of employment, committed fraud, malfeasance and other nefarious acts causing substantial damage to the Company with estimated monetary
damages well in excess of any monetary claim made by Tierney. After recent arbitrator rulings favorable to the Company, the parties
agreed to postpone the June arbitration and have referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and conferred and
are scheduled to proceed with arbitration on November 7-10, 2022.
76
Experts
The
validity of the shares of common stock offered hereby will be passed upon for the Registrant by Law Offices of Gary L. Blum. The financial
statements for the years ended December 31, 2021 and 2020 for MJ Holdings, Inc. included in this prospectus and elsewhere
in the registration statement have been audited by Sadler, Gibb & Associates, LLC as indicated in its report with respect thereto,
and are included herein in reliance upon the authority of said firm as experts in auditing and accounting in giving said reports.
Changes
in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
CORPORATE
GOVERNANCE
Governance
of Our Company
We
seek to maintain high standards of business conduct and corporate governance, which we believe are fundamental to the overall success
of our business, serving our shareholders well and maintaining our integrity in the marketplace. Our corporate governance guidelines
and code of business conduct, together with our Articles of Incorporation, Bylaws and the charters for each of our Board committees,
form the basis for our corporate governance framework. We also are subject to certain provisions of the Sarbanes-Oxley Act and the rules
and regulations of the SEC. The full text of the Code of Conduct is available on our website at https://www.mjholdingsinc.com.
Our
Board of Directors
Our
Board currently consists of three members. The number of directors on our Board can be determined from time to time by action
of our Board.
Our
Board believes its members collectively have the experience, qualifications, attributes and skills to effectively oversee the management
of our Company, including a high degree of personal and professional integrity, an ability to exercise sound business judgment on a broad
range of issues, sufficient experience and background to have an appreciation of the issues facing our Company, a willingness to devote
the necessary time to their Board and committee duties, a commitment to representing the best interests of the Company and our stockholders
and a dedication to enhancing stockholder value.
Risk
Oversight.
Our Board oversees the management of risks inherent in the operation of our business and the implementation of our business
strategies. Our Board performs this oversight role by using several different levels of review. In connection with its reviews of the
operations and corporate functions of our Company, our Board of Directors addresses the primary risks associated with those operations
and corporate functions. In addition, our Board of Directors reviews the risks associated with our Company's business strategies
periodically throughout the year as part of its consideration of undertaking any such business strategies. Each of our Board committees
also coordinates oversight of the management of our risk that falls within the committee's areas of responsibility. In performing
this function, each committee has full access to management, as well as the ability to engage advisors. The Board also is provided updated
by the CEO and other executive officers of the Company on a regular basis.
Shareholder
Communications.
Although we do not have a formal policy regarding communications with the Board, shareholders may communicate with
the Board by writing to us at 2580 S. Sorrel St., Las Vegas, NV 89146, Attention: Investor Relations or via e-mail communication
at info@mjholdingsinc.com. Shareholders who would like their submission directed to a member of the Board may so specify, and the
communication will be forwarded, as appropriate. Please note that the foregoing communication procedure does not apply to (i) shareholder
proposals pursuant to Exchange Act Rule 14a-8 and communications made in connection with such proposals or (ii) service of process or
any other notice in a legal proceeding.
77
Board
Committees
On
October 2, 2019, the Company established an audit committee which is chaired by Roger Bloss, the Company's Interim Chief Executive
Officer and a Director of the Company and established a compensation committee which is chaired by Paris Balaouras, the Company's
Chief Cultivation Officer and a Director of the Company. The Company's common stock is not currently listed on any national exchange
and it is not required to maintain such committees by any self-regulatory agency.
Director Compensation
On
September 15, 2020, the Company entered into a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss,
Dear and Balaouras (collectively, the "Directors"). Under the terms of the Agreement, each of the Directors shall provide
services to the Company as a member of the Board of Directors for a period of not less than one year. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company's common stock on the last calendar day of each quarter.
The Agreement for each of the Directors is effective as of October 1, 2020.
On
March 26, 2021, the Company's Board of Directors elected to revise the terms of the Board of Directors Services Agreement for each
director. Section 2 (Compensation) was revised such that the directors' cash compensation was revised to stock compensation in
the following manner: $3,750 divided by the closing stock price on the last business day of each quarter multiplied by 1.10. The remainder
of Section 2 is unchanged.
On
September 30, 2021, the Company's Board of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original
terms. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars ($15,000.00), paid in four
(4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (15,000) shares of the Company's common
stock on the last calendar day of each quarter. The revision became effective on September 30, 2021.
Code of Ethics
The Company has adopted a code of ethics within
the meaning of Item 406 of Regulation S-K promulgated under the Securities Act of 1933, as amended, titled, "Business Conduct:
"Code of Conduct and Policy," that applies to all of the Company's employees, including its principal executive officer,
principal financial officer and principal accounting officer, and the Board. The Company intends to disclose any changes in or waivers
from its code of ethics by posting such information on its website or by filing a Current Report on Form 8-K.
78
INDEX
                                            TO FINANCIAL STATEMENTS
Page
Number
Condensed
    Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021
F-1
Condensed Consolidated Statements of Operations for the three and three months ended March 31, 2022 and 2021 (Unaudited)
F-2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2022 and 2021 (Unaudited)
F-3
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)
F-4
Notes to Condensed Consolidated Financial Statements
F-5
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID: 3627)
F-19
Consolidated
    Balance Sheets as of December 31, 2021 and 2020
F-20
Consolidated
    Statements of Operations for the Years Ended December 31, 2021 and 2020
F-21
Consolidated
    Statements of Changes in Stockholders' Equity (Deficit) for the Years Ended December 31, 2021 and 2020
F-22
Consolidated
    Statements of Cash Flows for the Years Ended December 31, 2021 and 2020
F-23
Notes
    to Consolidated Financial Statements
F-24
79
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS
Current assets
Cash
$
3,321,111
$
4,699,372
Accounts receivable
18,849
7,989
Prepaid expenses
2,604
-
Convertible note receivable
500,000
500,000
Loan receivable – related party
138,316
40,165
Total current assets
3,980,880
5,247,526
Property and equipment, net
2,512,498
2,578,931
Deposits
1,016,184
1,016,184
Total non-current assets
3,528,682
3,595,115
Total assets
$
7,509,562
$
8,842,641
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses
$
1,655,128
$
1,750,402
Contract liabilities
1,735,000
1,404,444
Income taxes payable
277,000
277,000
Current portion of long-term notes payable
1,020,139
874,728
Current portion of operating
lease obligation
83,410
83,410
Total current liabilities
4,770,677
4,389,984
Non-current liabilities
Operating lease obligation, net of current portion
686,274
686,274
Total non-current liabilities
686,274
686,274
Total liabilities
5,456,951
5,076,258
Commitments and contingencies (Note 10)
Stockholders' equity (deficit)
Preferred stock, $
0.001
par value,
5,000,000
shares authorized,
0
shares issued; Series A convertible Preferred stock $
1,000
stated value,
2,500
authorized,
0
shares issued and outstanding
-
-
Common stock, $
0.001
par value,
95,000,000
shares authorized,
71,501,667
and
71,501,667
shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
71,500
71,500
Additional paid-in capital
20,286,607
20,279,897
Common stock issuable
84
84
Accumulated deficit
(
18,193,111
)
(
16,472,629
)
Total stockholders' equity attributable to MJ Holdings, Inc.
2,165,080
3,878,852
Noncontrolling interests
(
112,469
)
(
112,469
)
Total shareholders' equity
2,052,611
3,766,383
Total liabilities and stockholders' equity
$
7,509,562
$
8,842,641
The
accompanying notes are an integral part of these consolidated financial statements.
F-
1
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the three months ended
March 31,
2022
2021
Revenue, net
$
31,841
$
307,375
Operating expenses
General and administrative
1,764,943
2,805,927
Depreciation
42,394
97,470
Marketing and selling
4,882
-
Total operating expenses
1,812,219
2,903,397
Operating loss
(
1,780,378
)
(
2,596,022
)
Other income (expense)
Interest expense
(
26,028
)
(
17,227
)
Interest income
23,980
4,662
Miscellaneous expense
-
(
4,586
)
Miscellaneous income
17,500
-
Loss on conversion of related party note payable
-
(
310,526
)
Gain on sale of marketable securities
-
9,857,429
Gain on sale of luxury box
44,444
-
Gain on sale of commercial building
-
260,141
Other income
-
46,312
Total other income (expense)
59,896
9,836,205
Net income (loss) before income taxes
(
1,720,482
)
7,240,183
Provision for income tax
-
-
Net income (loss)
$
(
1,720,482
)
$
7,240,183
Net income (loss) attributable
                                      to common stockholders per share:
Net loss per share - basic
$
(
0.02
)
$
0.11
Net loss per share -
diluted
$
(
0.02
)
$
0.11
Weighted average number of shares outstanding - basic
71,501,667
68,877,240
Weighted average number of shares outstanding - diluted
71,501,667
69,097,364
The
accompanying notes are an integral part of these consolidated financial statements.
F-
2
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
For
    the three months ended March 31, 2022 and 2021
Common
Stock Issuable
Common
    Stock
Additional
    paid in
Non
    Controlling
Accumulated
Shares
Amount
Shares
Amount
Capital
Interest
Deficit
Total
Balance
    at January 1, 2022
82,554
$
84
71,501,667
$
71,500
$
20,279,897
$
(
112,469
)
$
(
16,472,629
)
$
3,766,383
Stock based
    compensation
-
-
-
-
6,710
-
-
6,710
Net loss for the period ended
    March 31, 2022
-
-
-
-
-
-
(
1,720,482
)
(
1,720,482
)
Balance
    at March 31, 2022
82,554
$
84
71,501,667
$
71,500
$
20,286,607
$
(
112,469
)
$
(
18,193,111
)
$
2,052,611
Balance at
    January 1, 2021
-
$
-
68,613,541
$
68,613
$
18,748,688
$
(
112,469
)
$
(
20,002,960
)
$
(
1,298,128
)
Common stock
    to be issued for termination of rights participation agreement
1,000,000
1,000
-
-
629,000
-
-
630,000
Issuance of
    common stock for services
-
-
225,000
225
134,775
-
-
135,000
Issuance of
    common stock for cash
-
-
263,158
263
49,737
-
-
50,000
Issuance of
    common stock for loan payable conversion
-
-
526,316
526
410,000
-
-
410,526
Stock based
    compensation
-
-
-
-
7,841
-
-
7,841
Net loss
    for the period ended March 31, 2021
-
-
-
-
-
-
7,240,183
7,240,183
Balance
    at March 31, 2021
1,000,000
$
1,000
69,628,015
$
69,627
$
19,980,041
$
(
112,469
)
$
(
12,762,777
)
$
7,175,422
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the three months ended
March 31,
2022
2021
Cash Flows from Operating Activities
Net income (loss)
$
(
1,720,482
)
$
7,240,183
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right to use asset
-
19,468
Common stock issued for prepaid services
-
135,000
Depreciation
42,394
97,470
Gain on sale of cost method investments
-
(
9,857,429
)
Gain on sale of commercial building
-
(
260,141
)
Gain on sale of luxury box
(
44,444
)
-
Stock based compensation
6,710
7,841
Common stock to be issued for termination of rights participation agreement
-
630,000
Loss on conversion of related party note payable
-
310,526
Changes in operating assets and liabilities:
Accounts receivable
(
10,850
)
(
5,666
)
Prepaid expenses
(
2,604
)
(
210,000
)
Deposits
-
(
700,444
)
Accounts payable and accrued liabilities
799,166
(
89,030
)
Other current assets
-
(
50,000
)
Other current liabilities
-
66,352
Operating lease liability
-
(
19,468
)
Net cash (used in) operating activities
(
930,110
)
(
2,685,338
)
Cash Flows from Investing Activities
Purchase of property and equipment
-
(
111,039
)
Proceeds from sale of commercial building
-
1,627,500
Purchase of marketable securities
-
(
200,000
)
Proceeds from the issuance of convertible note receivable
-
(
300,000
)
Proceeds from the sale of marketable securities
-
10,207,429
Loan receivable
(
98,151
)
-
Net cash (used in) provided by investing activities
(
98,151
)
11,223,890
Financing activities
Proceeds from notes payable
-
300,000
Repayment of notes payable
(
350,000
)
(
1,527,728
)
Proceeds from common stock issued for cash
-
50,000
Net cash (used in) financing activities
(
350,000
)
(
1,177,728
)
Net change in cash
(
1,378,261
)
7,360,824
Cash, beginning of period
4,699,372
117,536
Cash, end of period
$
3,321,111
$
7,478,360
Supplemental disclosure of cash flow information:
Interest paid
$
-
$
72,684
Income taxes paid
$
-
$
-
Non-cash investing and financing activities:
Issuance of stock for conversion of related party note payable
$
-
$
100,000
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
1 —
Nature of the Business
MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development – currently concentrated in the Las Vegas market. It is the Company's intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to "prove the concept" profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.
The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to
the formation of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability
Company, formed on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to
change its name to Securitas EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR
Filings, Inc., a Nevada corporation. On February 14, 2014, the Company amended and restated its Articles of Incorporation and
changed its name to MJ Holdings, Inc.
On
November 22, 2016, in connection with a plan to divest the Company of its real estate business, the Company submitted to its stockholders
an offer to exchange (the "Exchange Offer") its common stock for shares in MJ Real Estate Partners, LLC, ("MJRE")
a newly formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company accepted for
exchange
1,800,000
shares of its Common Stock in exchange for 1,800,000 shares of MJRE's common units, representing membership
interests in MJRE. Effective February 1, 2017, the Company transferred its ownership interests in the real estate properties and
its subsidiaries, through which the Company held ownership of the real estate properties, to MJRE. MJRE also assumed the senior
notes and any and all obligations associated with the real estate properties and business, effective February 1, 2017.
Note
2 —
Summary of Significant Accounting Policies
Principles
of Consolidation
The consolidated financial statements include
the accounts of the Company and its wholly owned subsidiaries, Icon Management, LLC, Condo Highrise Management, LLC, Prescott Management,
LLC and its majority owned subsidiary, Alternative Hospitality, Inc. Inter-company balances and transactions have been eliminated in
consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in the determination
of the fair value of financial instruments and the valuation of stock-based compensation. Some of these judgments can be subjective and
complex, and, consequently, actual results may differ from these estimates.
Cash
Cash includes cash on hand and deposits placed
with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months
or less. The Company maintains its cash in bank deposit accounts.
The Company, at various times throughout the year,
had cash in financial institutions in excess of Federally insured limits. However, the Company has not experienced any losses in such
accounts and believes it is not exposed to any significant credit risk on its credit balances.
Fair
Value of Financial Instruments
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March
31, 2022 and December 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated
their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate
carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they
are payable on demand.
The
Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement
assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous market.
F-
5
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
2 — Summary of Significant Accounting Policies (continued)
Level
1:
The preferred inputs to valuation efforts are "quoted prices in active markets for identical assets or liabilities,"
with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations
of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively
few items, especially physical assets, actually trade in active markets.
Level
2
: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they
do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided
a second level of inputs that can be applied in these situations.
Level
3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities
are less precise. The board describes Level 3 inputs as "unobservable," and limits their use by saying they "shall
be used to measure fair value to the extent that observable inputs are not available." This category allows "for situations
in which there is little, if any, market activity for the asset or liability at the measurement date". The FASB explains
that "observable inputs" are gathered from sources other than the reporting company and that they are expected to
reflect assumptions made by market participants.
Accounts
Receivable and Allowance for Doubtful Accounts:
Accounts
receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established,
as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in
estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for
doubtful accounts to accounts receivable and current economic conditions. The determination of the collectability of amounts due
from customer accounts requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts
are determined based on assessing the Company's portfolio on an individual customer and on an overall basis. This process
consists of a review of historical collection experience, current aging status of the customer accounts, and the financial condition
of the Company's customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific
customers and the accounts receivable portfolio as a whole.
March
    31,
2022
December
    31,
2021
Accounts
    receivable
$
53,781
$
50,179
Less
    allowance
(
34,932
)
(
42,190
)
Net
    accounts receivable
$
18,849
$
7,989
Debt
Issuance Costs
Costs
associated with obtaining, closing, and modifying loans and/or debt instruments are netted against the carrying amount of the
debt instrument, and charged to interest expense over the term of the loan.
Inventory
Inventory is comprised of raw materials, finished
goods and work-in-process such as pre-harvested cannabis plants and by-products to be extracted. The costs of growing cannabis, including
but not limited to labor, utilities, nutrition and supplies, are capitalized into inventory until the time of harvest. All direct and
indirect costs related to inventory are capitalized when incurred, and subsequently classified to cost of goods sold in the Consolidated
Statements of Operations. Work-in-process is stated at the lower of cost or net realizable value, determined using the weighted average
cost. Raw materials and finished goods inventory is stated at the lower of cost or net realizable value, with cost being determined on
the first-in, first-out ("FIFO") method of accounting. Net realizable value is determined as the estimated selling price
in the ordinary course of business less estimated costs to sell. The Company periodically reviews physical inventory for excess, obsolete,
and potentially impaired items and reserves. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such
inventory is written down to net realizable value. Packaging and supplies are initially valued at cost. The reserve estimate for excess
and obsolete inventory is based on expected future use. The reserve estimates have historically been consistent with actual experience
as evidenced by actual sale or disposal of the goods.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line
method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs
that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated
depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations.
Construction
in progress primarily represents the construction or the renovation costs stated at cost less any accumulated impairment loss,
which is not depreciated. Costs incurred are capitalized and transferred to property and equipment upon completion, at which time
depreciation commences.
F-
6
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
2 — Summary of Significant Accounting Policies (continued)
Property
and equipment are depreciated over their estimated useful lives as follows:
Buildings
12
years
Land
Not depreciated
Construction in progress
Not depreciated
Leasehold Improvements
Lessor of lease term or 5 years
Machinery and Equipment
5
years
Furniture and Fixtures
5
years
Long–lived
Assets
Long-lived
assets, including real estate property and intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their
carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired,
the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair value.
Impairment
of Long-lived Assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset's carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, "Impairment
or Disposal of Long-Lived Assets." ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted
cash flow analysis or appraisals. The Company recorded an impairment of its long-lived assets in the amount of $
-
and $
14,845
for the three months ended March 31, 2022 and year
ended December 31, 2021, respectively.
Non-
Controlling Interest
The
Company's non-controlling interest represents the minority shareholder's ownership interest related to the Company's
subsidiary, Alternative Hospitality, Inc. The Company reports its non-controlling interest in subsidiaries as a separate component of
equity in the Consolidated Balance Sheets and reports both net loss attributable to the non-controlling interest and net loss attributable
to the Company's common shareholders on the face of the Consolidated Statements of Operations. The Company's equity interest
in Alternative Hospitality, Inc. is
51
% and the non-controlling stockholder's interest is
49
%. This is reflected in the Consolidated
Statements of Equity.
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") 606 –
Revenue from Contracts with
Customers
using the modified retrospective method. There was no impact upon adoption of ASC 606 on our consolidated financial statements.
The new revenue standard was applied prospectively in the Company's consolidated financial statements from January 1, 2018 forward
and reported financial information for historical comparable periods will not be revised and will continue to be reported under the accounting
standards in effect during those historical periods.
