Commerce-based MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, said its real estate investment unit has secured an initial $24 million funding commitment that will accelerate the expansion of its licensed cannabis operations.

The investment unit, called Vicinity Real Estate Holdings, is a strategic joint venture between MJIC and an established network of wealthy investors formed to acquire, develop and manage properties leased to licensed entities owned and controlled by MJIC.

The joint venture has already bought a distribution and delivery center in Oakland and its distribution center in Long Beach. Vicinity Real Estate will continue targeting strategic real estate assets to supplement MJIC’s network of licensed facilities throughout California, which includes hubs in Brisbane, located south of San Francisco, and Coachella, a small desert community located about 130 miles to the east of Los Angeles.

Finance reporter Pat Maio can be reached at pmaio@labusinessjournal.com or (323) 556-8329.

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