By Pat Maio
January 8, 2019
This article was originally published in the Los Angeles Business Journal. Click here to view the original article.
Commerce-based MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, said it’s moving forward with its plans to go public.
The company said it will execute in the next 45 days a reverse merger with a still undisclosed Canadian firm.
MJIC also said it would hire Toronto-based Haywood Securities Inc. as a financial advisor on the deal, which will publicly list MJIC on the Canadian Securities Exchange.
MJIC still has plans to raise funds privately so that it can make strategic acquisitions, expand MJIC’s California operations and prepare for a nationwide roll-out later in the year, according to MJIC Chief Executive Sturges Karban, who spent most of his career as an investment banker involved in mergers and acquisitions.
That experience is set to come in handy, as MJIC plans to be acquisitive ahead of its planned IPO, and will rely on Haywood for identifying acquisition opportunities.
Karban declined to put an exact dollar figure on how much MJIC plans to raise in the private placement, or how much it will raise in its initial public offering.
MJIC will follow a stampede of cannabis companies that have rushed over the past year to the exchange in Toronto, including Culver City-based MedMen Enterprises Inc.