An Arizona-based real estate company that specializes in cannabis-related facilities announced Wednesday that it has wrapped up an $800,000 round of funding and is immediately starting a second round.
The firm, Scientific Botanical Leasing, will use the funding for improvements on a facility leased by an Arizona MMJ dispensary that signed a 10-year agreement, as well as to pay off bridge financing and finalize some of the dispensary’s signing incentives.
The facility leased by the dispensary includes “proprietary facility operating software, clean room standards and comprehensive support systems to give the company tenant a competitive advantage,” according to a press release. It’s located in Deer Valley, a suburb north of Phoenix.
The company’s CEO, Brent Nerguizian, said Scientific Botanical Leasing so far has two marijuana-related facilities, one of which has not yet been leased. It’s also helping to finance the construction of another dispensary building that will be run by the same licensed company that leased its Deer Valley facility.
The second round of fundraising is open only to accredited investors, with a minimum $25,000 commitment and a maximum of $1.5 million.