MJIC Secueres Real Estate Funding To Accommodate Rapid Growth

Written By: Jen Neville
January 23, 2019

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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.

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