Blockimmo wins US-based real estate brokerage as first white label customer

Bricks + Mortar Group is the top cannabis real estate brokerage in the state of Michigan. Current banking issues in the cannabis industry set a high barrier to entry in regard to sourcing required capitalization (no standard loans are available), which creates a high demand for the option to lease facilities prior to purchasing.

Richard Goodman, Director of Information Technology at Brick + Mortar Group, said: “With recreational sales recently legalized, and the commercial regulated market coming online in Michigan, there is a huge demand for certified cannabis real estate. Operators are desperate to get up and running so they can quickly meet the massive amount of consumer demand. However, qualified locations are limited and require an extensive amount of due diligence. Our SproutRE Seed Fund provides a diversified investment allowing people to participate in the cannabis industry.”

Starting from the 9th of April, investors will be able to participate in a regulated fund specifically holding diversified cannabis real estate assets. Investors will receive Cannabis Real Estate Security Tokens (CREST) which represent their shares of the SproutRE fund. The initial raise is capped at $30M, the funds from which will be used to acquire A+ locations around. Michigan to lease to well qualified tenants from around the world.

While the platform will initially only offer properties managed by SproutRE, the technology will soon be offered to the general public allowing interested parties to sell their own cannabis properties on the platform. Blockimmo will be announcing more white label partners shortly and is expanding its dedicated team in coming months.

(Press release)