MJIC Announces Close of Private Capital Raise
LOS ANGELES, March 18, 2019–(BUSINESS WIRE)–MJIC, Inc. (“MJIC” or the “Company”), California’s leading provider of fully licensed cannabis wholesale distribution, retail, compliance and supply chain solutions, announced today that it has successfully closed a private round of financing resulting in gross proceeds of U.S. $15 million.
This financing will significantly accelerate our growth strategy as we continue to build MJIC’s integrated distribution and retail platform across the entirety of the cannabis ecosystem.
Sturges Karban, Chief Executive Officer and Board Member of MJIC
We could not be more pleased with the overall outcome of the transaction; in the aggregate, and through this single offering, we have raised more than three times the total amount we had initially targeted, only further validating MJIC’s value proposition and underscoring the unique opportunity from a truly vertically integrated platform.
The $15 million in funding will primarily be used to hire key executives, expand MJIC’s licensed distribution infrastructure, enhance its manufacturing capabilities, and increase the depth of its reach across multiple retail channels throughout the State of California and the rest of North America.
MJIC is anticipating a public listing in Canada in 2019, having recently entered into a financial advisory agreement with Haywood Securities.
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.