Generally,
the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process
outlined in the Accounting Standards Codification ("ASC") 606:
Step
1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved
the contract and are committed to perform their respective obligations, (b) the entity can identify each party's rights
regarding the goods or services to be transferred, (c) the entity can identify the payment terms for the goods or services to
be transferred, (d) the contract has commercial substance and it is probably that the entity will collect substantially all of
the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.
Step
2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance
obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct
goods or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract
includes multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are
capable of being distinct within the context of the contract. If these criteria are not met, the goods or services are accounted
for as a combined performance obligation.
Step
3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize
as revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to
determine the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration,
the Company would determine the amount of variable consideration that should be included in the transaction price based on expected
value method. Variable consideration would be included in the transaction price, if in the Company's judgement, it is probable
that a significant future reversal of cumulative revenue under the contract would not occur.
Step
4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate
the transaction price to each performance obligation in the contract. If the contract only has one performance obligation, the
entire transaction price will be applied to that obligation. If the contract has multiple performance obligations, the transaction
price is allocated to the performance obligations based on the relative standalone selling price (SSP) at contract inception.
Step
5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods
or services are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of
the promised good or service underlying that performance obligation to the customer. Control is the ability to direct the use
of and obtain substantially all of the remaining benefits from an asset. It includes the ability to prevent other entities from
directing the use of and obtaining the benefits from an asset. Indicators that control has passed to the customer include: a present
obligation to pay; physical possession of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s).
Performance obligations can be satisfied at a point in time or over time.
F-
7
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
2 — Summary of Significant Accounting Policies (continued)
All
of the Company's revenue, during the three months ended March 31, 2022, was derived as rental income from the Company's THC
Park. The majority of the Company's revenue, during the three months ended March 31, 2021, was derived under the agreements,
Consulting Agreement and Equipment Lease Agreement, entered into with Acres Cultivation, LLC. Revenue derived from consulting services
fees are recognized over the term of the arrangement as services are provided. Revenue is presented net of discounts, fees and other
related taxes. Revenue derived from equipment leases
is
recognized when the lease agreement is entered into and control of the equipment has passed to the customer. The Company's remaining
revenue is derived from its rental property in Nye County, Nevada. Rental revenue for operating leases is recognized on a straight-line
basis over the term of the lease. Rental revenue recognition commences when the leased space is available for use by the lessee.
For the three months ended
March 31,
2022
2021
Revenues:
Rental income (i)
$
31,841
$
19,861
Management income (ii)
-
202,951
Equipment lease income (ii)
-
84,563
Total
$
31,841
$
307,375
(i)
The rental income is from the Company's THC Park.
(ii)
In April 2018, the Company entered into a management agreement with
    Acres Cultivation, LLC, a Nevada limited liability company (the "Licensed Operator") that holds a license for the legal
    cultivation of marijuana for sale under the laws of the State of Nevada. In January of 2019, the Company entered into a revised agreement,
    which replaced the April 2018 agreement, with the Licensed Operator in order to be more stringently aligned with Nevada marijuana
    laws. The material terms of the agreement remain unchanged. The Licensed Operator is contractually obligated to pay over to the Company
    eighty-five (
85
%) percent of gross revenues defined as gross proceeds from sales of marijuana products minus applicable state excise
    taxes and local sales tax. The agreement is to remain in force until
April 2026
. In April 2019, the Licensed Operator was acquired
    by Curaleaf Holdings, Inc., a publicly traded Canadian cannabis company. On January 21, 2021, the Company received a Notice of Termination,
    effective immediately, from Acres Cultivation, LLC. The Company will not generate any further revenue under the Acres relationship.
Contract
Balances
The Company receives payments for new Cultivation
and Sales Agreements (the "Agreements") upon signing and defers revenue recognition for these payments until certain milestones
are met as per the terms of the Agreements. In addition, the Company sold its luxury suite at the Raiders Stadium and amortizes the income
from this sale at each home game. These payments represent contract liabilities and are recorded as such on the balance sheet. As of
March 31, 2022 and December 31, 2021, the Company had $
1,735,000
and $
1,404,444
contract liabilities, respectively.
Stock-Based
                                         Compensation
The
Company's share-based payment awards principally consist of grants of common stock. In accordance with the applicable accounting
guidance, stock-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company
measures compensation cost based on the grant date fair value and recognizes compensation expense in the consolidated statements
of operations over the requisite service or performance period the award is expected to vest. The fair value of liability-classified
awards is at each reporting date through the settlement date. Change in fair value during the requisite service period will be
remeasured as compensation cost over that period.
The
Company utilizes its historical stock price to determine the volatility of any stock-based compensation.
The
expected dividend yield is 0% as the Company has not paid any dividends on its common stock and does not anticipate it will pay
any dividends in the foreseeable future.
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant date with a term equal to
the expected term of the stock-based award.
For
stock-based financial instruments issued to parties other than employees, the Company uses the contractual term of the financial
instruments as the expected term of the stock-based financial instruments.
The
assumptions used in calculating the fair value of stock-based financial instruments represent its best estimates, but these estimates
involve inherent uncertainties and the application of management judgment. As a result, if factors change and it uses different assumptions,
its stock-based compensation expense could be materially different in the future.
F-
8
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
2 — Summary of Significant Accounting Policies (continued)
Operating
                                         Leases
The Company adopted ASC Topic 842, Leases, on
January 1, 2019. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use ("ROU")
assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities
represent the Company's obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease
liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. As
the Company's leases do not provide an implicit rate, the Company used its estimated incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. A number of the lease agreements contain options to
renew and options to terminate the leases early. The lease term used to calculate ROU assets and lease liabilities only includes renewal
and termination options that are deemed reasonably certain to be exercised.
The Company recognized lease liabilities, with
corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months.
The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized
lease incentives provided by lessors. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease
term and is recorded in selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes
and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable
lease payments are based occur. The Company has elected not to separate lease and non-lease components for all property leases for the
purposes of calculating ROU assets and lease liabilities.
Income
                                         Taxes
Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers
it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Tax
benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of
being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred
as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of
the reporting periods presented.
Recent
Accounting Pronouncements
Stock
Based Compensation:
In June 2018, FASB issued ASU No. 2018-07,
Compensation – Stock Compensation (Topic 718)
,
Improvements to Nonemployee Share Based Payment Accounting.
The
amendments in this Update expand the scope of stock compensation to include share-based payment transactions for acquiring goods
and services from nonemployees. The guidance in this Update does not apply to transactions involving equity instruments granted
to a lender or investor that provides financing to the issuer. The guidance is effective for fiscal years beginning after December
31, 2018 including interim periods within the fiscal year. The Company adopted with an effective date of January 1, 2019.
Note
3 —
Going Concern
The
Company has recurring net losses, which have resulted in an accumulated deficit of $
18,193,111
as of March 31, 2022. The Company
had negative cash flows from operations of $
930,110
for the three months ended March 31, 2022.
These factors raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance
of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company's ability to
further implement its business plan, raise capital, and generate revenues. The Financial Statements do not include any adjustments that
might be necessary if the Company is unable to continue as a going concern.
The
Company's current capital resources include cash. Historically, the Company has financed its operations
principally through equity and debt financing.
F-
9
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
4 —
Inventory
Inventory
at March 31, 2022 and December 31, 2021 consisted of the following:
March 31,
2022
December 31,
2021
Inventory – finished goods (i)
$
1,271,402
$
1,271,402
Storage inventory (ii)(iii)
498,675
498,675
Less reserve
(
1,770,077
)
(
1,770,077
)
Inventory, net
$
-
$
-
(i)
On
    January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation, LLC. During the year
    ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its
260
Acres adjacent to the
    Acres lease. As part of the termination, the Company was granted the right to retain 3,654 lbs. of cannabis from the Cultivation
    Facility.
(ii)
On
    April 14, 2021, the Company entered into a storage work order with TapRoot Labs ("TapRoot"). Under the terms of the work
    order, the Company stored 1827 lbs. of fresh frozen flower ("Product") with TapRoot at a rate of $
6,000
/ month. Rent
    was payable through Product stored with TapRoot at the rate of $175/lb. The work order had a term of 5 months and then continued
    on a month-to-month basis upon the same terms. At March 31, 2022, the Company had 979.41 lbs. stored with TapRoot. The Company
    has elected to reserve the full amount of Product stored with TapRoot as it does not anticipate any future sales will be made.
(iii)
On
    April 13, 2021, the Company entered into a Storage & Purchase Agreement (the "Agreement") with AP Management, LLC
    ("AP"). Under the terms of the Agreement, the Company stored 1827 lbs. of fresh frozen flower ("Product")
    with AP. AP was granted the exclusive right to purchase the Product at a rate of $175/lb for the first 30 days of storage. After
    30 days, the Company had the right to make sales to third parties. At March 31, 2022, the Company had 1827 lbs. stored with AP.
    The Company has elected to reserve the full amount of Product stored with AP as it does not anticipate any future sales will be made.
    Please
see
Item 1. Legal Proceedings
for further information.
Note 5 —
Note Receivable
Note receivable at March 31, 2022 and December
31, 2021 consisted of the following:
March 31,
2022
December 31,
2021
Note receivable- GeneRx (i)
500,000
500,000
Total
$
500,000
$
500,000
i.
On March 12, 2021, the Company (the "Holder")
was issued a Convertible Promissory Note (the "Note") by GeneRx (the "Borrower"), a Delaware corporation, in
the amount of $
300,000
.
The Note has a term of
one
year
(March 12, 2022 Maturity Date) and accrues interest at two percent
(
2
%)
per annum.
The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a fixed conversion price of $
1.00
per share. Upon an Event of Default, the Conversion Price shall equal the
Alternate Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings
by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization,
reclassifications, extraordinary distributions and similar events). The "Alternate Conversion Price" shall equal the lesser
of (i)
80
%
multiplied by the average of the three lowest daily volume weighted average prices ("VWAP") during the previous twenty (
20
)
Trading Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the
Market Price (as defined herein) (representing a discount rate of 20%). "Market Price" means the average of the three lowest
daily VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion
Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four percent
(24%) per annum from the due date thereof until the same is paid (the "Default Interest"). The Company funded $
300,000
on March 15, 2021, $
150,000
on April 2, 2021 and $
50,000
on April 7, 2021. As of March 31, 2022, $
500,000
principal was due on the Note.
ii.
The convertible note receivable is considered available for sale
    debt securities with a private company that is not traded in active markets. Since observable price quotations were not available
    at acquisition, fair value was estimated based on cost less an appropriate discount upon acquisition. The discount of each instrument
    is accreted into interest income over the respective term as shown within the Company's Condensed Consolidated Statements of
    Operations.
Note
6 —
Property and Equipment
Property
and equipment at March 31, 2022 and December 31, 2021 consisted of the following:
March
    31,
2022
December
    31,
2021
Leasehold
    Improvements
$
256,323
$
654,628
Machinery
    and Equipment
646,025
244,583
Building
    and Land
1,650,000
1,650,000
Furniture
    and Fixtures
566,220
566,220
Total
    property and equipment
3,118,568
3,115,431
Less:
    Accumulated depreciation
(
606,070
)
(
536,500
)
Property
    and equipment, net
$
2,512,498
$
2,578,931
Depreciation
expense for the three months ended March 31, 2022 and 2021 was $
42,394
and $
97,470
, respectively.
Note
7 —
Intangible Assets
In
October 2016, Red Earth, LLC ("Red Earth"), a Nevada limited liability company, entered into an Asset Purchase and Sale Agreement
with the owner of a provisional Medical Marijuana Establishment Registration Certificate (the "Provisional Grow License")
issued by the state of Nevada for the cultivation of medical marijuana for $
300,000
. To initiate the purchase and transfer the Provisional
Grow License, the Company paid a $
25,000
deposit to the seller in October 2016.
The
Provisional Grow License remains in a provisional status until the Company has completed the build out of a cultivation facility and
obtained approval from the state of Nevada to begin cultivation in the approved facility. Once approval from the state of Nevada is received,
the Company begins the cultivation process.
On
December 15, 2017, the Company acquired
100
% of the outstanding membership interests of Red Earth for
52,732,969
shares of common stock
of the Company, par value $
0.001
and a Promissory Note in the amount of $
900,000
. Red Earth became a wholly owned subsidiary (the "Subsidiary")
of the Company.
On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.
On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order")
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $
10,000
, which
was paid on July 29, 2021.
On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
"Agreement") with Red Earth, LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for
expenses related to the activation and operation of Red Earth's cultivation license. The Loan shall bear interest at
12
% per annum
and increase to
18
% upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $
5,000
to $
7,500
per month. As of March 31, 2022, the amount due the Company under the short-term loan is $
40,165
.
On
August 26, 2021, the Company and the Company's Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase Agreement"),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. Please
see
Note 14 — Related Party Transactions
for further information.
On
September 2, 2021, the Company received approval of the Termination Agreement from the CCB.
F-
10
MJ
                                         HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
8 —
Deposits
Deposits
as of March 31, 2022 and December 31, 2021 consist of the following:
March
                                            31,
2022
December 31,
2021
MJ Distributing, Inc. (i)
1,016,184
1,016,184
Total
$
1,016,184
$
1,016,184
(i)
On
    February 5, 2021, the Company (the "Purchaser") executed a Membership Interest Purchase Agreement ("MIPA3")
    with MJ Distributing, Inc. (the "Seller") to acquire all of the outstanding membership interests of MJ Distributing C202,
    LLC and MJ Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license
    and a provisional medical and recreational production license. In consideration of the sale, transfer, assignment and delivery of
    the Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of
    cash, promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($
1,250,000.00
) in cash and/or
    promissory notes and
200,000
shares of the Company's restricted common stock, all of which constitutes the consideration agreed
    to herein for (the "
Purchase Price
"), payable as follows:
(i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business days after the Nevada Cannabis Compliance Board ("CCB") provides notice on its agenda that the Licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.
Note
9 —
Notes Payable
Notes
payable as of March 31, 2022 and December 31, 2021 consist of the following:
March
    31,
2022
December
    31,
2021
Note
    payable bearing interest at
5.0
%, originated January 17, 2019, due on January 31, 2022, originally $
750,000
(i)
$
896,535
$
750,000
Note
    payable bearing interest at
6.5
%
    originated April 1, 2019, due on March 31, 2022, originally $
250,000
(ii)
123,604
124,728
Total
    notes payable
$
1,020,139
$
874,728
Less:
    current portion
(
1,020,139
)
(
874,728
)
Long-term
    notes payable
$
-
$
-
(i)
On
    January 17, 2019, the Company executed a promissory note for $
750,000
with
    FR Holdings LLC (the "Holder"), a Wyoming limited liability company. The Noted Secured by Deed of Trust (the
    "Secured Note") accrues interest at
5.0
%
per
    annum, payable in regular monthly installments of $
3,125
,
    due on or before the same day of each month
beginning February 1, 2019 until January 31, 2022 at which the entire principal and any then accrued interest thereon shall be due and payable. As of December 31, 2021, $
750,000
principal and $
0
interest remain due.
On February 4, 2022, the Company entered into a Note Modification Agreement (the
    "Agreement") with the Holder amending the terms of the Secured Note. The Parties agree that the maturity date of the
    Secured Note being January 31, 2022, had passed and that the balance of the Secured Note is now due (currently Seven-Hundred and
    Fifty-Thousand Dollars ($
750,000.00
),
    and the parties also agree that the conditions in the Secured Note requiring the assessment of the additional Five-Hundred Thousand
    Dollars ($
500,000.00
)
    consulting fee was triggered bringing the total amount owed by the Company under the terms of the Secured Note to One-Million
    Two-Hundred Fifty-Thousand Dollars ($
1,250,000.00
).
    Under the terms of the Agreement, the Company made a payment in the amount of $
357,342.88
bringing
    the new principal balance to $
900,000
.
    The interest rate shall be
7
%
    per annum.
Future
    payments shall be calculated on a 20-year amortization with a balloon payment in three years
. The first monthly payment
    of $
6,977.69
was
    made on March 25, 2022 with the final balloon payment due on February 1, 2025.
As of March 31, 2022, $
896,535
principal remains due.
(ii)
On
                                                                              April 1, 2019, the Company executed a promissory note for $
250,000
with
                                                                              John T. Jacobs and Teresa D. Jacobs. The note accrues interest at
6.5
% per
                                                                              annum, payable in regular monthly installments of $
2,178
,
                                                                              due on or before the same day of each month beginning May 1, 2019 until March 31, 2020 at which time a principal reduction
                                                                              of $
50,000
shall
                                                                              be due,
the payments shall be re-amortized (15-year amortization).
On or before March 31, 2021, a second principal reduction of $
50,000
shall
                                                                              be due, the payments shall be re-amortized (15-year amortization). Payments shall continue to be paid until March 31, 2022, at which
                                                                              time the entire sum of principal and accrued interest shall be due and payable. As of March 31, 2022, $
123,604
principal remains due.
Amount
Fiscal
    year ending December 31:
2022
(excluding the three months ended March 31, 2022)
$
1,020,139
2023
-
2024
-
2025
-
Thereafter
-
Total
    minimum loan payments
$
1,020,139
F-
11
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
10 —
Commitments and Contingencies
Employment
Agreements
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Paris Balaouras (the "Employee").
Under the terms of the Agreement, the Employee shall serve as the Company's Chief Cultivation Officer for a term of three
(
3
) years (the "Term") commencing on September 15, 2020
. The Employee shall receive a base salary of $
105,000
annually,
shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board
of directors of the Company in its sole discretion, in amount equal to up to
100
% of Employee's base salary for the then
current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in
equal increments of 1/3
rd
each over a three year period beginning on the first anniversary of employment, shall be
eligible to receive a compensatory stock grant of
667,000
shares for and in consideration of past compensation ($
224,000
at September
15, 2020) foregone by Employee; such grant exercisable at Employee's option as such time as Employer is profitable at the
NOI level on a trailing twelve (12) month basis or upon other commercial reasonable terms as the Board may determine and shall
be awarded options to purchase
500,000
shares of the Company's common stock, exercisable at a price of $
.75
per share.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Roger Bloss. Under the
terms of the Agreement, the Employee shall serve as the Company's Interim Chief Executive Officer for a term of six (6)
months and the Chief Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for
a total of three (
3
) years (the "Term") commencing on September 15, 2020
. The Employee shall receive a base salary
of $
105,000
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria
determined by the board of directors of the Company in its sole discretion, in amount equal to up to
100
% of Employee's
base salary for the then current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term
which shall be vested in equal increments of 1/3
rd
each over a three year period beginning on the first anniversary
of employment and shall be awarded options to purchase
500,000
shares of the Company's common stock, exercisable at a price
of $
.75
per share.
On September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve as the Company's Secretary/Treasurer for a term of three (
3
) years (the "Term") commencing on September 15, 2020.
The Employee shall receive a base salary of $
60,000
annually, shall be eligible
to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board of directors of
the Company in its sole discretion, in amount equal to up to
200
% of Employee's base salary for the then current fiscal
year, shall, at commencement of the Term receive a grant of stock of
500,000
shares and shall be eligible to receive an annual
discretionary stock grant during the Term which shall be vested in equal increments of 1/3
rd
each over a three year
period beginning on the first anniversary of employment and shall be awarded options to purchase
500,000
shares of the Company's
common stock, exercisable at a price of $
.75
per share. On March 16, 2021, Mr. Moyle assumed the role of interim Chief Financial
Officer upon the resignation of Mr. Kelly. The terms of Mr. Moyle's Agreement did not change.
