Document:

Exhibit
10.32

 

	MJ
    Holdings, Inc.
	Roger
    Bloss, CEO

 

	To:	MJ
    Distributing, Inc.
	 	John
    Goss, President
	 	Delivered
    via email to
	 	Jgoss56@gmail.com
    and
	 	Mark.zobrist@gmail.com

 

	January
    11, 2021

	Re:	Letter
    of Intent, Acquisition of Nye County and State marijuana Licenses:
	 	Cultivation
    License C202 - Medical Certificate #48306359790925315497
	 	Cultivation
    License RC202 - Recreational Certificate #43160131583347244176
	 	Production
    License P133 – Medical Certificate #08705048067480042809
	 	Production
    License RP133- Recreational Certificate #07793712489874595708

 

Dear
Mark and John:

 

This
agreement is between MJ Holdings, Inc. (Purchaser) and MJ Distributing, Inc., as sole member of MJ Distributing C202, LLC and
as sole member of MJ Distributing, P133, (Sellers). It is acknowledged that these parties have already executed a prior Membership
Interest Purchase Agreement for these same properties on April 2, 2019, hereafter “Original MIPA”. (Copy attached
as Exhibit A). The parties did not close on the Original MIPA, the Purchaser waives any and all rights under the Original MIPA.
Seller has been contacted by other interested buyers but has agreed to negotiate a new agreement (MIPA II) with Purchaser based
on this Letter of Intent (LOI). The basic agreement is intended to follow much of the Original MIPA to save time and to close
as quickly as possible. It is also acknowledged by the parties that the intended MIPA II includes terms which are more favorable
for Purchaser than Original MIPA. The outline of the basic price and payment terms in this LOI will be incorporated into MIPA
II such that they will be strictly construed and fully complied by Purchaser in a timely manner. Purchaser acknowledges that failure
to make the specified payments will result in additional deposit forfeiture to Purchaser for non-performance under MIPA II. All
parties look forward to moving this matter forward promptly pursuant to MIPA II which shall be drafted and based on the new terms
in this LOI, including:

 

	 	1.	Purchaser
    is to purchase four licenses referenced above, to wit:
	 	 	 
	 	 	●	Cultivation Licenses C202 & RC202
	 	 	 
	 	 	●	Production Licenses P133 & RP133

 

Such
licenses to be active but temporarily on hold pending approval of a change of location to Purchaser’s location, not subject
cancellation, free and clear and fully transferable. Standard warranties to apply including that Seller has ownership and is authorized
to sell same.

 

    	 	1	 

     

    

 

	 	2.	Consideration:
	 	 	 	 

	 	 	a.	$1.25
    Million, U.S. payable as follows:
	 	 	 	 
	 	 	 	 	i.	$300,000
    non-refundable deposit payable upon closing and clearance of funds on Purchaser’s sale of that office building located
    at 1300 S Jones Blvd, Las Vegas, NV 89146. Said sale is scheduled to close on Tuesday, January 12, 2021. Funds to be deposited
    directly into Seller’s bank account at America First Credit Union per wire transfer instructions to be provided and
    will arrive within one business day.
	 	 	 	 	ii.	The
    next payment of $200,000 shall be received from Purchaser by deposit directly into Seller’s designated bank account.
    The $200,000 non-refundable second payment due on or before Jan.31, 2021.
	 	 	 	 	iii.	The
    third payment from Purchaser shall be due on or before February 12, 2021, which Purchaser shall deposit directly into Seller’s
    designated bank account, $100,000 non-refundable third payment.
	 	 	 	 	iv.	Subsequent,
    non-refundable monthly payments of $100,000 each on or before the 12th day of each month may be deposited into
    an approved escrow account.
	 	 	 	 	 	 
	 	 	b.	Upon
    Closing and funding of that certain “NDA” license sale (this is a confidential transaction) by MJ Holdings, Inc
    or its affiliate, expected to occur within the next 45 to 60 days, at which time the balance then yet unpaid shall be deposited
    in a jointly agreed escrow account which shall be used to continue to make the monthly payments on a non-refundable basis
    until paid in full. Notwithstanding the above, Purchaser shall pay the full balance of the agreed purchase price to Seller
    in no event later than April 30, 2021.
	 	 	c.	Restricted
    Stock of MJ Holdings, Inc. in the amount of 200,000 shares of publicly traded, restricted common stock of MJ Holdings, Inc.
    shall be delivered at close.
	 	 	d.	Any
    of the above Consideration actually paid shall be non-refundable unless the licenses are not transferred, and it is determined
    that the sole cause of the failure to transfer is one-hundred percent (100%) the fault of Sellers.
	 	 	 	 
	 	3.	Transfer
    of the “Trailer”: Upon payment of the $300,000 non-refundable payment pursuant to 2.a.i. above, MJ Distributing,
    Inc., as sole member of MJ Distributing C202, LLC and as sole member of MJ Distributing, P133, Purchaser shall be authorized,
    at its sole cost and expense to move the Trailer from Seller’s property to its own property, and to ensure all local,
    county and state approvals are properly obtained by Purchaser, on behalf of Sellers, prior to moving trailer.
	 	 	 	 	 
	 	4.	Paperwork
    to accomplish license transfers and transfer of license(s), as applicable to Purchaser’s property:
	 	 	 	 	 
	 	 	a.	Upon
    payment of the first payment, Purchaser shall begin the process of preparing the required license transfer paperwork for each
    license. This shall be at Purchaser’s expense. Seller shall cooperate with Purchaser in expeditiously processing the
    transfer of the licenses.
	 	 	b.	Concurrently,
    Seller will take all action necessary to cloak Purchaser’s representative (Paris Balaouras) with the necessary authority
    to process transfer of the licenses to properties to be designated by Purchser; e.g., transferring the Cultivation License
    to the Purchasers Amargosa property (the Farm).
	 	 	 	 
