WASHINGTON: MJ Holdings (MJNE) is aggressively seeking to acquire real estate in Washington state for the purpose of leasing to regulated marijuana-related businesses. The Florida-based penny stock company plans to ante up $100 million towards warehouses for growing and small retail properties to serve as dispensaries.
“There is a demonstrated urgency in Washington for capital support for the real estate component of this industry and a call for mature seasoned financial investors to provide leadership experience and help marijuana businesses establish themselves,” said Shawn Chemtov, co-chairman of MJ Holdings.
But since the state of Washington has limited to 2 million square feet the total amount of land allotted to grow cannabis, MJ Holdings is in a hurry.
“There is urgency to control the grow space,” said Adam Laufer, co-CEO of MJ Holdings in Miami. “You need space available to grow and those with a first mover advantage will benefit in the long run.”