Mojave Jane (OTC:HHPHF), a Toronto-based company dealing in California cannabis, today announced that it has filed its consolidated audited financial statements for the fiscal year ended August 31, 2019.
During the period, “Jane” shifted its strategy away from large scale cultivation to focus on extraction, consumer brands, and distribution/delivery. It also recorded a related non-cash impairment charge of $4.4 million during the quarter.
Management believes its value to be sound, especially given its status of having rights to utilities (power), where other properties in the Coachella cannabis zone are not expected to have access to power for years to come. A strategic review is underway to determine the go forward strategy in relation to the CoachellaGro property.
Mojave recorded a number of non-cash impairment charges in relation to the restructuring of the Company (discontinued operations, fixed assets and goodwill, some of which are discussed above) totaling approximately $12.5 million.
Shares in Mojave Jane climbed 12.5% to 1.8 cents, on volume of just below 60,000