	 	5.	Upon
    execution of this Letter of Intent, the parties agree to proceed to draft a PSA within 3 days and to execute a PSA within
    5 days.

 

This
letter represents a non-binding expression of interest on the part of the Seller and the Purchaser, which is subject to signing
of definitive documentation between the parties. Each of the parties represents and warrants to the other that each party will
use commercially reasonable efforts to complete the proposed transaction in a commercially reasonable period of time.

 

	Seller	 	Buyer
	 	 	 
	MJ
    Distribution, LLC	 	MJ
    Holdings, Inc.
	 	 	 	 	 
	By:	             	 	By:	        
	Name:	 	 	Name:	Roger
    Bloss
	Title:	 	 	Title:	CEO

 

    	 	2Exhibit
10.33

 

DEBT
CONVERSION

AND

STOCK
PURCHASE AGREEMENT

 

This
DEBT CONVERSION AND STOCK PURCHASE AGREEMENT (this “Agreement”) dated as of January 14, 2021, is by and between
MJ Holdings, Inc., a Nevada corporation (the “Company”), and David Dear, whose resides in Shelby, NC (“Investor”).
The Company and the Investor are referred to collectively as the “Parties.”

 

WHEREAS,
on December 10, 2020 the Investor advanced the Company $100,000 as a short-term demand loan (the “Loan”).

 

WHEREAS,
the Parties have agreed to convert the Loan’s outstanding principal and interest into shares of the Company’s common
stock (Common Stock”), par value $0.001, at a conversion price of $0.19 per share for a total of 526,316 shares of Common
Stock.

 

WHEREAS,
the Company has agreed to grant the Investor the right to purchase additional shares of Common Stock (the “Additional Shares”)
at $0.19 per share.

 

WHEREAS,
the Investor has elected to purchase $50,000 of Common Stock at $0.19 per share for a total of 263,158 shares of Common Stock.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree
as follows.

 

1.
Closing. At Closing:

 

	 	(a)	The
    Company shall deliver to the Investor a certificate for 526,316 shares of Common Stock in full satisfaction of the Loan.
	 	(b)	The
    Investor shall remit funds in the amount of $50,000 towards the purchase of 263,158 Additional Shares.
	 	(c)	The
    Company shall thereupon deliver to the Investor a certificate for 263,158 shares of Common Stock for the purchase of the Additional
    Shares.

 

Section
2. Representations and Warranties of the Holder. The Holder makes the following representations and warranties as of the Closing
Date.

 

(a)
Authorization of Transaction. The Holder has full power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. This Agreement constitutes the valid and legally binding obligation of the Holder, enforceable in accordance
with its terms and conditions.

 

    	 	 	 

     

    

 

(b)
No Representations: The Holder has received, carefully read and is familiar with this Agreement. The Holder has received no representations
or warranties from the Company, its employees, agents or attorneys in making its decision to enter into this Agreement.

 

(c)
Business Knowledge: The Holder understands the business in which the Company is engaged and has such knowledge and experience
in business and financial matters that the Holder is capable of evaluating the merits and risks of entering into this Agreement.

 

Section
3. Holder Acknowledgements. The Holder, for himself and his heirs, personal representatives, successors and assigns, acknowledges
and is aware of the following:

 

(a)
No federal or state agency has approved, disapproved or made any finding or determination as to the fairness, nor any recommendation
or endorsement of the merits of the transactions contemplated herein.

 

(b)
The fair market value of the Options is determined by the thirty-day trailing average closing price of the Company’s Common
Stock on January 10, 2021.

 

(c)
The Company has not provided any investment, accounting, legal, or tax advice to the Holder. The Holder is relying, if at all,
solely upon the advice of the Holder’s legal, financial or tax advisers with regard to the Options. Neither the Company
nor any of its officers, directors or employees has made any representation regarding the legal, accounting or tax consequences
of exercising, or not exercising the Options during the Exercise Period.

 

(d)
The Holder acknowledges that the fair market value of the Company’s Common Stock may change. The Company may engage in a
transaction at any time that may affect the value of the Company’s Common Stock. The Holder bears the sole risk that a future
transaction could decrease the value of the Company’s Common Stock and therefore the value of the Options.

 

Section
4. Representations and Warranties of the Company. The Company makes the following representations and warranties as of the
Closing Date:

 

(a)
Organization of the Company: The Company is a corporation duly organized, validly existing, and in good standing under the laws
of State of Nevada.

 

(b)
Authorization of Transaction: The Company has full power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. This Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance
with its terms and conditions. The Company need not give any further notice to, make any filing with, or obtain any further authorization,
consent, or approval of any government or governmental agency in order to consummate the transactions contemplated by this Agreement.

 

Section
5. Entire Agreement. This Agreement constitutes the entire agreement among the Parties and supersedes any prior understandings,
agreements, or representations by or among the Parties, written or oral, to the extent they relate in any way to the subject matter
hereof.

 

Section
6. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together will constitute one and the same instrument.

 

Section
7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without
giving effect to any choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Nevada.

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

 

	COMPANY:    	 	HOLDER:
	MJ
    HOLDINGS, INC.	 	 
	 	 	 
	By:	          	 	By:	                 
	 	Roger
    Bloss, Interim CEO	 	 	David
    Dear, an individual

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