Board
of Directors Services Agreements
On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss, Dear and Balaouras (collectively, the "Directors").
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($
15,000.00
), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (
15,000
) shares
of the Company's common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.
On March 26, 2021, the Company's Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors' cash compensation was revised to stock compensation in the following manner: $
3,750
divided by the
closing stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.
On September 30, 2021, the Company's Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($
15,000.00
), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (
15,000
) shares of the Company's common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.
F-
12
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
10 — Commitments and Contingencies (continued)
Operating
Leases
The
Company leases a two production / warehouse facility under a non-cancelable operating lease that expires in June 2027 and September
2029, respectively
.
As
of March 31, 2022, the Company recorded operating lease liabilities of $
686,274
and right of use assets for operating leases
of $
0
.
During the three months ended March 31, 2022,
operating cash outflows relating to operating lease liabilities was $
-
.
As of March 31, 2022, the Company's
operating leases had a weighted-average remaining term of
4.2
years.
Future
minimal rental and lease commitments under non-cancelable operating leases with terms in excess of one year as of March 31, 2022,
are as follows:
Amount
Fiscal year ending December 31:
2022
(excluding the three months ended March 31,
    2022)
90,000
2023
120,000
2024
120,000
2025
120,000
2026
120,000
Thereafter
330,000
Total minimum
    lease payments
$
900,000
Rent
expense, incurred pursuant to operating leases for the three months ended March 31, 2022 and 2021, was $
30,000
and $
60,937
,
respectively.
Litigation
From time to time, the
Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. When the Company
is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result
and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition to the estimated
loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation is subject to
inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company business.
There is no pending litigation involving the Company at this time.
MJ Holdings, Inc.
Complaint
On December 14, 2021,
MJ Holdings, Inc. (the "Plaintiff") filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie Small (collectively,
the "Defendants"). In the Complaint, the Plaintiff alleges that the Defendants have refused to return the cannabis that was
being stored for Plaintiff under a Storage and Purchase Agreement entered into with AP Management. By failing to return the cannabis
to Plaintiff, or Plaintiff's designee, the Defendants have deprived Plaintiff of the ability to sell, transfer or market the product.
In addition, the Defendants have sought to unlawfully extort the Plaintiff for illicit payments of thousands of dollars in money and/or
cannabis in exchange for returning the cannabis.
Gappy and Shaba Compliant
On December 3, 2021,
a Complaint was filed against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the "Defendants") by Ziad Gappy
and David Shaba (collectively, the "Plaintiffs"). In the Complaint, the Plaintiffs allege the Defendants made misleading
statements and/or omissions relating to the Company in the Plaintiffs' negotiation to purchase shares of MJ Holdings, Inc. In addition, the
Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and Defendants and that
MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and the Defendants
have failed to start the Western Project.
DGMD Complaint
On March 19, 2021, a
Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras, Dimitri Deslis,
ATG Holdings, LLC and Curaleaf, Inc. (collectively, the "Defendants") by DGMD Real Estate Investments, LLC, ARMPRO, LLC,
Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the "Plaintiffs") in the District Court
of Clark County, Nevada.
In the Complaint, the
Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put that money towards
the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants' agents, and (ii)
the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings "Investment Schemes",
and (iii) the Defendants intended to fraudulently obtain Plaintiffs' money for the purpose of harming the Plaintiffs to benefit
the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement to defraud
the Plaintiffs. The Plaintiffs allege that damages are in excess of $15,000.
As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company's consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed
an appropriate and timely answer to the Complaint including
a lengthy and comprehensive series of affirmative defenses and liability and damage avoidances. As of the date of this filing, discovery
has commenced and written discovery has been exchanged between the parties.
Tierney Arbitration
On March 9, 2021, Terrence Tierney, the Company's
former President and Secretary, filed for arbitration with the American Arbitration Association for: (i) breach of contract, (i) breach
of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage claim. Mr. Tierney demanded payment in the amount of $
501,085
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance pay. On April 7, 2021, the
Company made payment against the wage claim in the amount of $
62,392
, inclusive of $
59,583
for wages and $
2,854
for accrued vacation
and, as such posits that any claims that Tierney may have had have been paid in full and that the Company otherwise has no liability.
The Company filed a counterclaim in the action declaring that Tierney breached the contract of employment, committed fraud, malfeasance
and other nefarious acts causing substantial damage to the Company with estimated monetary damages well in excess of any monetary claim
made by Tierney. After recent arbitrator rulings favorable to the Company, the parties agreed to postpone the June arbitration and have
referred the matter to mediation. On June 23, 2022, the parties participated in mediation without resolution. The parties have met and
conferred and are scheduled to proceed with arbitration on November 7-10, 2022.
F-
13
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
11 —
Stockholders' Equity (Deficit)
General
The
Company is currently authorized to issue up to
95,000,000
shares of Common Stock and
5,000,000
shares of preferred stock, par
value $
0.001
per share.
Common
Stock
Of
the
95,000,000
shares of Common Stock authorized by the Company's Articles of Incorporation,
71,501,667
shares of Common
Stock are issued and outstanding as of March 31, 2022. Each holder of Common Stock is entitled to one vote per share on all matters
to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common Stock
are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally
available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend to pay
any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings, if any,
for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders of Common
Stock are entitled, unless otherwise provided by law or the Company's Articles of Incorporation, including any certificate of designations
for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences of preferred
stockholders. Holders of the Company's Common Stock do not have preemptive, conversion, or other subscription rights. There are
no redemptions or sinking fund provisions applicable to the Company's Common Stock.
Common
Stock Issuances
For
the three months ended March 31, 2022, the Company issued and/or sold the following unregistered securities:
None
F-
14
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
11 — Stockholders' Equity (Deficit) (continued)
At March 31, 2022 and December 31, 2021,
there are
71,501,667
and
71,501,667
shares of Common Stock issued and outstanding, respectively.
Preferred
Stock
The
Board is authorized, without further approval from our stockholders, to create one or more series of preferred stock, and to designate
the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly, the Board
may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other rights
that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of our Common Stock, diluting the voting power of our Common Stock,
impairing the liquidation rights of our Common Stock, or delaying or preventing a change in control of us, all without further
action by our stockholders. Of the
5,000,000
shares of preferred stock, par value $
0.001
per share, authorized in our Articles
of Incorporation,
2,500
shares are designated as Series A Convertible Preferred Stock.
Series
A Convertible Preferred Stock
Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $
1,000
) by the conversion price (currently,
$
0.75
). The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation.
We are prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion,
the holder (together with such holder's affiliates and any persons acting as a group with holder or any of such holder's
affiliates) would beneficially own in excess of
4.99
% of the number of shares of Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon conversion.
A holder, upon notice to us, may increase or decrease
this beneficial ownership limitation; provided, that, in no event can the holder increase the beneficial ownership limitation
in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon the conversion of the Series A Preferred Stock then held by holder
. Such increase of the beneficial ownership
limitation cannot be effective until the 61
st
day after such notice is given to us and shall apply only to such holder.
The Series A Preferred Stock has no voting rights; however, as long as any shares of Series A Preferred Stock are outstanding,
we are not permitted, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A
Preferred Stock to (i) alter or change adversely the powers, preferences, or rights given to the Series A Preferred Stock or alter
or amend the Series A Preferred Stock Certificate of Designation, (ii) amend our Articles of Incorporation or other charter documents
in any manner that adversely affects any rights of the holders, (iii) increase the number of authorized shares of Series A Preferred
Stock, or (iv) enter into any agreement with respect to any of the forgoing.
F-
15
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
11 — Stockholders' Equity (Deficit) (continued)
Preferred
Stock Issuances
For
the three months ended March 31, 2022
None
At
March 31, 2022 and December 31, 2021, there were
0
and
0
shares of Series A Preferred Stock issued and outstanding, respectively.
Note
12 —
Basic and Diluted Earnings (Loss) per Common Share
Basic
earnings (loss) per share is computed by dividing the net income or net loss available to common stockholders by the weighted
average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury
stock method and reflects the potential dilution that could occur if warrants were exercised and were not anti-dilutive.
For
the three months ended March 31, 2022, basic and diluted loss per common share were the same since there were no potentially dilutive
shares outstanding during the respective periods. The outstanding options as of March 31, 2022, to purchase
1,500,000
shares of common stock were not included in the calculations of diluted loss per share because the impact would have been anti-dilutive.
Note
13 —
Stock Based Compensation
Warrants
and Options
A
summary of the warrants and options issued, exercised and expired are below:
Stock
Options
On
September 15, 2020, the Company issued an option to purchase
500,000
shares of common stock to each of Messrs. Balaouras, Bloss and Moyle
as per the terms of their employment agreements. The options have a strike price of $
0.75
and expire on the three-year anniversary date.
A
summary of the options issued, exercised and expired are below:
Options:
Shares
Weighted
    Avg.
Exercise Price
Remaining
                                            Contractual Life in Years
Balance
    at December 31, 2021
1,500,000
$
0.75
1.68
Issued
Exercised
-
-
-
Expired
-
-
-
Balance
    at March 31, 2022
1,500,000
$
0.75
1.33
Exercisable
    at March 31, 2022
1,500,000
$
0.75
1.33
Options
outstanding as of March 31, 2022 and December 31, 2021 were
1,500,000
and
1,500,000
, respectively.
Warrants
On
January 11, 2021, the Company issued an accredited investor a Common Stock Purchase Warrant Agreement in conjunction with the July 2020
Securities Purchase Agreement
granting the holder the right to purchase up to
250,000
shares of
the Company's common stock at an exercise price of $
0.10
for a term of
4
-years.
A
summary of the warrants issued, exercised and expired are below:
Warrants:
Shares
Weighted
Avg.
Exercise Price
Remaining
                                            Contractual
Life in Years
Balance at December 31, 2021
250,000
$
0.10
3.03
Issued
-
-
-
Exercised
-
-
-
Expired
-
-
-
Balance at March 31,
    2022
250,000
$
0.10
3.0
Warrants
outstanding as of March 31, 2022 and December 31, 2021 were
250,000
and
250,000
, respectively.
F-
16
MJ
HOLDINGS, INC. and SUBSIDIARIES
Notes
to the Condensed Consolidated Financial Statements
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Note
14 —
Related Party Transactions
On August 1, 2021, the Company entered into a
Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the "Agreement") with Red Earth,
LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer, Paris Balaouras. Under the terms of
the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for expenses related to the activation
and operation of Red Earth's cultivation license. The Loan shall bear interest at
12
% per annum and increase to
18
% upon default.
In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $
5,000
to $
7,500
per month. As of March
31, 2022, the amount due the Company under the short-term loan is $138,316.
Note
15 —
Subsequent Events
On
April 18, 2022, the Company issued a total of
45,000
shares of common stock with a fair market value of $
13,500
to three directors for
services rendered during the first quarter of 2022.
On
July 8, 2022, MJ Holdings, Inc. (the "Buyer") entered into a Common Stock Purchase Agreement (the "Agreement")
with MJH Research, Inc. (the "Company"), a Florida corporation, and Sunstate Futures, LLC (the "Seller"), a Florida
limited liability company. Under the terms of the Agreement, the Seller agreed to sale all issued and outstanding shares of common stock
(
100,000
shares) (the "Common
Stock") of the Company to the Buyer. In consideration of the purchase of the shares of Common Stock, the Buyer agreed to issue
the Seller seven million (
7,000,000
)
shares of its common stock. The transaction closed on July 11, 2022. Net assets and liabilities of MJH Research, Inc. were approximately
$
5,000
and consideration on the acquisition date equated to approximately $
1,955,000
, most of which would be applied to intellectual
property related to research of MJH Research, Inc.
On July
15, 2022, the Company issued a total of
45,000
shares of common stock with a fair market value of $
12,128
to three directors for services
rendered during the second quarter of 2022.
F-
17
FINANCIAL
STATEMENT INDEX
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID: 3627)
F-19
Consolidated
    Balance Sheets as of December 31, 2021 and 2020
F-20
Consolidated
    Statements of Operations for the Years Ended December 31, 2021 and 2020
F-21
Consolidated
    Statements of Changes in Stockholders' Equity (Deficit) for the Years Ended December 31, 2021 and 2020
F-22
Consolidated
    Statements of Cash Flows for the Years Ended December 31, 2021 and 2020
F-23
Notes
    to Consolidated Financial Statements
F-24
F-
18
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of MJ Holdings, Inc.:
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of MJ Holdings, Inc. ("the Company") as of December 31, 2021
and 2020, the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for each
of the years in the two-year period ended December 31, 2021 and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each
of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally accepted in the
United States of America.
Explanatory
Paragraph Regarding Going Concern
The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered
recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going
concern. Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that
our audits provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical audit matters are matters arising
from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee
and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there were no critical audit matters.
/s/
Sadler, Gibb & Associates, LLC
We
have served as the Company's auditor since 2019.
Draper,
UT
June
21, 2022
F-
19
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
December 31,
2021
2020
ASSETS
Current assets
Cash
$
4,699,372
$
117,536
Accounts receivable, net
7,989
9,461
Prepaid expenses
-
713,782
Marketable securities – available for sale
-
150,000
Loan receivable – related party
40,165
-
Convertible note receivable
500,000
-
Total current assets
5,247,526
990,779
Property and equipment, net
2,578,931
4,155,675
Intangible assets
-
300,000
Deposits
1,016,184
64,817
Operating lease - right-of-use asset
-
1,979,181
Total non-current assets
3,595,115
6,499,673
Total assets
$
8,842,641
$
7,490,452
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses
$
1,750,402
$
2,382,779
Deposits
-
538,921
Other current liabilities
-
1,328,438
Contract liabilities
1,404,444
-
Income taxes payable
277,000
-
Notes
payable – related
    parties
-
300,405
Current portion of long-term notes payable
874,728
1,185,273
Current portion of operating
lease obligation
83,410
241,466
Total current liabilities
4,389,984
5,977,282
Non-current liabilities
Long-term notes payable, net of current portion
-
921,723
Operating lease obligation, net of current portion
686,274
1,889,575
Total non-current liabilities
686,274
2,811,298
Total liabilities
5,076,258
8,788,580
Commitments and contingencies (Note 12)
Stockholders' equity (deficit)
Preferred stock, $
0.001
par value,
5,000,000
shares authorized,
0
shares issued; Series A convertible Preferred stock $
1,000
stated value,
2,500
authorized,
0
shares issued and outstanding
-
-
Common stock, $
0.001
par value,
95,000,000
shares authorized,
71,501,667
and
68,613,541
shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
71,500
68,613
Additional paid-in capital
20,279,897
18,748,688
Common stock issuable
84
-
Accumulated deficit
(
16,472,629
)
(
20,002,960
)
Total stockholders' equity (deficit) attributable to MJ Holdings, Inc.
3,878,852
(
1,185,659
)
Noncontrolling interests
(
112,469
)
(
112,469
)
Total shareholders' equity (deficit)
3,766,383
(
1,298,128
)
Total liabilities and stockholders' equity (deficit)
$
8,842,641
$
7,490,452
The
accompanying notes are an integral part of these consolidated financial statements.
F-
20
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Years Ended
December 31,
2021
2020
Revenue, net
$
241,870
$
822,845
Operating expenses
Cost of sales
341,626
1,206,960
General and administrative
4,833,321
2,979,348
Marketing and selling
69,764
7,900
Professional fees
3,350,308
-
Depreciation and amortization
293,937
453,887
Total operating expenses
8,888,956
4,648,095
Operating loss
(
8,647,086
)
(
3,825,250
)
Other income (expense)
Interest expense
(
110,677
)
(
167,188
)
Interest income
20,270
18,345
Miscellaneous income
20,000
-
Loss on impairment of investments
(
14,845
)
(
18,345
)
Gain on write-down of accrued interest
-
19,310
Gain on sale of marketable securities
9,857,429
-
Gain on sale of commercial building
260,141
-
Gain on sale of luxury box
355,556
-
Loss on sale of fixed assets
(
39,288
)
-
Loss on conversion of related party note payable
310,526
-
Other income
2,416,357
-
Total other income (expense)
12,454,417
(
147,878
)
Net income (loss)
before
    income taxes
3,807,331
(
3,973,128
)
Provision for income taxes
277,000
-
Net Income (loss)
$
3,530,331
$
(
3,973,128
)
Loss attributable to non-controlling interests
-
(
8,513
)
Net income (loss) attributable to common shareholders
$
3,530,331
$
(
3,964,615
)
Net income (loss) attributable to common stockholders per
    share:
$
Net loss per share - basic
$
0.05
$
(
0.06
)
Net loss per share - diluted
$
0.05
$
(
0.06
)
Weighted average number of shares outstanding:
Basic
70,464,280
65,882,993
Diluted
70,665,779
65,882,993
The
accompanying notes are an integral part of these consolidated financial statements.
