Vicinity Real Estate Holdings, the real estate investment vehicle of MJIC, Inc., a Commerce, California-based provider of fully-licensed cannabis wholesale distribution, retail, compliance and supply chain solutions, secured an initial $24m funding commitment.
The funds will accelerate the expansion of the infrastructure supporting the company’s licensed cannabis operations.
Vicinity is a strategic joint venture between MJIC 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.
Led by Sturges Karban, Director and Chief Executive Officer, MJIC is a 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, augmenting this business-to-business value proposition with a 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.
Earlier this month, MJIC announced a financial services advisory agreement with Haywood Securities, a Canadian independent investment bank, in preparation for a public listing that is anticipated for early 2019.