LOS ANGELES–(BUSINESS WIRE)–MJIC, Inc. (“MJIC” or the “Company”), California’s leading provider of fully-licensed cannabis wholesale distribution, retail, compliance and supply chain solutions, today announced that its real estate investment vehicle, Vicinity Real Estate Holdings (“Vicinity”), 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 (“JV”) 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,” said 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.
MJIC, based in Commerce, California, is the first fully-licensed and integrated infrastructural and services platform for compliant cannabis. The Company services the needs of lawful operators across the supply chain, from the cultivator to the consumer, and from long-haul statewide commerce to the local last mile. MJIC augments this business-to-business value proposition with a growing portfolio of owned and operated retail operations located in major metropolitan markets throughout California and beyond, including brick-and-mortar dispensaries and local on-demand delivery services, as well as e-commerce and subscription offerings. To learn more, please visit: www.mjic.com.
Forward Looking Statements
This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding our business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future results, performance, levels of activity or achievements, and actual results may differ materially from what is expressed or implied in any forward-looking statement. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.