F-
21
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT
)
Common
    Stock
Issuable
Common
    Stock
Additional
paid in
Subscriptions
Non
    Controlling
Accumulated
Shares
Amount
Shares
Amount
Capital
Payable
Interest
Deficit
Total
Balance at January 1, 2021
-
-
68,613,541
68,613
18,748,688
-
(
112,469
)
(
20,002,960
)
(
1,298,128
)
Issuance of common stock for services
-
-
892,667
893
306,786
-
-
-
307,679
Issuance of common stock for cash
-
-
263,158
263
49,737
-
-
-
50,000
Issuance of common stock for loan payable conversion
-
-
526,316
526
410,000
-
-
-
410,526
Issuance of common stock as per terms
    of Termination Agreement
-
-
1,000,000
1,000
629,000
-
-
-
630,000
Common stock
issued for stock-based compensation
82,554
84
205,985
205
135,686
-
-
-
135,975
Net income for the year ended December 31, 2021
-
-
-
-
-
-
-
3,530,331
3,530,331
Balance at December 31, 2021
82,554
$
84
71,501,667
$
71,500
$
20,279,897
$
-
$
(
112,469
)
$
(
16,472,629
)
$
3,766,383
Balance
    at January 1, 2020
18,562
$
19
65,436,449
$
65,436
$
18,177,723
$
10,000
$
(
103,956
)
$
(
16,038,345
)
$
2,110,877
Issuance
    of common stock for conversion of debt and interest
(
18,562
)
(
19
)
18,562
19
-
-
-
-
-
Issuance
    of common stock for services
-
-
1,736,251
1,736
396,730
-
-
-
398,466
Issuance
    of common stock for stock-based compensation
-
-
-
-
41,122
-
-
-
41,122
Issuance
    of common stock for subscription payable
-
-
20,000
20
9,980
(
10,000
)
-
-
-
Issuance
    of common stock for cash
-
-
1,402,279
1,402
123,133
-
-
-
124,535
Net
    loss for the year ended December 31, 2020
-
-
-
-
-
-
(
8,513
)
(
3,964,615
)
(
3,973,128
)
Balance
    at December 31, 2020
-
$
-
68,613,541
$
68,613
$
18,748,688
$
-
$
(
112,469
)
$
(
20,002,960
)
$
(
1,298,128
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
22
MJ
HOLDINGS, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
    the Years Ending
December
    31,
2021
2020
Cash
    Flows from Operating Activities
Net
    income (loss
)
$
3,530,331
$
(
3,973,128
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Amortization
    of right to use asset
103,762
215,097
Impairment of right of use asset
769,684
-
Common
    stock issued for prepaid services
-
398,466
Depreciation
    and amortization
293,937
453,884
Gain
    on sale of marketable securities
(
9,857,429
)
-
Gain
    on disposition of assets – Red Earth
(
337,460
)
-
Gain on disposal of property and equipment
386,465
-
Income
    taxes payable
277,000
-
Gain
    on sale of commercial building
(
260,141
)
-
Common
    stock issued for services
307,679
-
Common stock issued for wages payable
84
-
Common
    stock issued for termination of participation rights agreement
630,000
-
Loss
    on conversion of related party note payable
310,526
-
Impairment
    of notes receivable and interest
-
18,345
Expenses
    paid on behalf of Company
150,000
36,405
Stock-based
    compensation
136,579
41,122
Changes
    in operating assets and liabilities:
Accounts
    receivable
1,472
(
16,131
)
Prepaid
    expenses
421,945
(
237,040
)
Deposits
(
990,000
)
322,921
Accounts
    payable and accrued liabilities
(
498,726
)
1,306,632
Contract
    liabilities
1,404,444
-
Other
    current assets
-
156,229
Other
    current liabilities
(
1,328,438
)
1,328,438
Operating
    lease liability
(
109,393
)
(
237,605
)
Net
    cash provided by (used in) operating activities
(
4,657,679
)
(
186,365
)
Cash
    Flows from Investing Activities
Purchase
    of property and equipment, net of construction in progress
(
322,574
)
(
35,477
)
Proceeds
    from sale of commercial building
1,627,500
-
Purchase
    of marketable securities
(
200,000
)
-
Proceeds
    from the sale of marketable securities
10,207,429
-
Issuance
    of note receivable
(
500,000
)
-
Loan receivable
(
40,165
)
-
Net
    cash used in investing activities
10,772,190
(
35,477
)
Cash
    Flows from Financing Activities
Proceeds
    from the issuance of notes payable
300,000
-
Proceeds
    from notes payable – related party
-
264,000
Proceeds
    from the issuance of common stock
-
124,535
Proceeds
    from common stock issued for cash
50,000
-
Repayment
    of notes payable
(
1,882,675
)
(
72,089
)
Net
    cash provided by financing activities
(
1,532,675
)
316,446
Net
    increase in cash
4,581,836
94,604
Cash,
    beginning of period
117,536
22,932
Cash,
    end of period
$
4,699,372
$
117,536
Supplemental
    disclosure of cash flow information:
Interest
    paid
115,051
72,684
Income
    taxes paid
-
-
Non-cash
    investing and financing activities:
Common
    stock issued for prior period debt conversion
$
-
19
Common
    stock issued for stock subscriptions payable
$
-
10,000
Issuance
    of common stock for conversion of related party note payable
$
410,526
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
23
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
1 —
Description of Business
MJ
Holdings, Inc. (OTCQB: MJNE) is a highly-diversified cannabis holding company providing cultivation management, asset and infrastructure
development – currently concentrated in the Las Vegas market. It is the Company's intention to grow its business and provide
a 360-degree spectrum of infrastructure, including, cannabis cultivation, production of cannabis related products, management services,
dispensaries and consulting services. The Company intends to grow its business through joint ventures with existing companies possessing
complementary subject matter expertise, acquisition of existing companies and through the development of new opportunities. The Company
intends to "prove the concept" profitably in the rapidly expanding Las Vegas market and then use that anticipated success
as a template for replicating the concept in other developing states through a combination of strategic partnerships, acquisitions and
opening new operations.
The
Company was incorporated on November 17, 2006, as Securitas EDGAR Filings, Inc. under the laws of the State of Nevada. Prior to
the formation of Securitas EDGAR Filings Inc., the business was operated as Xpedient EDGAR Filings, LLC, a Florida Limited Liability
Company, formed on October 31, 2005. On November 21, 2005, Xpedient EDGAR Filings LLC amended its Articles of Organization to
change its name to Securitas EDGAR Filings, LLC. On January 21, 2009, Securitas EDGAR Filings LLC merged into Securitas EDGAR
Filings, Inc., a Nevada corporation. On February 14, 2014, the Company amended and restated its Articles of Incorporation and
changed its name to MJ Holdings, Inc.
On
November 22, 2016, in connection with a plan to divest ourselves of the Company's real estate business, the Company submitted to
its stockholders an offer to exchange (the "Exchange Offer") its common stock for shares in MJ Real Estate Partners, LLC,
("MJRE") a newly-formed LLC formed for the sole purpose of effecting the Exchange Offer. On January 10, 2017, the Company
accepted for exchange
1,800,000
shares of its Common Stock in exchange for 1,800,000
shares of MJRE's common units, representing membership interests in MJRE. Effective February 1, 2017, the Company transferred its
ownership interests in the real estate properties and its subsidiaries, through which the Company held ownership of the real estate properties,
to MJRE. MJRE also assumed the senior notes and any and all obligations associated with the real estate properties and business, effective
February 1, 2017.
F-
24
MJ HOLDINGS, INC. and
SUBSIDIARIES
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the years ended December
31, 2021 and December 31, 2020
Note
2 —
Summary of Significant Accounting Policies
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Icon Management, LLC, Condo
Highrise Management, LLC, Prescott Management, LLC and its majority owned subsidiary, Alternative Hospitality, Inc. Inter-company balances
and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in
the determination of the fair value of financial instruments and the valuation of stock-based compensation. Some of these judgments
can be subjective and complex, and, consequently, actual results may differ from these estimates.
Fair
Value of Financial Instruments
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December
31, 2021 and 2020. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair
values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying
values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable
on demand.
The
Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement
assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous market.
F-
25
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
2 — Summary of Significant Accounting Policies (continued)
Level
1:
The preferred inputs to valuation efforts are "quoted prices in active markets for identical assets or liabilities,"
with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations
of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively
few items, especially physical assets, actually trade in active markets.
Level
2
: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they
do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided
a second level of inputs that can be applied in these situations.
Level
3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities
are less precise. The board describes Level 3 inputs as "unobservable," and limits their use by saying they "shall
be used to measure fair value to the extent that observable inputs are not available." This category allows "for situations
in which there is little, if any, market activity for the asset or liability at the measurement date". The FASB explains
that "observable inputs" are gathered from sources other than the reporting company and that they are expected to
reflect assumptions made by market participants.
As
of December 31, 2021 and 2020, the Company's investment in marketable securities – available for sale was determined
to be a level 1 investment.
December 31,
2021
December 31,
2020
Marketable
                                         securities
-
150,000
Total
$
-
$
150,000
On August 13, 2018, the Company entered into a
Stock Exchange Agreement (the "HCMC Agreement") with Healthier choices Management Corp ("HCMC") to acquire
1,500,000,000
shares of their common stock in exchange for
85,714
shares of the Company's common stock. The value of the stock exchanged by each
party on the date of exchange was $
150,000
. The number of shares exchanged represented less than a
5
% ownership interest for each company.
On February 17,
2021, the Company entered into a Stock Purchase Agreement (the "ATG Agreement") with ATG Holdings, LLC (the
"ATG"). Under the terms of the Agreement, the Company purchased
1,500,000,000
shares
of common stock of Healthier Choices Management Corp ("HCMC") from ATG for the purchase price of $
200,000
.
The transaction closed on February 19, 2021.
During the year ended December 31, 2021, the Company liquidated the marketable
securities it received in the HCMC Agreement and ATG Agreement.
The net proceeds received
by the Company from the sale of the marketable securities were $
9,857,429
that was recorded as a gain on sale of investment for the
year ended December 31, 2021.
Cash
Cash
includes cash on hand and deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal
and use and with an original maturity of three months or less. The Company maintains its cash in bank deposit accounts.
The
Company, at various times throughout the year, had cash in financial institutions in excess of Federally insured limits. However, the
Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on its credit balances.
Accounts
Receivable and Allowance for Doubtful Accounts
:
Accounts
receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as
necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating
bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts
to accounts receivable and current economic conditions. The determination of the collectability of amounts due from customer accounts
requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing
the Company's portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection
experience, current aging status of the customer accounts, and the financial condition of the Company's customers. Based on a review
of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a
whole.
December 31,
2021
December 31,
2020
Accounts receivable
$
50,179
$
39,806
Less allowance
(
42,190
)
(
30,345
)
Net accounts receivable
$
7,989
$
9,461
Debt
Issuance Costs
Costs
associated with obtaining, closing, and modifying loans and/or debt instruments are netted against the carrying amount of the debt instrument,
and charged to interest expense over the term of the loan.
Inventory
Inventory
is comprised of raw materials, finished goods and work-in-process such as pre-harvested cannabis plants and by-products to be extracted.
The costs of growing cannabis, including but not limited to labor, utilities, nutrition and supplies, are capitalized into inventory
until the time of harvest. All direct and indirect costs related to inventory are capitalized when incurred, and subsequently classified
to cost of goods sold in the Consolidated Statements of Operations. Work-in-process is stated at the lower of cost or net realizable
value, determined using the weighted average cost. Raw materials and finished goods inventory is stated at the lower of cost or net realizable
value, with cost being determined on the first-in, first-out ("FIFO") method of accounting. Net realizable value is determined
as the estimated selling price in the ordinary course of business less estimated costs to sell. The Company periodically reviews physical
inventory for excess, obsolete, and potentially impaired items and reserves. The Company reviews inventory for obsolete, redundant and
slow-moving goods and any such inventory is written down to net realizable value. Packaging and supplies are initially valued at cost.
The reserve estimate for excess and obsolete inventory is based on expected future use. The reserve estimates have historically been
consistent with actual experience as evidenced by actual sale or disposal of the goods.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line
method over the useful lives of the assets. Major renewals and betterments are capitalized and depreciated; maintenance and repairs
that do not extend the life of the respective assets are expensed as incurred. Upon disposal of assets, the cost and related accumulated
depreciation are removed from the accounts and any gain or loss is included in the consolidated statements of operations.
F-
26
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
2 — Summary of Significant Accounting Policies (continued)
Construction
in progress primarily represents the construction or the renovation costs stated at cost less any accumulated impairment loss,
which is not depreciated. Costs incurred are capitalized and transferred to property and equipment upon completion, at which time
depreciation commences.
Property
and equipment are depreciated over their estimated useful lives as follows:
Buildings
12
years
Land
Not
    depreciated
Construction
    in progress
Not
    depreciated
Leasehold
    Improvements
Lessor
    of lease term or 5 years
Machinery
    and Equipment
5
years
Furniture
    and Fixtures
5
years
Long–lived
Assets
Long-lived
assets, including real estate property and intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying
amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment
to be recognized equals the amount by which the carrying value of the assets exceeds its fair value. The Company did not record any impairments
of long-lived assets during the year ended December 31, 2021 and 2020.
F-
27
MJ
                                         HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note 2 —
Summary of Significant Accounting Policies (continued)
Impairment
of Long-lived Assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset's carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, "Impairment
or Disposal of Long-Lived Assets." ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted
cash flow analysis or appraisals. The Company recorded an impairment of its long-lived assets in the amount of $
14,845
and $
18,345
for the years ended December 31, 2021
and 2020, respectively. Please
see
Note 9 —Asset Impairment
for further information.
Other Current Liabilities
The Company's other current liabilities
consisted of amounts due under the management agreement and performance guarantee with Acres Cultivation, LLC. As of December 31, 2021
and 2020, other current liabilities were $
-
and $
1,328,438
, respectively.
Non-Controlling
Interest
The Company's non-controlling interest represents
the minority shareholder's ownership interest related to the Company's subsidiary, Alternative Hospitality, Inc. The Company
reports its non-controlling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports
both net loss attributable to the non-controlling interest and net loss attributable to the Company's common shareholders on the
face of the Consolidated Statements of Operations. The Company's equity interest in Alternative Hospitality, Inc. is
51
% and the
non-controlling stockholder's interest is
49
%. This is reflected in the Consolidated Statements of Equity.
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") 606 –
Revenue from Contracts
with Customers
using the modified retrospective method. There was no impact upon adoption of ASC 606 on its consolidated financial
statements. The new revenue standard was applied prospectively in the Company's consolidated financial statements from January
1, 2018 forward and reported financial information for historical comparable periods will not be revised and will continue to
be reported under the accounting standards in effect during those historical periods.
Generally,
the Company considers all revenues as arising from contracts with customers. Revenue is recognized based on the five-step process outlined
in the Accounting Standards Codification ("ASC") 606:
Step
1 – Identify the Contract with the Customer – A contract exists when (a) the parties to the contract have approved the contract
and are committed to perform their respective obligations, (b) the entity can identify each party's rights regarding the goods
or services to be transferred, (c) the entity can identify the payment terms for the goods or services to be transferred, (d) the contract
has commercial substance and it is probably that the entity will collect substantially all of the consideration to which it will be entitled
in exchange for the goods or services that will be transferred to the customer.
Step
2 – Identify Performance Obligations in the Contract – Upon execution of a contract, the Company identifies as performance
obligations each promise to transfer to the customer either (a) goods or services that are distinct, or (b) a series of distinct goods
or services that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes
multiple promised goods or services, the Company must apply judgement to determine whether the goods or services are capable of being
distinct within the context of the contract. If these criteria are not met, the goods or services are accounted for as a combined performance
obligation.
Step
3 – Determine the Transaction Price – When (or as) a performance obligation is satisfied, the Company shall recognize as
revenue the amount of the transaction price that is allocated to the performance obligation. The contract terms are used to determine
the transaction price. Generally, all contracts include fixed consideration. If a contract did include variable consideration, the Company
would determine the amount of variable consideration that should be included in the transaction price based on expected value method.
Variable consideration would be included in the transaction price, if in the Company's judgement, it is probable that a significant
future reversal of cumulative revenue under the contract would not occur.
F-
28
MJ
                                         HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note 2 —
Summary of Significant Accounting Policies (continued)
Step
4 – Allocate the Transaction Price – After the transaction price has been determined, the next step is to allocate the transaction
price to each performance obligation in the contract. If the contract only has one performance obligation, the entire transaction price
will be applied to that obligation. If the contract has multiple performance obligations, the transaction price is allocated to the performance
obligations based on the relative standalone selling price (SSP) at contract inception.
Step
5 – Satisfaction of the Performance Obligations (and Recognize Revenue) – Revenue is recognized when (or as) goods or services
are transferred to a customer. The Company satisfies each of its performance obligations by transferring control of the promised good
or service underlying that performance obligation to the customer. Control is the ability to direct the use of and obtain substantially
all of the remaining benefits from an asset. It includes the ability to prevent other entities from directing the use of and obtaining
the benefits from an asset. Indicators that control has passed to the customer include: a present obligation to pay; physical possession
of the asset; legal title; risks and rewards of ownership; and acceptance of the asset(s). Performance obligations can be satisfied at
a point in time or over time.
The
majority of the Company's revenue was derived under the agreements, Consulting Agreement and Equipment Lease Agreement, entered
into with Acres Cultivation, LLC. Revenue derived from consulting services fees are recognized over the term of the arrangement as services
are provided. Revenue is presented net of discounts, fees and other related taxes. Revenue derived from equipment leases
is
recognized when the lease agreement is entered into and control of the equipment has passed to the customer. The Company's remaining
revenue is derived from its rental property in Nye County, Nevada. Rental revenue for operating leases is recognized on a straight-line
basis over the term of the lease. Rental revenue recognition commences when the leased space is available for use by the lessee.
For
    the years ended
December
    31,
2021
2020
Revenues:
Rental
    income (i)
$
74,003
$
140,391
Management
    income (ii)
30,989
587,237
Equipment
    lease income (ii)
12,912
95,217
Product
                                            sales
(iii)
123,966
-
Total
$
241,870
$
822,845
(i)
The
    rental income is from the Company's THC Park.
(ii)
In
    April 2018, the Company entered into a management agreement with Acres Cultivation, LLC, a Nevada limited liability company (the
    "Licensed Operator") that holds a license for the legal cultivation of marijuana for sale under the laws of the State
    of Nevada. In January of 2019, the Company entered into a revised agreement, which replaced the April 2018 agreement, with the Licensed
    Operator in order to be more stringently aligned with Nevada marijuana laws. The material terms of the agreement remain unchanged.
    The Licensed Operator is contractually obligated to pay over to the Company eighty-five (
85
%) percent of gross revenues defined as
    gross proceeds from sales of marijuana products minus applicable state excise taxes and local sales tax. The agreement is to remain
    in force until
April 2026
. In April 2019, the Licensed Operator was acquired by Curaleaf Holdings, Inc., a publicly traded Canadian
    cannabis company. On January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation,
    LLC. The Company will not generate any further revenue under the Acres relationship.
(iii)
Product sales from Company inventory. As part of the
    termination of the Acres Cultivation, LLC Cultivation and Sales Agreement, the Company was given cannabis available for resale. Sales
    in 2021 include product sold to third parties and product given in exchange for rent. Please
see
Note 4 — Inventory
for further information.
Contract
Balances
The
Company receives payments for new Cultivation and Sales Agreements (the "Agreements") upon signing and defers revenue recognition
for these payments until certain milestones are met as per the terms of the Agreements. In addition, the Company sold its luxury suite
at the Raiders Stadium and amortizes the income from this sale at each home game. These payments represent contract liabilities and are
recorded as such on the balance sheet. As of December 31, 2021 and 2020, the Company had $
1,404,444
and $
-
contract liabilities, respectively.
Stock-Based
Compensation
The
Company's share-based payment awards principally consist of grants of common stock. In accordance with the applicable accounting
guidance, stock-based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company
measures compensation cost based on the grant date fair value and recognizes compensation expense in the consolidated statements
of operations over the requisite service or performance period the award is expected to vest. The fair value of liability-classified
awards is at each reporting date through the settlement date. Change in fair value during the requisite service period will be
remeasured as compensation cost over that period.
The
Company utilizes its historical stock price to determine the volatility of any stock-based compensation.
The
expected dividend yield is
0
% as the Company has not paid any dividends on its common stock and does not anticipate it will pay
any dividends in the foreseeable future.
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant date with a term equal to
the expected term of the stock-based award.
F-
29
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
2 — Summary of Significant Accounting Policies (continued)
For
stock-based financial instruments issued to parties other than employees, the Company uses the contractual term of the financial
instruments as the expected term of the stock-based financial instruments.
The
assumptions used in calculating the fair value of stock-based financial instruments represent its best estimates, but these estimates
involve inherent uncertainties and the application of management judgment. As a result, if factors change and it uses different assumptions,
its stock-based compensation expense could be materially different in the future.
Operating
Leases
The Company adopted ASC Topic 842, Leases, on
January 1, 2019. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use ("ROU")
assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities
represent the Company's obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease
liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. As
the Company's leases do not provide an implicit rate, the Company used its estimated incremental borrowing rate based on the information
available at commencement date in determining the present value of lease payments. A number of the lease agreements contain options to
renew and options to terminate the leases early. The lease term used to calculate ROU assets and lease liabilities only includes renewal
and termination options that are deemed reasonably certain to be exercised.
The Company recognized lease liabilities, with
corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months.
The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized
lease incentives provided by lessors. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease
term and is recorded in selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes
and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable
lease payments are based occur. The Company has elected not to separate lease and non-lease components for all property leases for the
purposes of calculating ROU assets and lease liabilities.
