MJIC Secueres Real Estate Funding To Accommodate Rapid Growth

Written By: Jen Neville
January 23, 2019

cannabis real estate

You may also like these upcoming events:

cannaeastThe Canna EAST/WEST Series comes to New York City. As before, top state regulators compare notes both with each other, and with leading operators, testing labs, regional advocacy groups, standards-setting bodies and experts. Past Summits have featured dozens of senior regulators from many different states & major counties and cities. In addition to this audience, this East Coast iteration will include exhibits area of regulatory and compliance consultants, analytics, testing, lab proficiency and certification providers, GMP consultants, and extraction, packaging and labeling solutions.

cannabis control

California Cannabis Control (CCC) is a unique summit focusing on the various challenges the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) poses for municipal officials, such as mayors and their staff, cannabis program managers, city managers, county supervisors, zoning officials, building and fire code enforcement, law enforcement, city and county attorneys, and public health employees. CCC offers California-specific content on the impacts of cannabis legalization in the public sector. This gathering of cannabis regulators, law enforcement, and public health officials offers insights into best practices and lessons learned in the first year of cannabis legalization in California.

Our readers get 10% off attendee registration using code ICNEWS10 at checkout.

MJIC, Inc., California’s leading provider of fully-licensed cannabis wholesale distribution, retail, compliance and supply chain solutions, announced that its real estate investment vehicle, Vicinity Real Estate Holdings, has secured an initial $24 million funding commitment that will accelerate the expansion of the infrastructure supporting the Company’s licensed cannabis operations.

Vicinity is a strategic joint venture between the Company and an established network of high-net worth investors formed to acquire, develop, and manage properties leased to licensed entities owned and controlled by MJIC.

The JV has already seen the Company acquire its distribution and delivery center in Oakland and its distribution center in Long Beach. Vicinity will continue targeting strategic real estate assets to supplement MJIC’s network of licensed facilities throughout California, which includes hubs in Brisbane and Coachella.

“The funding secured by Vicinity demonstrates further investor validation of MJIC’s growth strategy as we continue to capitalize on the booming U.S. cannabis sector,” stated Sturges Karban, Director and Chief Executive Officer of MJIC. “This dedicated source of off-balance sheet real estate financing will allow us to direct internal capital into our operating businesses and minimize dilution to our shareholders as we expand MJIC’s footprint into strategic locations throughout California and beyond.”

Earlier this month, the Company announced a financial services advisory agreement with Haywood Securities, a leading Canadian independent investment bank, in preparation for a public listing that is anticipated for early 2019.

Subscribe to get news, insights, podcasts, videos, webinars, and events delivered to your inbox every week.


Maryland Cannabis Operator Announces $20 Million Capital Raise to Fund Northeast Expansion
Lawmakers Introduce Bipartisan Medical Marijuana Bill
Cannabis Operator Lines Up $40 Million Credit Facility
State Cannabis Licensing Authorities Release Proposed Cannabis Regulations
Q&A with Troy Dayton, CEO of Arcview Group

california Cannabis Distribution Cannabis Funding