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, 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,” said 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.
Cautionary Note on Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, and are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. Such forward looking statements include those relating to MJIC’s plans 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, as well as its intentions to pursue a public listing in Canada in 2019. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among other things, risks associated with the ability of MJIC to manage its anticipated growth, and to satisfy the listing requirements of a Canadian stock exchange.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.