Income
Taxes
Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers
it is more likely than not that some portion or all of the deferred tax assets will not be realized.
F-
30
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
2 — Summary of Significant Accounting Policies (continued)
Tax
benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of
being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred
as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of
the reporting periods presented.
Recent
Accounting Pronouncements
Stock Based Compensation:
In June 2018,
FASB issued ASU No. 2018-07,
Compensation – Stock Compensation (Topic 718)
,
Improvements to Nonemployee Share Based Payment
Accounting.
The amendments in this Update expand the scope
of stock compensation to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance in
this Update does not apply to transactions involving equity instruments granted to a lender or investor that provides financing to the
issuer. The guidance is effective for fiscal years beginning after December 31, 2018 including interim periods within the fiscal year.
The Company adopted with an effective date of January 1, 2019.
Reclassifications
Certain
Statements of Operations reclassifications have been made in the presentation of the Company's prior financial statements and accompanying
notes to conform to the presentation for the three and nine months ended September 30, 2021. The Company reclassified certain asset accounts
(prepaid expenses and property and equipment) on its Balance Sheet. The reclassification had no impact on financial position, net income,
or shareholder's equity.
Note
3 —
Going Concern
The
Company has recurring net losses, which have resulted in an accumulated deficit of $
16,472,629
as
of December 31, 2021. The Company incurred net income of $
3,530,331
and positive
working capital of $
857,542
for
the year ended December 31, 2021.
The Company had negative cash flows from operations of
$
4,657,679
for the
year
ended December 31, 2021.
At December 31, 2021, the
Company had cash and cash equivalents of $
4,699,372
.
These
factors raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance of
the financial statements. The ability of the Company to continue as a going concern is dependent on the Company's ability to
further implement its business plan, raise capital, and generate revenues. The Financial Statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.
F-
31
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
3 — Going Concern (continued)
The
Company's current capital resources include cash, and inventories. Historically, the Company has financed its operations principally
through equity and debt financing.
Note
4 —
Inventory
Inventory
at December 31, 2021 and December 31, 2020 consisted of the following:
December 31,
2021
December 31,
2020
Inventory – finished goods (i)
$
1,271,402
$
-
Storage inventory (ii)(iii)
498,675
-
Less reserve
(
1,770,077
)
-
Inventory, net
$
-
$
-
(i)
On
    January 21, 2021, the Company received a Notice of Termination, effective immediately, from Acres Cultivation, LLC. During the year
    ended December 31, 2021, the Company relocated all of its equipment utilized on the Acres lease to its
260
Acres adjacent to the
    Acres lease. As part of the termination, the Company was granted the right to retain 3,654 lbs. of cannabis from the Cultivation
    Facility for resale.
(ii)
On
    April 14, 2021, the Company entered into a storage work order with TapRoot Labs ("TapRoot"). Under the terms of the work
    order, the Company stored 1827 lbs. of fresh frozen flower ("Product") with TapRoot at a rate of $
6,000
/ month. Rent
    was payable through Product stored with TapRoot at the rate of $175/lb. The work order had a term of 5 months and then continued
    on a month-to-month basis upon the same terms. At December 31, 2021, the Company had 889 lbs. stored with TapRoot. The Company
    has elected to reserve the full amount of Product stored with TapRoot as it does not anticipate any future sales will be made.
(iii)
On
    April 13, 2021, the Company entered into a Storage & Purchase Agreement (the "Agreement") with AP Management, LLC
    ("AP"). Under the terms of the Agreement, the Company stored 1827 lbs. of fresh frozen flower ("Product")
    with AP. AP was granted the exclusive right to purchase the Product at a rate of $175/lb for the first 30 days of storage. After
    30 days, the Company had the right to make sales to third parties. At December 31, 2021, the Company had 1827 lbs. stored with AP.
    The Company has elected to reserve the full amount of Product stored with AP as it does not anticipate any future sales will be made.
    Please
see
Item 3. Legal Proceedings
for further information.
Note
5 —
Note Receivable
Note
receivable at December 31, 2021 and December 31, 2020 consisted of the following:
December
    31, 2021
December
    31, 2020
Note
    receivable- GeneRx (i)(ii)
$
500,000
$
-
Total
$
500,000
$
-
(i)
On
    March 12, 2021, the Company (the "Holder") was issued a Convertible Promissory Note (the "Note") by GeneRx
    (the "Borrower"), a Delaware corporation, in the amount of $
300,000
.
    The Note has a term of
one
    year
(March 12, 2022 Maturity Date) and accrues interest at two percent (
2
%)
    per annum.
The Note is convertible, at the option of the Holder, into shares of common stock of the Borrower at a fixed conversion price of $
1.00
per share. Upon an Event of Default, the Conversion Price shall equal the Alternate Conversion Price (as defined herein)
    (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Alternate Conversion Price" shall equal the lesser of (i)
80
%
    multiplied by the average of the three lowest daily volume weighted average prices ("VWAP") during the previous twenty (
20
)
    Trading Days (as defined below) before the Issue Date of this Note (representing a discount rate of 20%) or (ii) 80% multiplied by the Market Price (as defined herein) (representing a discount rate of 20%). "Market Price" means the average of the
    three lowest daily VWAPs for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the
    rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid (the "Default Interest"). The Company funded $
300,000
on March 15, 2021, $
150,000
on April 2, 2021 and $
50,000
on April 7, 2021. As of December 31, 2021, $
500,000
principal was due on the Note.
(ii)
The
    convertible note receivable is considered available for sale debt securities with a private company that is not traded in active
    markets. Since observable price quotations were not available at acquisition, fair value was estimated based on cost less an appropriate
    discount upon acquisition. The discount of each instrument is accreted into interest income over the respective term as shown within
    the Company's Condensed Consolidated Statements of Operations.
Note
6 —
Property and Equipment
Property
and Equipment at December 31, 2021 and 2020 consisted of the following:
December 31,
2021
December 31,
2020
Leasehold Improvements
$
654,628
$
323,281
Machinery and Equipment
244,583
1,087,679
Building and Land
1,650,000
3,150,000
Furniture and Fixtures
566,220
543,366
Total property and equipment
3,115,431
5,104,326
Less: Accumulated depreciation
(
536,500
)
(
948,651
)
Property and equipment, net
$
2,578,931
$
4,155,675
Depreciation expense for the years ending December
31, 2021 and 2020 was $
293,937
and $
453,887
,
respectively.
Note
7 —
Intangible Assets
In October 2016, Red Earth, LLC ("Red Earth"),
a Nevada limited liability company, entered into an Asset Purchase and Sale Agreement with the owner of a provisional Medical Marijuana
Establishment Registration Certificate (the "Provisional Grow License") issued by the state of Nevada for the cultivation
of medical marijuana for $
300,000
. To initiate the purchase and transfer the Provisional Grow License, the Company paid a $
25,000
deposit
to the seller in October 2016.
The Provisional Grow License remains in a provisional
status until the Company has completed the build out of a cultivation facility and obtained approval from the state of Nevada to begin
cultivation in the approved facility. Once approval from the state of Nevada is received, the Company begins the cultivation process.
On December
15, 2017, the Company acquired
100
% of the outstanding membership interests of Red Earth for
52,732,969
shares of common stock of the
Company, par value $
0.001
and a Promissory Note in the amount of $
900,000
. Red Earth became a wholly owned subsidiary (the "Subsidiary")
of the Company.
On or about May 7, 2021, the Subsidiary, received
an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding the transfer of ownership of the Subsidiary
from its previous owners to the Company. The CCB has determined that the transfer was not formally approved, thus a Category II violation.
On July 27, 2021, the Subsidiary entered into
a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order") with the CCB. Under the terms of
the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31, 2021, a plan pursuant to which the
ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation Order resolved the matter without
the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $
10,000
, which was paid on July 29, 2021.
On August 1, 2021, the Company entered into a
Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the "Agreement") with Red Earth,
LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer, Paris Balaouras. Under the terms of
the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for expenses related to the activation
and operation of Red Earth's cultivation license. The Loan shall bear interest at
12
% per annum and increase to
18
% upon default.
In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $
5,000
to $
7,500
per month. As of December
31, 2021, the amount due the Company under the short-term loan is $
40,165
.
On August 26, 2021, the
Company and the Company's Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras, entered into a Termination
Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase Agreement"), dated December
15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement resulting in
the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another pursuant to
the terms of the Purchase Agreement. Please
see
Note 15 — Gain on Disposal of Subsidiary
for further information.
On September 2, 2021, the Company received approval
of the Termination Agreement from the CCB.
Note
8 —
Deposits
Deposits
as of December 31, 2021 and 2020 consist of the following:
December 31,
2021
December 31,
2020
MJ Distributing, Inc. (i)
$
1,016,184
$
-
MJ Distributing, Inc. (ii)
-
64,817
Total
$
1,016,184
$
64,817
(i)
On February 5, 2021, the
  Company (the "Purchaser") executed a Membership Interest Purchase Agreement ("MIPA3") with MJ Distributing,
  Inc. (the "Seller") to acquire all of the outstanding membership interests of MJ Distributing C202, LLC and MJ
  Distributing P133, LLC, each the holder of a State of Nevada provisional medical and recreational cultivation license and a
  provisional medical and recreational production license. In consideration of the sale, transfer, assignment and delivery of the
  Membership Interests to Purchaser, and the covenants made by Seller under the MIPA3, Purchaser agreed to pay a combination of cash,
  promissory notes, and stock in the amount of One-Million-Two-Hundred-Fifty Thousand Dollars ($
1,250,000.00
)
  in cash and/or promissory notes and
200,000
shares
  of the Company's restricted common stock, all of which constitutes the consideration agreed to herein for (the "
Purchase
  Price
"), payable as follows:
(i) a non-refundable down payment in the amount of $300,000 was made on January 15, 2021, (ii) the second payment in the amount of $200,000 was made on February 5, 2021, (iii) a deposit in the amount of $310,000 was paid on February 22, 2021 ($210,000 was a pre-payment against future compensation due under the MIPA3), (iv) $200,000 was deposited on June 24, 2021, (v) $200,000 shall be deposited on or before June 12, 2021, and (vi) $250,000 shall be deposited within five (5) business days after the Nevada Cannabis Compliance Board ("CCB") provides notice on its agenda that the Licenses are set for hearing to approve the transfer of ownership from the Seller to the Purchaser.
(ii)
On August 28, 2019, the Company entered into a Membership Interest Purchase
Agreement (the "Agreement") with Element NV, LLC, an Ohio limited liability company (the "Buyer"), to sell forty-nine
percent (
49
%) of the membership interests in the Company's wholly owned subsidiary, Red Earth, LLC ("Red Earth") for
$
441,000
. The $
441,000
was paid to the Company on August 30, 2019. The Agreement required the Buyer to make an additional payment, in
the amount of $
3,559,000
, to be utilized for the improvement and build-out of the Company's Western Avenue leasehold in Las Vegas,
Nevada. The payment was due within ten (10) days of the receipt by Red Earth of a special use permit ("SUP") from the City
of Las Vegas for its Western Avenue cultivation facility. The Company received the SUP on October 9, 2019. The Buyer, in conjunction with
the Company, will jointly manage and operate the facility upon completion.
The Agreement also requires the Buyer to make a final payment
to the Company of $1,000,000 between 90 and 180 days of issuance of the SUP or no later than April 9, 2020. On June 11, 2020, the Company
entered into the First Amendment ("First Amendment") to the Agreement. Under the terms of the First Amendment, the Closing
Purchase Price was adjusted to $441,000, the Buyer was required to make a capital contribution (the "Initial Contribution Payment")
to the Target Company in the amount of $120,000 and the Buyer was required to make an additional cash contribution (the Final Contribution
Payment") in the amount of $240,000. As of the date of this filing, the Buyer has failed to make the Final Contribution Payment.
The Buyer failed to make the required payments under the Agreement and the Agreement was thus terminated in 2021.
Note
9 —
Asset Impairment
Asset
impairment as of December 31, 2021 and 2020 consist of the following:
December
    31,
2021
December
    31,
2020
Smile, LLC (i)
150,000
178,701
Innovation Labs, Ltd. (ii)
250,000
250,000
Coachill Inn,
    LLC (iii)
-
150,000
MJ Distributing, Inc. (iv)
-
550,000
Total
$
400,000
$
1,128,701
(i)
On
    June 7, 2019, Smile, LLC ("Smile")(the "Borrower"), a Nevada limited liability company, issued a Convertible
    Promissory Note (the "Note") in the amount of $
250,000
to Roger Bloss, a director of the Company, and MJ Holdings, Inc.
    for funds advanced to Smile. Mr. Bloss contributed $
100,000
and MJ Holdings, Inc. $
150,000
for a total of $
250,000
. The Note had
    a term of six (
6
) months, matured on
December 6, 2019
and accrues interest at
1
% per month. The Holder shall have the right from
    time to time, and at any time during the period beginning on the date which is 180 days following the date of this Note and ending
    on the later of: (i) the Initial Maturity date, and (ii) the Extended Maturity Date, or (iii) the date of payment of the Default
    amount, to convert the note into equity ownership of the Borrower. The conversion shall be negotiated in good faith. If the parties
    cannot agree to the Conversion Price, then a third party shall determine the Value of the Borrower and the Conversion Price shall
    be the Principal Amount ("PA") of the Note as the numerator and the Value of the Borrower ("V") shall be
    the denominator. PA/V=X *100=% of ownership. On December 5, 2019, the Borrower was granted a
6
-month extension by the Company that
    changed the maturity date to
June 6, 2020
. The Note is currently in default. As such, the Company has elected to reserve the entire
    Note amount at December 31, 2021 due to the uncertainty of its ability to collect on the Note.
F-
32
MJ
                                         HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note 9
—Asset Impairment (continued)
(ii)
On
    June 25, 2019, the Company entered into a Series Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement
    (the "Agreement") with Innovation Labs, Ltd. and Innovation Shares, LLC. Under the terms of the Agreement, the Company
    purchased
238,096
Series Post Seed Preferred Stock Shares and
238,096
Series Post Seed Preferred Units for a purchase price of $
250,000
.
    As of December 31, 2021, the Company had elected to reserve the entire amount of the investment due to the uncertainty of
    its ability to liquidate the investment to recover its $
250,000
purchase price or recover the investment amount through dividends
    payable by Innovation Labs, Ltd.
(iii)
In January of 2019, the Company formed Coachill-Inn, LLC ("Coachill-Inn"),
    a subsidiary of Alternative Hospitality ("AH"), to develop a proposed hotel in Desert Hot Springs, CA. From January through
    June 2019, the Company was actively engaged in negotiations with the property owner of the proposed location. In June of 2019, Coachill-Inn
    executed a purchase and sale agreement with Coachillin' Holdings, LLC ("CHL") to
acquire a 256,132 sq. ft. parcel
    of land within a 100-acre industrial cannabis park in Desert Hot Springs, CA (the "Property") to develop the Company's
    first hotel project.
The purchase price for the property is $
5,125,000
. CHL was to contribute $3,000,000 toward the purchase price
    of this property in exchange for a twenty-five percent (25%) ownership interest in Coachill-Inn. AH made an initial non-refundable
    deposit in the amount of $150,000 toward the purchase of the Property. As of the date of this filing, the Company terminated its
    participation in the development due to financing issues and has no recourse to recover its deposit.
(iv)
In April of 2019, the Company executed a Membership Interest Purchase
Agreement (the "MIPA") to acquire all of the membership interests in two Nevada limited liability companies that are each
the holder of a State of Nevada marijuana license. Marijuana Establishment Registration Certificate, Application No. C202 and Marijuana
Establishment Registration Certificate, Application No. P133 (collectively the "Certificates"). The terms of the MIPA required
the Company to purchase the licenses for the total sum of $
1,250,000
each - $
750,000
in cash per license and $
500,000
of the Company's
restricted common stock per license. The terms of the MIPA provide for a $
250,000
non-refundable down payment and include a short term
note in the amount of $
500,000
carrying an annual interest rate of two percent (
2
%) that was due and payable on or before October 18,
2019. On October 17, 2019, the State of Nevada's Governor issued an executive order restricting the transfer of all Nevada marijuana
licenses (the "Moratorium").
As of the date of this filing, the Company has made deposits totaling $550,000. The Company was required to issue 1,000,000 of shares of its restricted common
stock in fulfillment of its obligations in the MIPA. As of the date of this filing, these shares have not been issued. The Company also
executed a $750,000 long term note (the "LT Note") in favor of the current license holders that becomes due and payable upon
the earliest of a) six months after the transfer of the Certificates to the Company, or b) six months after the production/cultivation
is declared fully operational by the applicable regulatory agencies, or c) March 10, 2020. On February 19, 2020, the Company was put
on notice by the Seller that it is in default under the terms of the MIPA.
Additionally,
pursuant to the terms of the MIPA, the Company
was required to enter into a $15,000 per month sub-lease (retroactive to March 1, 2019) for the 10-acre cultivation/production facility
located in Pahrump, Nye County, NV and install a mobile production trailer. The Company failed to make the required payments under the
MIPA and the Agreement was terminated. The Company and has no recourse to recover its deposit.
F-
33
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
10 —
Notes Payable
Notes payable as of December 31, 2021 and
2020 consist of the following:
December 31,
2021
December 31,
2020
Note payable bearing interest at
6.50
%
,
    originated November 1, 2018, due on
October
    31, 2023
, originally $
1,100,000
(i)
$
-
$
$
1,022,565
Note payable bearing interest at
5.0
%
, originated January 17, 2019, due on
January 31, 2022
(ii)
750,000
750,000
Note payable bearing interest at
6.5
%
originated April 1, 2019, due on
March 31, 2022
originally $
250,000
(iv)
124,728
234,431
Note payable bearing interest at
9.0
%, originated January 17, 2019, due on
January 16, 2020
originally $
150,000
(iii)
-
100,000
Total notes payable
$
874,728
$
2,106,996
Less: current portion
(
874,728
)
(
1,185,273
)
Long-term notes payable
$
-
$
921,723
(i)
On September 21, 2018,
    the Company, through its wholly-owned subsidiary Prescott Management, LLC, entered into a contract to purchase an approximately
10,000
square foot office building located at 1300 South Jones Boulevard, Las Vegas, Nevada 89146 for $
1,500,000
, subject to seller financing
    in the amount of $
1,100,000
, amortizing over
30 years
at an interest rate of
6.5
% per annum with monthly installments of $
6,952.75
beginning on November 1, 2018, and continuing on the same day of each month thereafter until October 31, 2019
. Upon the one-year
    anniversary of the note, a principal reduction payment of $
50,000
is due, and provided that the monthly payments and the principal
    reduction payment have been made, the payments will be recalculated and re-amortized on the same terms with a new scheduled monthly
    payment of $
6,559
beginning on November 1, 2019 and continuing until October 31, 2023
, at which time the entire sum of principal
    in the amount of $
986,438
, plus any accrued interest, is due and payable. The Company closed the purchase on October 18, 2018. On
    December 12, 2020, the Company entered into a sales contract with Helping Hands Support, Inc. for the sale of the Company's
    commercial building. On January 12, 2021, the Company completed the sale of its commercial building for $
1,627,500
. As of December 31, 2021, the note was paid in full.
(ii)
On
    January 17, 2019, the Company executed a promissory note for $
750,000
with
    FR Holdings LLC, a Wyoming limited liability company. The note accrues interest at
5.0
%
per
    annum, payable in regular monthly installments of $
3,125
,
    due on or before the same day of each month beginning February 1, 2019 until January 31, 2022 at which the entire principal and any then accrued interest thereon shall be due and payable. As of December 31, 2021, $
750,000
principal and $
0
interest remain due. Please
see
Note
19
— Subsequent Events
for further information.
(iii)
On April 1, 2019, the Company
    executed a promissory note for $
250,000
with John T. Jacobs and Teresa D. Jacobs. The note accrues interest at
6.5
%
per annum, payable
    in regular monthly installments of $
2,178
, due on or before the same day of each month
beginning May 1, 2019 until March 31, 2020
at which time a principal reduction of $
50,000
shall be due,
the payments shall be re-amortized (15-year amortization).
On or before
    March 31, 2021, a second principal reduction of $
50,000
shall be due, the payments shall be re-amortized (15-year amortization).
    Payments shall continue to be paid until March 31, 2022, at which time the entire sum of principal and accrued interest shall be
    due and payable. As of December 31, 2021, $
124,728
principal and $
1,318
interest remain due.
(iv)
On
    January 17, 2019, the Company executed a short-term promissory note for $
150,000
with Let's Roll Holdings, LLC, and entity
    controlled by the Company's Chief Cultivation Officer and a director. The note accrues interest at
9.0
% per annum and is due
    on
January 16, 2020
. Principal payments in the amount of $
50,000
were made during the year ended December 31, 2019. As of December
    31, 2021, the note was paid in full
F-
34
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
10 — Notes Payable (continued)
Amount
Fiscal year ending December 31:
2022
874,728
2023
-
2024
-
2025
-
Thereafter
-
Total minimum
    loan payments
$
874,728
Note
11 —
Notes Payable – related parties
Notes
payable – related parties as of December 31, 2021 and 2020 consist of the following:
December 31,
2021
December 31,
2020
Notes payable, related party, bearing interest at
9.0
%,
    originated February 20, 2020, due on
February
    19, 2021
, originally $
110,405
(i)
-
110,405
Notes payable, related party, bearing interest at
9.0
%,
    originated April 3, 2020, due on
March
    30, 2021
, originally $
90,000
(ii)
-
90,000
Note payable bearing interest at
0.0
%,
    originated December 10, 2021, due on demand, originally $
100,000
(iii)
-
100,000
Total notes payable – related parties
$
-
$
300,405
Less: current portion
-
(
300,405
)
Long-term notes payable – related parties
$
-
$
-
(i)
On
    February 20, 2020, the Company's subsidiary, Alternative Hospitality, Inc. (the "Borrower"), issued a Short-Term
    Promissory Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a director
    of the Company, in the amount of $
110,405
that matures on
February 19, 2021
. The Note shall bear interest at a rate of
9
%
per annum
    with interest-only payments in the amount of $
825
due on or before the twentieth day of each month commencing on April 20, 2020.
    The Borrower was required to make an interest and principal reduction payment in the amount of $
1,233
on or before March 20, 2020.
    The Holder is granted a security interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which
    is owned by the Borrower. As of December 31, 2021, the note was paid in full
(ii)
On
    March 31, 2020, the Company's subsidiary, Condo Highrise Management, LLC (the "Borrower"), issued a Short-Term
    Promissory Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a director
    of the Company, in the amount of $
90,000
that matures on
March 30, 2021
. The Note shall bear interest at a rate of
9
%
per annum with
    interest-only payments in the amount of $
675
due on or before the first day of each month commencing on May 1, 2020. The Holder is
    granted a security interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020. which is owned by the Borrower.
    The transaction closed on April 3, 2020. As of December 31, 2021, the note was paid in full
(iii)
On January 14, 2021, the Company
entered into a Debt Conversion and Stock Purchase Agreement (the "Agreement") with David Dear (the "Investor"),
a director of the Company. Under the terms of the Agreement, the Company issued
526,316
shares of common stock to the Investor in satisfaction
of the $
100,000
short term loan made to the Company by the Investor on December 10, 2020.
As of December 31, 2021, the note was
paid in full
Note
12 —
Commitments and Contingencies
Employment
Agreements
On
October 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Jim Kelly. The Agreement became
effective as of October 1, 2020. Under the terms of the Kelly Agreement, the Employee shall serve as the Company's Interim Chief
Financial Officer for a term of (i) the sooner of six (
6
) months, or (ii) the completion of all regulatory filings, including but not
limited to the Company's 2019 Annual Report on Form 10-K, the March 31, 2020 Quarterly Report on Form 10-Q, the June 30, 2020 Quarterly
Report on Form 10-Q, the September 30, 2020 Quarterly Report on Form 10-Q and all required Current Reports on Form 8-K, with the Securities
and Exchange Commission ("SEC") to bring the Company current with the SEC. The Employee shall receive a base salary of $
24,000
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the
C-Suite of the Company in its sole discretion, in an amount equal to up to
400
% of the Employee's base salary for the then current
fiscal year, and at commencement of the Term the Employee shall receive a grant of stock of
500,000
restricted shares of the Company's
common stock. On March 16, 2021, Mr. Kelly resigned in his position as Interim Chief Financial Officer.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Paris Balaouras (the "Employee").
Under the terms of the Agreement, the Employee shall serve as the Company's Chief Cultivation Officer for a term of three
(
3
) years (the "Term") commencing on September 15, 2020
. The Employee shall receive a base salary of $
105,000
annually,
shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria determined by the board
of directors of the Company in its sole discretion, in amount equal to up to
100
% of Employee's base salary for the then
current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term which shall be vested in
equal increments of 1/3
rd
each over a three year period beginning on the first anniversary of employment, shall be
eligible to receive a compensatory stock grant of
667,000
shares for and in consideration of past compensation ($
224,000
at September
15, 2020) foregone by Employee; such grant exercisable at Employee's option as such time as Employer is profitable at the
NOI level on a trailing twelve (12) month basis or upon other commercial reasonable terms as the Board may determine and shall
be awarded options to purchase
500,000
shares of the Company's common stock, exercisable at a price of $
.75
per share.
On
September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Roger Bloss. Under the
terms of the Agreement, the Employee shall serve as the Company's Interim Chief Executive Officer for a term of six (6)
months and the Chief Executive Officer and for an additional two (2) years and six (6) months as the Chief Executive Officer for
a total of three (
3
) years (the "Term") commencing on September 15, 2020
. The Employee shall receive a base salary
of $
105,000
annually, shall be eligible to receive an annual discretionary bonus during the Term, based on performance criteria
determined by the board of directors of the Company in its sole discretion, in amount equal to up to
100
% of Employee's
base salary for the then current fiscal year, shall be eligible to receive an annual discretionary stock grant during the Term
which shall be vested in equal increments of 1/3
rd
each over a three year period beginning on the first anniversary
of employment and shall be awarded options to purchase
500,000
shares of the Company's common stock, exercisable at a price
of $
.75
per share.
On September 1, 2020, the Company entered into an Employment Agreement (the "Agreement") with Bernard Moyle. Under the terms of the Agreement, the Employee shall serve as the Company's Secretary/Treasurer for a term of three (
3
) years (the "Term") commencing on September 15, 2020.
The Employee shall receive a base salary of $
60,000
annually, shall be eligible to receive an annual
discretionary bonus during the Term, based on performance criteria determined by the board of directors of the Company in its sole discretion,
in amount equal to up to
200
% of Employee's base salary for the then current fiscal year, shall, at commencement of the Term receive
a grant of stock of
500,000
shares and shall be eligible to receive an annual discretionary stock grant during the Term which shall be
vested in equal increments of 1/3
rd
each over a three year period beginning on the first anniversary of employment and shall
be awarded options to purchase
500,000
shares of the Company's common stock, exercisable at a price of $
.75
per share. On March
16, 2021, Mr. Moyle assumed the role of interim Chief Financial Officer upon the resignation of Mr. Kelly. The terms of Mr. Moyle's
Agreement did not change.
On May 12,
2021, the Company entered into a Cooperation and Release Agreement (the "Agreement") with Richard S. Groberg and RSG Advisors,
LLC. Under the terms of the Agreement, Mr. Groberg agreed to relinquish all common stock of the Company issued to or owned by him and
waived any right to any future stock issuances except for
100,000
shares to be retained by Mr. Groberg.
F-
35
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
12 — Commitments and Contingencies (continued)
Board
of Directors Services Agreements
On September 15, 2020, the Company entered into
a Board of Directors Services Agreement (the "Agreement") with Messrs. Bloss, Dear and Balaouras (collectively, the "Directors").
Under the terms of the Agreement, each of the Directors shall provide services to the Company as a member of the Board of Directors for
a period of not less than one year. Each of the Directors shall receive compensation as follows: (i) Fifteen Thousand and no/100 dollars
($
15,000.00
), paid in four (4) equal installments on the last calendar day of each quarter, and (ii) Fifteen Thousand (
15,000
) shares
of the Company's common stock on the last calendar day of each quarter. The Agreement for each of the Directors is effective as
of October 1, 2020.
On March 26, 2021, the Company's Board of
Directors elected to revise the terms of the Board of Directors Services Agreement for each director. Section 2 (Compensation) was revised
such that the directors' cash compensation was revised to stock compensation in the following manner: $
3,750
divided by the
closing stock price on the last business day of each quarter multiplied by 1.10. The remainder of Section 2 is unchanged.
On September 30, 2021, the Company's Board
of Directors elected to revise Section 2 (Compensation) of the Agreement back to the original terms. Each of the Directors shall receive
compensation as follows: (i) Fifteen Thousand and no/100 dollars ($
15,000.00
), paid in four (4) equal installments on the last calendar
day of each quarter, and (ii) Fifteen Thousand (
15,000
) shares of the Company's common stock on the last calendar day of each quarter.
The revision became effective on September 30, 2021.
F-
36
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
12 — Commitments and Contingencies (continued)
Operating
Leases
The Company leases an approximately
17,000
square foot building on
3.92
acres of land in Pahrump, NV. The effective date of the lease was June 24, 2019, has a term of
10
years and the base rent is $
10,000
per month. The Company leased a two production / warehouse facility under a cancellable operating lease
that expires in June 2027 and September 2029, respectively.
For the years ended December 31, 2021 and 2020, the Company
made lease payments in the amount of $
-
and
$
-
, respectively.
As
of December 31, 2021, the Company recorded operating lease liabilities of $
769,684
and right of use assets for operating leases
of $
-
.
During the year ended December 31, 2021, operating cash outflows relating to operating lease liabilities was ($
109,393
)
,
and the expense for right of use assets for operating
leases was $
205,636
.
As of December 31, 2021, the Company's
operating leases had a weighted-average remaining term of
4.5
years and weighted-average discount rate of
4.5
%.
Please
see
Note 15 — Gain on Disposal of Subsidiary
for further information.
Future
minimal rental and lease commitments under non-cancelable operating leases with terms in excess of one year as of December 31, 2021,
are as follows:
Amount
Fiscal year ending December 31:
2022
120,000
2023
120,000
2024
120,000
2025
120,000
Thereafter
450,000
Total minimum
    lease payments
$
930,000
Rent
expense, incurred pursuant to operating leases for the year ended December 31, 2021 and 2020, was $
88,717
and $
341,129
,
respectively.
Litigation
From
time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.
When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a
loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition
to the estimated loss, the liability includes probable and estimable legal cost associated with the claim or potential claim. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company
business. There is no pending litigation involving the Company at this time.
MJ Holdings, Inc. Complaint
On December 14, 2021, MJ Holdings, Inc. (the "Plaintiff")
filed a Complaint against NCMM, LLC, AP Management, LLC and Valerie Small (collectively, the "Defendants"). In the Complaint,
the Plaintiff alleges that the Defendants have refused to return the cannabis that was being stored for Plaintiff under a Storage and
Purchase Agreement entered into with AP Management. By failing to return the cannabis to Plaintiff, or Plaintiff's designee, the
Defendants have deprived Plaintiff of the ability to sell, transfer or market the product. In addition, the Defendants have sought to
unlawfully extort the Plaintiff for illicit payments of thousands of dollars in money and/or cannabis in exchange for returning the cannabis.
Gappy and Shaba Compliant
On December 3, 2021, a Complaint was filed
against MJ Holdings, Inc., HDGLV, LLC, Red Earth, LLC (collectively, the "Defendants") by Ziad Gappy and David Shaba
(collectively, the "Plaintiffs"). In the Complaint, the Plaintiffs allege the Defendants made misleading statements
and/or omissions relating to the Company in the Plaintiffs' negotiation to purchase shares of MJ Holdings, Inc. In addition,
the
Plaintiffs allege that the Defendants have not honored the 2018 Agreements negotiated between the Plaintiffs and Defendants and that
MJ Holdings, Inc. has failed to issue an additional $125,000 in stock due to the Plaintiffs as was agreed to in writing and the
Defendants have failed to start the Western Project.
DGMD Complaint
On March 19, 2021, a
Complaint was filed against the Company, Jim Mueller, John Mueller, MachNV, LLC, Acres Cultivation, Paris Balaouras, Dimitri Deslis,
ATG Holdings, LLC and Curaleaf, Inc. (collectively, the "Defendants") by DGMD Real Estate Investments, LLC, ARMPRO, LLC,
Zhang Springs LV, LLC, Prodigy Holdings, LLC and Green Organics, LLC (collectively, the "Plaintiffs") in the District Court
of Clark County, Nevada.
In the Complaint, the
Plaintiffs allege that the Defendants: (i) intended to fraudulently obtain money from the Plaintiffs in order to put that money towards
the Acres dispensary and to make Acres look more appealing to potential buyers as well as pay off Defendants' agents, and (ii)
the Defendants acted together in order to find investors to invest money into the Acres and MJ Holdings "Investment Schemes",
and (iii) the Defendants intended to fraudulently obtain Plaintiffs' money for the purpose of harming the Plaintiffs to benefit
the Defendants, and (iv) the Defendants committed unlawful fraudulent misrepresentation in the furtherance of the agreement to defraud
the Plaintiffs. The Plaintiffs allege that damages are in excess of $
15,000
.
As
the complaint pleads only the statutory minimum of damages, the Company is unable to estimate the potential exposure, if any, resulting
from this matter but believes it is without merit as to liability and otherwise deminimis as to damages. Thus, the Company does not expect
this matter to have a material effect on the Company's consolidated financial position or its results of operations. The Company
will vigorously defend itself against this action and has filed
an appropriate and timely answer to the Complaint including
a lengthy and comprehensive series of affirmative defenses and liability and damage avoidances. As of the date of this filing, discovery
has commenced and written discovery has been exchanged between the parties.
Tierney Arbitration
On March 9, 2021,
Terrence Tierney, the Company's former President and Secretary, filed for arbitration with the American Arbitration
Association for: (i) breach of contract, (i) breach of the implied covenant of good faith and fair dealing, and (iii) NRS 608 wage
claim. Mr. Tierney demanded payment in the amount of $
501,085
for deferred business compensation, expenses paid on behalf of the Company, accrued vacation and severance
pay. On April 7, 2021, the Company made payment against the wage claim in the amount of $
62,392
,
inclusive of $
59,583
for
wages and $
2,854
for accrued vacation and, as such posits that any claims that Tierney may
have had have been paid in full and that the Company otherwise has no liability. The Company filed a counterclaim in the action declaring
that Tierney breached the contract of employment, committed fraud, malfeasance and other nefarious acts causing substantial damage to
the Company with estimated monetary damages well in excess of any monetary claim made by Tierney. After recent arbitrator rulings favorable
to the Company, the parties have agreed to postpone the June arbitration and have referred the matter to mediation.
Note
13 —
Stockholders' Equity (Deficit)
General
The
Company is currently authorized to issue up to
95,000,000
shares of Common Stock and
5,000,000
shares of preferred stock, par
value $
0.001
per share.
Preferred
Stock
The
Board is authorized, without further approval from the Company's stockholders, to create one or more series of preferred stock,
and to designate the rights, privileges, preferences, restrictions, and limitations of any given series of preferred stock. Accordingly,
the Board may, without stockholder approval, issue shares of preferred stock with dividend, liquidation, conversion, voting, or other
rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock could
have the effect of restricting dividends payable to holders of the Company's Common Stock, diluting the voting power of its Common
Stock, impairing the liquidation rights of its Common Stock, or delaying or preventing a change in control of the Company, all without
further action by its stockholders. Of the
5,000,000
shares of preferred stock, par value $
0.001
per share, authorized in the Company's
Articles of Incorporation,
2,500
shares are designated as Series A Convertible Preferred Stock.
Series
A Convertible Preferred Stock
Each
share of Series A Preferred Stock is convertible, at the option of the holder, into that number of shares of Common Stock determined
by dividing the stated value of each share of Series A Preferred Stock (currently, $
1,000
) by the conversion price (currently, $
0.75
).
The stated value and the conversion price are subject to adjustment as provided for in the Certificate of Designation. The Company is
prohibited from effecting a conversion of the Series A Preferred Stock to the extent that, after giving effect to the conversion, the
holder (together with such holder's affiliates and any persons acting as a group with holder or any of such holder's affiliates)
would beneficially own in excess of
4.99
% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion.
A holder, upon notice to us, may increase or decrease this beneficial ownership
limitation; provided, that, in no event can the holder increase the beneficial ownership limitation in excess of 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon the conversion of
the Series A Preferred Stock then held by holder
. Such increase of the beneficial ownership limitation cannot be effective until the
61
st
day after such notice is given to us and shall apply only to such holder. The Series A Preferred Stock has no voting
rights; however, as long as any shares of Series A Preferred Stock are outstanding, the Company is not permitted, without the affirmative
vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock to (i) alter or change adversely the
powers, preferences, or rights given to the Series A Preferred Stock or alter or amend the Series A Preferred Stock Certificate of Designation,
(ii) amend the Company's Articles of Incorporation or other charter documents in any manner that adversely affects any rights of
the holders, (iii) increase the number of authorized shares of Series A Preferred Stock, or (iv) enter into any agreement with respect
to any of the forgoing.
Preferred
Stock Issuances
Year ended December 31, 2021
None
Year ended December 31, 2020
None
At
December 31, 2021 and December 31, 2020, there are
0
and
0
shares of Series A Preferred Stock issued and outstanding, respectively.
F-
37
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note 13 — Stockholders' Equity
(Deficit) (continued)
Common
Stock
Of
the
95,000,000
shares of Common Stock authorized by the Company's Articles of Incorporation,
71,501,667
shares of Common
Stock are issued and outstanding as of December 31, 2021. Each holder of Common Stock is entitled to one vote per share on all
matters to be voted upon by the stockholders and are not entitled to cumulative voting for the election of directors. Holders of Common
Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds
legally available therefor subject to the rights of preferred stockholders. The Company has not paid any dividends and does not intend
to pay any cash dividends to the holders of Common Stock in the foreseeable future. The Company anticipates reinvesting its earnings,
if any, for use in the development of its business. In the event of liquidation, dissolution, or winding up of the Company, the holders
of Common Stock are entitled, unless otherwise provided by law or the Company's Articles of Incorporation, including any certificate
of designations for a series of preferred stock, to share ratably in all assets remaining after payment of liabilities and the preferences
of preferred stockholders. Holders of the Company's Common Stock do not have preemptive, conversion, or other subscription rights.
There are no redemptions or sinking fund provisions applicable to the Company's Common Stock.
Common
                                            Stock Issuances
For
the fiscal years ended December 31, 2021 and December 31, 2020, the Company issued and/or sold the following unregistered
securities:
Year ended December 31, 2021
On March 8, 2021, the
Company issued
526,316
shares of common stock with a fair market value of $
410,000
in satisfaction of $
100,000
principal
and all accrued interest for a note payable to a related party as per the terms of the Debt Conversion and Stock Purchase Agreement dated
January 14, 2021.
On March 8, 2021, the
Company issued
263,158
shares of common stock with a fair market value of $
205,263
to a related party for the purchase
of $
50,000
of common stock as per the terms of the Debt Conversion and Stock Purchase Agreement dated January 14, 2021.
On March 29, 2021, the
Company issued
225,000
shares of common stock with a fair market value of $
135,000
to a consultant as per the terms of
the Consulting Agreement dated February 25, 2021.
On April 24, 2021, the
Company issued
1,000,000
shares of common stock with a fair market value of $
630,000
as per the terms of the Termination
Agreement with Blue Sky Companies, LLC and Let's Roll Nevada, LLC.
On June 4, 2021, the
Company issued
32,000
shares of common stock with a fair market value of $
13,514
to its former Chief Financial Officer
as final compensation for services previously rendered on behalf of the Company.
On July 14, 2021, the
Company issued
29,495
shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $
12,093
to a Director as compensation per the terms of the Board of Directors Services Agreement.
On July 14, 2021, the
Company issued
43,245
shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $
17,730
to a director as compensation per the terms of the Board of Directors Services Agreement.
On July 14, 2021, the
Company issued
43,245
shares of common stock, previously recorded as common stock issuable in the period ended June 30, 2021,
with a fair market value of $
17,730
to a Director as compensation per the terms of the Board of Directors Services Agreement.
On July 21, 2021, the
Company issued
62,333
shares of common stock with a fair market value of $
25,089
to a consultant for services rendered
on behalf of the Company.
On July 21, 2021, the
Company issued
30,000
shares of common stock with a fair market value of $
12,075
to a consultant for services rendered
on behalf of the Company.
On July 21, 2021, the
Company issued
120,000
shares of common stock with a fair market value of $
48,300
to an employee for past due wages.
On July 21, 2021, the
Company issued
60,000
shares of common stock with a fair market value of $
24,150
to an employee for past due wages.
On July 21, 2021, the
Company issued
30,000
shares of common stock with a fair market value of $
12,075
to an employee for past due wages.
On July 30, 2021, the
Company's prior President, Richard S. Groberg, returned
300,000
shares of common stock to be retired as per the terms of the Cooperation
and Release Agreement dated May 12, 2021. As of the date of this filing, the Company has yet to submit the shares to its transfer agent.
On December 31, 2021, the Company issued
333,334
shares of common stock with a fair market value of $
96,501
to an officer for shares purchased in 2018 under the Company's Regulation
D offering.
On December 31, 2021, the Company issued a total
of
90,000
shares of common stock with a fair market value of $
24,300
to three directors for services rendered during the third and fourth
quarters of 2021.
Year ended December 31,
2020
On
February 11, 2020, the Company issued
250,000
shares of common stock to its former Secretary and President for services rendered on behalf
of the Company.
On
March 31, 2020, the Company issued
31,251
shares of common stock to its former Chief Financial Officer for services rendered on behalf
of the Company.
On
March 31, 2020, the Company issued
18,562
shares of common stock to its current Interim Chief Executive Officer for services rendered
on behalf of the Company.
On
April 7, 2020, the Company issued
20,000
shares of common stock to an accredited investor for purchasing shares through the Company's
Regulation D offering.
On
December 14, 2020, the Company issued
500,000
shares of restricted common stock to its Secretary as per the terms of the Employment Agreement
dated September 15, 2020.
On
December 14, 2020, the Company issued
500,000
shares of restricted common stock to its Interim Chief Financial Officer as per the terms
of the Employment Agreement dated October 1, 2020.
On
December 14, 2020, the Company issued
250,000
shares of restricted common stock to its Interim Chief Executive Officer for services rendered
on behalf of the Company.
On
December 14, 2020, the Company issued
1,402,279
shares of restricted common stock to an accredited investor as per the terms of the Securities
Purchase Agreement dated July 22, 2020.
On
December 14, 2020, the Company issued
2,500
shares of restricted common stock for services rendered on behalf of the Company.
On
December 14, 2020, the Company issued
2,500
shares of restricted common stock for services rendered on behalf of the Company.
F-
38
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
On
December 14, 2020, the Company issued
200,000
shares of restricted common stock to a Consultant for consulting services rendered on behalf
of the Company.
At December 31, 2021 and December 31, 2020,
there are
71,501,667
and
68,613,541
shares of Common Stock issued and outstanding, respectively.
Note
14 —
Basic and Diluted Earnings (Loss) per Common Share
Basic
earnings (loss) per share is computed by dividing the net income or net loss available to common stockholders by the weighted
average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the treasury
stock method and reflects the potential dilution that could occur if warrants were exercised and were not anti-dilutive.
For
the year ended December 31, 2021, basic and diluted loss per common share were the same since there were no potentially dilutive
shares outstanding during the respective periods. The outstanding warrants and options as of December 31, 2021, to purchase
1,500,000
shares of common stock were not included in the calculations of diluted loss per share because the impact would have been anti-dilutive.
Note
15 —
Gain on Disposal of Subsidiary
On
December 15, 2017, the Company acquired
100
% of the outstanding membership interests of Red Earth, LLC for
52,732,969
shares of common
stock of the Company, par value $
0.001
and a Promissory Note in the amount of $
900,000
. Red Earth became a wholly owned subsidiary (the
"Subsidiary") of the Company.
On
or about May 7, 2021, the Subsidiary, received an inquiry from the State of Nevada Cannabis Compliance Board ("CCB") regarding
the transfer of ownership of the Subsidiary from its previous owners to the Company. The CCB has determined that the transfer was not
formally approved, thus a Category II violation.
On
July 27, 2021, the Subsidiary entered into a Stipulation and Order for Settlement of Disciplinary Action (the "Stipulation Order")
with the CCB. Under the terms of the Stipulation Order, the Subsidiary has agreed to present to the CCB, by not later than August 31,
2021, a plan pursuant to which the ownership of the Subsidiary will be returned to the original owners. The Parties to the Stipulation
Order resolved the matter without the necessity of taking formal action. The Subsidiary agreed to pay a civil penalty of $
10,000
, which
was paid on July 29, 2021.
On
August 26, 2021, the Company and the Company's Chief Cultivation Officer and previous owner of the Subsidiary, Paris Balaouras,
entered into a Termination Agreement. Under the terms of the Termination Agreement, the Purchase Agreement (the "Purchase Agreement"),
dated December 15, 2017, entered into between the Company and the Subsidiary was terminated as of the date of the Termination Agreement
resulting in the return of ownership of the Subsidiary to Mr. Balaouras. Neither party shall have any further obligation to one another
pursuant to the terms of the Purchase Agreement. On September 2, 2021, the Company received approval of the Termination Agreement from
the CCB.
The
table below shows the assets and liabilities that the Company was relieved of in the transaction:
August 27, 2021
Assets:
Deposits
$
38,663
Property and equipment, net
143,507
Intangible assets
300,000
Right of use asset
1,105,735
Total assets
$
1,587,875
Liabilities:
Operating lease liability
$
(
1,251,964
)
Deposits
(
538,921
)
Accrued expense
(
134,540
)
Total liabilities
$
(
1,925,425
)
(Gain) on divestiture
$
(
337,551
)
Note
16 —
Stock-Based Compensation
Warrants
and Options
A
summary of the warrants and options issued, exercised and expired are below:
Stock
Options
On
September 15, 2020, the Company issued an option to purchase
500,000
shares of common stock to each of Messrs. Balaouras, Bloss
and Moyle as per the terms of their employment agreements. The options have a strike price of $
0.75
and expire on the
three
-year
anniversary date.
A summary of the options issued, exercised
and expired are below:
Options:
Shares
Weighted
Avg.
Exercise Price
Remaining Contractual
Life in Years
Balance at December 31, 2020
1,510,000
$
0.76
2.69
Issued
-
-
-
Exercised
-
-
-
Expired
(
10,000
)
1.20
-
Balance at December 31, 2021
1,500,000
$
0.75
1.68
Exercisable at December 31, 2021
1,500,000
$
0.75
1.68
Options
outstanding as of December 31, 2021 and December 31, 2020 were
1,500,000
and
1,510,000
, respectively.
Warrants
In
June of 2019, in conjunction with the Company's offering under Rule 506 of Regulation D of the Securities Act (the "Offering"),
the Company granted warrants to each participant in the Offering upon the following terms and conditions: (a) each participant has the
right to acquire additional shares of the Company's Common Stock equal to ten (
10
%
) of the shares purchased in the offering (the
"Warrants"); (b) one-half of the Warrants granted to each participant have an exercise price of $
0.65
and the other one-half
have an exercise price of $
1.00
, and (c) the Warrants shall be exercisable between
June 5, 2019
, the date of grant and
June 4, 2021
the
date of expiration of the Warrants.
F-
39
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
On January 11, 2021, the Company issued an accredited
investor a Common Stock Purchase Warrant Agreement in conjunction with the July 2020 Securities Purchase Agreement
granting
the holder the right to purchase up to
250,000
shares of the Company's common stock at an exercise price of $
0.10
for a term of
4
-years.
A summary of the warrants issued, exercised and expired are
below:
Warrants:
Shares
Weighted
Avg.
Exercise Price
Remaining Contractual
Life in Years
Balance at December 31, 2020
1,233,000
$
0.83
0.4
Issued
250,000
0.10
3.03
Exercised
-
-
-
Expired
(
1,233,000
)
0.83
-
Balance at December 31, 2021
250,000
$
0.10
3.03
Warrants
outstanding as of December 31, 2021 and December 31, 2020 were
250,000
and
1,233,000
, respectively.
Note
17 —
Income Taxes
The
Company's federal or state income tax expense or benefit for the years ended December 31, 2021 and 2020 are summarized below.
The
Company did not incur any federal or state income tax expense or benefit for the years ended December 31, 2021 and 2020.
The
provision for income taxes differs from the amounts which would result from applying the federal statutory rate of
21
% to the
Company's loss before income taxes as follows:
December
    31,
2021
December
    31,
2020
Computed "expected"
    income tax benefit
$
799,540
(
832,569
)
Change in valuation allowance
-
832,569
Stock-based compensation and services
46,912
-
Non-deductible expenses-Section 280E
71,741
-
NOL utilization
(
641,193
)
-
Provision for
    income taxes
$
277,000
-
F-
40
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
17 — Income Taxes (continued)
Deferred
income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's
deferred tax assets for federal and state income taxes for the years ended December 31, 2021 and 2020 are as follows:
2021
2020
Deferred tax assets:
Federal and state NOL carryforward
$
2,901,805
3,489,562
Other intangibles
-
63,000
Deferred expenses
-
149,894
Deferred tax assets
2,901,805
3,702,456
Less: Valuation allowance
(
2,901,805
)
(
3,702,456
)
Net deferred tax assets
$
-
-
A
valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset
will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are
uncertain. A full review of all positive and negative evidence needs to be considered. The Company has established a valuation
allowance against all its deferred tax assets.
On
December 22, 2017, H.R. 1 (the "Act") was enacted and included broad tax reforms. The Act reduced the U.S. corporate
tax rate from
35
% to
21
% effective January 1, 2018.
As
of December 31, 2021, the Company had a net operating loss carryforward for federal income tax purposes of approximately $
13,818,117
and credit carryforwards are subject to annual limitations due to the "change in ownership" provisions of the Internal
Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and
credits before utilization. The Company has not performed a Section 382 study as of December 31, 2021.
The
Company files income tax returns in the U.S. The Company is not currently under examination in any of these jurisdictions and
all its tax years remain open to examination due to net operating loss carryforwards.
The
Company uses the "more likely than not" criterion for recognizing the income tax benefit of uncertain income tax positions
and establishing measurement criteria for income tax benefits. Although it is reasonably possible that certain unrecognized tax benefits
may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute
of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar
activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. During the
year ended December 31, 2021, no interest or penalties were required to be recognized relating to unrecognized tax benefits. In
the event the Company should need to recognize interest and penalties related to unrecognized income tax liabilities, this amount will
be recorded as an accrued liability and an increase to income tax expense.
As
the Company operates in the legal cannabis industry, the Company is subject to Section 280E of the Internal Revenue Code ("IRC")
which prohibits businesses engaged in the trafficking of controlled substances (within the meaning of Schedule I and II of the
CSA) from deducting normal business expenses associated with the sale of cannabis, such as payroll and rent, from gross income
(revenue less cost of goods sold). Section 280E, therefore, has a significant impact on the retail side of cannabis, but a lesser
impact on cultivation and manufacturing operations. Section 280E was originally intended to penalize criminal market operators,
but because cannabis remains a Schedule I controlled substance for U.S. Federal purposes, the Internal Revenue Service ("IRS")
has subsequently applied Section 280E to state-legal cannabis businesses. The effective tax rate on a cannabis business depends
on how large its ratio of non-deductible expenses is to its total revenues. In the states that the Company operates in that align
their tax codes with Section 280E, it is also unable to deduct normal business expenses for state tax purposes. This results in
permanent differences between ordinary and necessary business expenses deemed non-allowable and a higher effective tax rate than
most industries. Cannabis businesses operating in states that align their tax codes with the IRC are also unable to deduct normal
business expenses for state tax purposes. The non-deductible expenses shown in the effective rate reconciliation above is comprised
primarily of the impact of applying Section 280E to the Company's businesses that are involved in selling cannabis, along
with other typical non-deductible expenses such as lobbying expenses.
The
IRS has invoked Section 280E in tax audits against various cannabis businesses in the U.S. that are permitted under applicable
state laws. Although the IRS issued a clarification allowing the deduction of certain expenses, the scope of such items is interpreted
very narrowly, and the bulk of operating costs and general administrative costs are not permitted to be deducted. While there
are currently several pending cases before various administrative and federal courts challenging these restrictions, there is
no guarantee that these courts will issue an interpretation of Section 280E favorable to cannabis businesses. Further, there are
several pieces of legislation being considered by the U.S. Congress that could change the interpretation of Section 280E by removing
its applicability to the legalized cannabis industry.
F-
41
MJ
HOLDINGS, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2021 and December 31, 2020
Note
18 —
Related Party Transactions
On
February 20, 2020, the Company's subsidiary, Alternative Hospitality, Inc. (the "Borrower"), issued a Short-Term Promissory
Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a director of the
Company, in the amount of $
110,405
that matures on
February 19, 2021
. The Note shall bear interest at a rate of
9
% per annum with interest-only
payments in the amount of $
825
due on or before the twentieth day of each month commencing on April 20, 2020. The Borrower was required
to make an interest and principal reduction payment in the amount of $
1,233
on or before March 20, 2020.
The Holder is granted a security
interest in that certain real property located at 1300 S. Jones Blvd, Las Vegas, NV 89146, which is owned by the Borrower
. The Note
was paid in full on March 31, 2021.
On
March 31, 2020, the Company's subsidiary, Condo Highrise Management, LLC (the "Borrower"), issued a Short-Term Promissory
Note (the "Note") to Pyrros One, LLC (the "Holder"), an entity controlled by a relative of a director of the
Company, in the amount of $
90,000
that matures on
March 30, 2021
. The Note shall bear interest at a rate of
9
% per annum with interest-only
payments in the amount of $
675
due on or before the first day of each month commencing on May 1, 2020.
The Holder is granted a security
interest in that certain real property located at 4295 Hwy 343, Amargosa, NV 89020 which is owned by the Borrower. The transaction closed
on April 3, 2020
. The Note was paid in full on March 31, 2021.
On
January 14, 2021, the Company entered into a Debt Conversion and Stock Purchase Agreement (the "Agreement") with David Dear
(the "Investor"), a director of the Company. Under the terms of the Agreement, the Company shall issue
526,316
shares of common stock to the Investor
in satisfaction of the $
100,000
short term loan made to the Company by
the Investor on December 10, 2020. In addition, the Investor elected to purchase an additional
263,148
shares of common stock at a per share
price of $
0.19
for a total of $
50,000
.
On
August 1, 2021, the Company entered into a Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (the
"Agreement") with Red Earth, LLC (hereinafter, "Red Earth"), an entity controlled by its Chief Cultivation Officer,
Paris Balaouras. Under the terms of the Agreement, the Company will provide a short-term loan (the "Loan") to Red Earth for
expenses related to the activation and operation of Red Earth's cultivation license. The Loan shall bear interest at
12
%
per annum
and increase to
18
%
upon default. In addition, the Company shall provide Red Earth pre-opening technical services at a cost of $
5,000
to $
7,500
per month. As of December 31, 2021, the amount due the Company under the short-term loan is $
40,165
.
Note
19 —
Subsequent Events
On
February 4, 2022, the Company entered into a Note Modification Agreement (the "Agreement") with FR Holdings, LLC (the "Holder")(together,
the "Parties") amending the terms of the Noted Secured by Deed of Trust (the "Secured Note") entered into by
the Parties on January 17, 2018. The Parties agree that the maturity date of the Secured Note being January 31, 2022, has passed and
that the balance of the Secured Note is now due (currently Seven-Hundred and Fifty-Thousand Dollars ($
750,000
.00), and the parties also
agree that the conditions in the Secured Note requiring the assessment of the additional Five-Hundred Thousand Dollars ($
500,000
.00)
consulting fee was triggered bringing the total amount owed by the Company under the terms of the Secured Note to One-Million Two-Hundred
Fifty-Thousand Dollars ($
1,250,000
.00). Under the terms of the Agreement, the Company made a payment in the amount of $
357,342.88
bringing
the new principal balance to $
900,000
. The interest rate shall be
7
% per annum.
Future payments shall be calculated on a 20-year amortization
with a balloon payment in three years.
The first monthly payment of $
6,977.69
was made on March 25, 2022 with the final balloon payment
due on February 1, 2025.
F-
42
PART
II - INFORMATION NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
following table sets forth expenses (estimated except for the NASDAQ Listing Fee, SEC registration fees and FINRA notice fee) in connection
with the offering described in the Registration Statement:
SEC registration fees
$
405.81
Legal fees and expenses
$
1,500
Accountants' fees and expenses
$
2,500
Misc..
$
15,000
TOTAL
$
19,405.81
Item
14. Indemnification of Directors and Officers.
The
Certificate of Incorporation of the Company provides that:
●
The
    Corporation shall indemnify a director or officer of the Corporation who was wholly successful, on the merits or otherwise, in the
    defense of any proceeding to which the director or office was a party because the director or officer is or was a director or officer
    of the Corporation against reasonable attorney fees and expenses incurred by the director or officer in connection with the proceeding.
    The Corporation may indemnify an individual made a party to a proceeding because the individual is or was a director, officer, employee
    or agent of the Corporation against liability if authorized in the specific case after determination, in the manner required by the
    board of directors, that indemnification of the director, officer, employee or agent, as the case may be, is permissible in the circumstances
    because the director, officer, employee or agent has met the standard of conduct set forth by the board of directors. The indemnification
    and advancement of attorney fees and expenses for directors, officers, employees and agents of the Corporation shall apply when such
    persons are serving at the Corporation's request while a director, officer, employee or agent of the Corporation, as the case
    may be, as a director, officer, partner, trustee, employee or agent of another foreign or domestic Corporation, partnership, joint
    venture, trust, employee benefit plan or other enterprise, whether or not for profit, as well as in their official capacity with
    the Corporation. The Corporation also may pay for or reimburse the reasonable attorney fees and expenses incurred by a director,
    officer, employee or agent of the Corporation who is a party to a proceeding in advance of final disposition of the proceeding. The
    Corporation also may purchase and maintain insurance on behalf of an individual arising from the individual's status as a director,
    officer, employee or agent of the Corporation, whether or not the Corporation would have power to indemnify the individual against
    the same liability under the law. All references in these Articles of Incorporation are deemed to include any amendment or successor
    thereto. Nothing contained in these Articles of Incorporation shall limit or preclude the exercise of any right relating to indemnification
    or advance of attorney fees and expenses to any person who is or was a director, officer, employee or agent of the Corporation or
    the ability of the Corporation otherwise to indemnify or advance expenses to any such person by contract or in any other manner.
    If any word, clause or sentence of the foregoing provisions regarding indemnification or advancement of the attorney fees or expenses
    shall be held invalid as contrary to law or public policy, it shall be severable and the provisions remaining shall not be otherwise
    affected. All references in these Articles of Incorporation to "director", "officer", "employee",
    and "agent" shall include the heirs, estates, executors, administrators and personal representatives of such persons.
Any
indemnification as outlined above is not exclusive of any other rights to indemnification afforded by Nevada law.
Item
15. Recent Sales of Unregistered Securities.
Each
of the below transactions were exempt from the registration requirements of the Securities Act in reliance upon Rule 701 promulgated
under the Securities Act, Section 4(a)(2) of the Securities Act or Regulation D promulgated under the Securities Act.
Common
Stock
For
the three months ended March 31, 2022 and years ended December 31, 2021 and December 31, 2020, the Company
issued and/or sold the following unregistered securities:
For
the three months ended March 31, 2022
Year
ended December 31, 2021
On
March 8, 2021, the Company issued 526,316 shares of common stock with a fair market value of $410,000 in satisfaction
of $100,000 principal and all accrued interest for a note payable to a related party as per the terms of the Debt Conversion and
Stock Purchase Agreement dated January 14, 2021.
On
March 8, 2021, the Company issued 263,158 shares of common stock with a fair market value of $205,263 to a related party
for the purchase of $50,000 of common stock as per the terms of the Debt Conversion and Stock Purchase Agreement dated January 14,
2021.
80
On
March 29, 2021, the Company issued 225,000 shares of common stock with a fair market value of $135,000 to a consultant
as per the terms of the Consulting Agreement dated February 25, 2021.
On
April 24, 2021, the Company issued 1,000,000 shares of common stock with a fair market value of $630,000 as per the terms
of the Termination Agreement with Blue Sky Companies, LLC and Let's Roll Nevada, LLC.
On
June 4, 2021, the Company issued 32,000 shares of common stock with a fair market value of $13,514 to its former Chief
Financial Officer as final compensation for services previously rendered on behalf of the Company.
On
July 14, 2021, the Company issued 29,495 shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $12,093 to a Director as compensation per the terms of the Board of Directors Services
Agreement.
On
July 14, 2021, the Company issued 43,245 shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $17,730 to a director as compensation per the terms of the Board of Directors Services
Agreement.
On
July 14, 2021, the Company issued 43,245 shares of common stock, previously recorded as common stock issuable in the period
ended June 30, 2021, with a fair market value of $17,730 to a Director as compensation per the terms of the Board of Directors Services
Agreement.
On
July 21, 2021, the Company issued 62,333 shares of common stock with a fair market value of $25,089 to a consultant for
services rendered on behalf of the Company.
On
July 21, 2021, the Company issued 30,000 shares of common stock with a fair market value of $12,075 to a consultant for
services rendered on behalf of the Company.
On
July 21, 2021, the Company issued 120,000 shares of common stock with a fair market value of $48,300 to an employee for
past due wages.
On
July 21, 2021, the Company issued 60,000 shares of common stock with a fair market value of $24,150 to an employee for
past due wages.
On
July 21, 2021, the Company issued 30,000 shares of common stock with a fair market value of $12,075 to an employee for
past due wages.
On
July 30, 2021, the Company's prior President, Richard S. Groberg, returned 300,000 shares of common stock to be retired
as per the terms of the Cooperation and Release Agreement dated May 12, 2021. As of the date of this filing, the Company has yet to submit
the shares to its transfer agent.
On
December 31, 2021, the Company issued 333,334 shares of common stock with a fair market value of $96,501 to an officer
for shares purchased in 2018 under the Company's Regulation D offering.
On
December 31, 2021, the Company issued a total of 90,000 shares of common stock with a fair market value of $24,300 to
three directors for services rendered during the third and fourth quarters of 2021.
Year
ended December 31, 2020
On
February 11, 2020, the Company issued 250,000 shares of common stock to its former Secretary and President for services rendered on behalf
of the Company.
On
March 31, 2020, the Company issued 31,251 shares of common stock to its former Chief Financial Officer for services rendered on behalf
of the Company.
On
March 31, 2020, the Company issued 18,562 shares of common stock to its current Interim Chief Executive Officer for services rendered
on behalf of the Company.
On
April 7, 2020, the Company issued 20,000 shares of common stock to an accredited investor for purchasing shares through the Company's
Regulation D offering.
On
December 14, 2020, the Company issued 500,000 shares of restricted common stock to its Secretary as per the terms of the Employment Agreement
dated September 15, 2020.
On
December 14, 2020, the Company issued 500,000 shares of restricted common stock to its Interim Chief Financial Officer as per the terms
of the Employment Agreement dated October 1, 2020.
81
On
December 14, 2020, the Company issued 250,000 shares of restricted common stock to its Interim Chief Executive Officer for services rendered
on behalf of the Company.
On
December 14, 2020, the Company issued 1,402,279 shares of restricted common stock to an accredited investor as per the terms of the Securities
Purchase Agreement dated July 22, 2020.
On
December 14, 2020, the Company issued 2,500 shares of restricted common stock for services rendered on behalf of the Company.
On
December 14, 2020, the Company issued 2,500 shares of restricted common stock for services rendered on behalf of the Company.
On
December 14, 2020, the Company issued 200,000 shares of restricted common stock to a Consultant for consulting services rendered on behalf
of the Company.
The
number of common shares authorized with a par value of $0.001 per share at March 31, 2022, December 31, 2021 and 2020
is 95,000,000, 95,000,000 and 95,000,000, respectively. At March 31, 2022, December 31, 2021 and 2020, 71,501,667,
71,501,667 and 68,613,541 shares of common stock issued and outstanding, respectively.
Preferred
Stock
Three
months ended March 31, 2022
None
Year
ended December 31, 2021
None
Year
ended December 31, 2020
None
The
number of preferred shares authorized with a par value of $0.001 per share at March 31, 2022, December 31, 2021 and 2020
is 5,000,000, 5,000,000 and 5,000,000, respectively. At March 31, 2022, December 31, 2021 and 2020, there are
0, 0 and 0 shares of preferred stock issued and outstanding, respectively.
Except
as noted, none of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering,
and the Registrant believes each transaction was exempt from the registration requirements of the Securities Act as stated above. All
recipients of the foregoing transactions either received adequate information about the Registrant or had access, through their relationships
with the Registrant, to such information. Furthermore, the Registrant affixed appropriate legends to the share certificates and instruments
issued in each foregoing transaction setting forth that the securities had not been registered and the applicable restrictions on transfer.
82
Item
16. Exhibits and Financial Statement Schedules.
Exhibits
required by Item 601 of Regulation S-K
The
following exhibits are filed with this registration statement:
Exhibit
    No,
Description
    of Exhibit
5.1*
Legal Opinion of Law Offices of Gary L. Blum
10.1
Membership
    Interest Purchase and Sale Agreement between Farm Road, LLC and MJ Holdings, Inc. dated October 1, 2018 (previously filed
    on Form 10-K as filed with the SEC on October 16, 2019)
10.2
Cultivation
    and Sales Agreement, Consulting Agreement and Equipment Lease Agreement by and between MJ Holdings, Inc. and Acres Cultivation,
    LLC dated January 18, 2019 (previously filed on Form 10-Q as filed with the SEC on November 21, 2019)
10.3
Purchase
    and Sale Agreement ("PSA"), PSA Amendment #1, PSA Amendment #2 and Promissory Note between MJ Holdings, Inc. and
    John T. Jacobs and Teresa Jacobs (previously filed on Form 10-Q as filed with the SEC on December 13, 2019)
10.4
Richard
    S. Groberg Employment Agreement (previously filed on Form 8-K as filed with the SEC on July 18, 2019)
10.5
Purchase
    and Sale Agreement between Coachill-Inn and Coachillin Holdings, LLC (previously filed on Form 10-Q as filed with the SEC
    on December 13, 2019)
10.6
Membership
    Interest Purchase Agreement between MJ Distributing, Inc. and MJ Holdings, Inc. dated April 2, 2019 (previously filed on Form
    10-Q as filed with the SEC on December 13, 2019)
10.7
Lease
    agreement and addendum between Prescott Management, LLC and Oakridge Enterprises, LLC (previously filed on Form 10-Q as filed
    with the SEC on January 8, 2020)
10.8
Separation
    Agreement dated January 22, 2020 between the Company and Richard S. Groberg dated January 22, 2020 (previously filed on Form
    8-K as filed with the SEC on January 24, 2020)
10.9
Securities
    Purchase Agreement between MJ Holdings, Inc. and Douglas Brown dated July 22, 2020 (previously filed on Form 10-K as filed
    with the SEC on December 10, 2020)
10.10
Consulting
    Agreement between MJ Holdings, Inc. and Sylios Corp dated August 25, 2020 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)
10.11
Board
    of Directors Services Agreement between MJ Holdings, Inc. and David Dear (previously filed on Form 8-K as filed with the SEC
    on September 21, 2020)
10.12
Board
    of Directors Services Agreement between MJ Holdings, Inc. and Paris Balaouras (previously filed on Form 10-K as filed with
    the SEC on December 10, 2020)
10.13
Board
    of Directors Services Agreement between MJ Holdings, Inc. and Roger Bloss (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)
10.14+
Employment
    Agreement between MJ Holdings, Inc. and Paris Balaouras dated September 1, 2020 (previously filed on Form 8-K as filed with
    the SEC on September 22, 2020)
10.15+
Employment
    Agreement between MJ Holdings, Inc. and Roger Bloss dated September 1, 2020 (previously filed on Form 8-K as filed with the
    SEC on September 22, 2020)
10.16+
Employment
    Agreement between MJ Holdings, Inc. and Bernard Moyle dated September 1, 2020 (previously filed on Form 8-K as filed with
    the SEC on September 22, 2020)
10.17
Termination
    and Mutual Release Agreement between MJ Holdings, Inc. and Healthier Choices Management Corp dated November 15, 2019 (previously
    filed on Form 10-K as filed with the SEC on December 10, 2020)
10.18
Short
    Term Promissory Note between Condo Highrise Management, LLC and Pyrros One, LLC dated March 31, 2020 (previously filed on
    Form 10-K as filed with the SEC on December 10, 2020)
10.19
Short
    Term Promissory Note between Alternative Hospitality, Inc. and Pyrros One, LLC dated February 20, 2020 (previously filed on
    Form 10-K as filed with the SEC on December 10, 2020)
10.20
Series
    Post Seed Preferred Stock and Series Post Seed Preferred Unit Investment Agreement between MJ Holdings, Inc., Innovation Labs,
    Ltd and Innovation Shares, LLC dated June 25, 2019 (previously filed on Form 10-K as filed with the SEC on December 10, 2020)
10.21
LV
    Stadium Events Company, LLC Suites License Agreement dated March 18, 2019 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)
10.22
Convertible
    Promissory Note between Smile, LLC, Roger Bloss and MJ Holdings, Inc. dated June 7, 2019 (previously filed on Form 10-K as
    filed with the SEC on December 10, 2020)
10.23
Membership
    Interest Purchase Agreement between Red Earth, LLC, MJ Holdings, Inc. and Element NV, LLC dated August 28, 2019 (previously
    filed on Form 10-K as filed with the SEC on December 10, 2020)
10.24
Amended
    and Restated Operating Agreement of Red Earth, LLC dated August 22, 2019 (previously filed on Form 10-K as filed with the
    SEC on December 10, 2020)
10.25
First
    Amendment to Membership Interest Purchase Agreement between Red Earth, LLC, MJ Holdings, Inc. and Element NV, LLC dated June
    11, 2020 (previously filed on Form 10-K as filed with the SEC on December 10, 2020)
10.26+
Employment
    Agreement between MJ Holdings, Inc. and Jim Kelly dated October 1, 2020 (previously filed on Form 8-K as filed with the SEC
    on October 8, 2020)
10.27
Revenue
    Participation Rights Agreement between the Company and Let's Roll NV, LLC and Blue Sky Companies, LLC (previously filed
    on Form 10-K as filed with the SEC on December 10, 2020)
10.28
License
    Agreement between the Company and Highland Brothers, LLC dated February 15, 2019 (previously filed on Form 10-K as filed with
    the SEC on December 10, 2020)
10.29
Revenue
    Participation Rights Agreement Amendment No. 1 dated December 8, 2020 (previously filed on Form 10-Q as filed with the SEC
    on January 15, 2021)
10.30
Amendment
    to Consulting Agreement dated December 14, 2020 (previously filed on Form 10-Q as filed with the SEC on January 22, 2021)
83
10.31
Common
    Stock Warrant Purchase Agreement between MJ Holdings, Inc. and Douglas Brown dated January 11, 2021 (previously filed on Form
    10-Q as filed with the SEC on January 22, 2021)
10.32
Letter
    of Intent between MJ Holdings, Inc. and MJ Distributing, Inc. dated January 11, 2021 (previously filed on Form 10-Q as filed
    with the SEC on January 22, 2021)
10.33
Debt
    Conversion and Stock Purchase Agreement entered into between MJ Holdings, Inc. and David Dear dated January 14, 2021 (previously
    filed on Form 10-Q as filed with the SEC on January 22, 2021)
10.34
Notice
    of Termination dated January 21, 2021
(previously filed on Form 8-K as filed with the SEC on
    January 27, 2021)
10.35
Cultivation
                                         and Sales Agreement between MJ Holdings, Inc. and MKC Development Group, LLC dated January
                                         22, 2021 (previously filed on Form 8-K as filed with the SEC on February 1, 2021)
10.36
Membership
    Interest Purchase Agreement of MJ Distributing C202, LLC and MJ Distributing P133, LLC (previously filed on Form 8-K as filed
    with the SEC on February 23, 2021)
10.37
Promissory Note between MJ Holdings, Inc. and Pyrros One, LLC dated January 12, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)
10.38
Stock Purchase Agreement between MJ Holdings, Inc. and ATG Holdings, LLC dated February 17, 2020 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)
10.39
Consulting Agreement between MJ Holdings, Inc. and Sylios Corp dated February 25, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)
10.40
Convertible
    Promissory Note between GeneRx and MJ Holdings, Inc. dated March 12, 2021 (previously filed on Form 8-K as filed with the
    SEC on March 19, 2021)
10.41
Termination Agreement between the Company, Blue Sky Companies, LLC and Let's Roll Nevada, LLC dated March 24, 2021 (previously filed on Form 10-K as filed with the SEC on April 15, 2021)
10.42
Cultivation
    and Sales Agreement between MJ Holdings, Inc. and Natural Green, LLC dated March 26, 2021 (previously filed on Form 8-K as
    filed with the SEC on April 12, 2021)
10.43
Cultivation
    and Sales Agreement between MJ Holdings, Inc. and Green Grow Investments Corporation dated May 7, 2021 (previously filed on Form
    10-Q as filed with the SEC on August 25, 2021)
10.44
Cooperation
    and Release Agreement Richard S. Groberg, RSG Advisors, LLC and MJ Holdings, Inc. dated May 12, 2021 (previously filed on Form 10-Q
    as filed with the SEC on May 18, 2021)
10.45
Corporate
    Advisory Agreement (Research & Development) between the Company and GYB, LLC dated May 18, 2021 (previously filed on Form 8-K
    as filed with the SEC on May 21, 2021)
10.46
Corporate
    Advisory Agreement (M&A and Funding) between the Company and GYB, LLC dated May 18, 2021 (previously filed on Form 8-K as filed
    with the SEC on May 21, 2021)
10.47
Cultivation
    and Sales Agreement between MJ Holdings, Inc. and RK Grow LLC dated June 22, 2021 (previously filed on Form 10-Q as filed with the
    SEC on August 25, 2021)
10.48
Consulting
    Agreement between MJ Holdings, Inc. and Wolfpack Consulting, LLC dated June 17, 2021 (previously filed on Form 10-Q as filed with
    the SEC on August 25, 2021)
10.49
Stipulation
    and Order for Settlement of Disciplinary Action (previously filed on Form 8-K as filed with the SEC on August 2, 2021)
10.50
Termination Agreement dated August 26, 2021 (previously filed on Form 8-K as filed with the SEC on October 7, 2021)
10.51
Memorandum of Understanding and Agreement for Technical Services and Short-Term Funding (previously filed on Form 10-K as filed with the SEC on June 21, 2022)
10.52
Note Modification Agreement (previously filed on Form 10-K as filed with the SEC on June 21, 2022)
10.53
Common Stock Purchase Agreement between the Company, MJH Research, Inc. and Sunstate Futures, LLC dated July 8, 2022 (previously filed on Form 8-K as filed with the SEC on July 13, 2022)
21.1
Subsidiaries
    of the Registrant (previously filed on Form 10-K as filed with the SEC on December 10, 2020)
23.1*
Consent of Law Offices of Gary L. Blum
23.2*
Consent of Sadler, Gibb & Associates, LLC
107
Filing Fees
*
Filed
    herewith.
**
Furnished
    herewith.
+
Denotes
    a management compensatory plan, contract or arrangement
84
Item
17. Undertakings.
The
undersigned Company hereby undertakes to:
(1)
To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
    pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
    aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement,
    and
(iii)
To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.
(2)
That,
    for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
(3)
To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
The
undersigned registrant hereby undertakes:
That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b)
as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.
That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities:
The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
(i)
Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;
(ii)
Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;
(iii)
The
    portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
85
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, we have duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Las Vegas, State of Nevada, on August 5, 2022.
MJ HOLDINGS, INC.
By:
/s/ Roger Bloss
Roger Bloss
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose individual signature appears below hereby authorizes and appoints Roger Bloss and Bernard Moyle, and each of them, with
full power of substitution and resubstitution and full power to act without the other, as his true and lawful attorney-in-fact and agent
to act in his name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated
below, and to file any and all amendments to this Registration Statement on Form S-1, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and
agents or any of them or their or his substitute or substitutes may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Roger Bloss
Chief Executive Officer and Director
August 5, 2022
Roger Bloss
(Principal Executive Officer)
/s/ Bernard Moyle
Interim
Chief Financial Officer
August 5, 2022
Bernard Moyle
(Principal Financial Officer and Principal Accounting
    Officer)
/s/ Paris Balaouras
Chief Cultivation Officer and Chairman of the
    Board of Directors
August 5, 2022
Paris Balaouras
/s/ David Dear
Director
August 5, 2022
David Dear
86