düber Secures $50M Funding for 15 Cannabis Distribution Centers
The company signed an agreement with Vacone Real Estate to acquire, fit out and master lease the properties, which total 400,000 square feet.
By Keith Loria
Glenn Ballman, düber founder & CEO
düber Technologies Inc. has signed a $50 million funding agreement with Vacone Real Estate to acquire, fit out and master lease 15 cannabis distribution centers, totaling 400,000 square feet, in the states of Washington, Oregon, California, Nevada and Arizona.
“At düber, we see an unmet market opportunity for cannabis producers, processors and retailers in key parts of the country,” Glenn Ballman, düber’s founder, said in a prepared release. “This expansion will allow us to serve our distribution and courier partners while continuing to expand our integrated, omni-channel, real-time platform to partners and consumers in key markets in the cannabis industry.”
düber provides customers with online ordering, self-serve systems, global product search, digital signage and advertising products. According to Ballman, the company has aspirations to launch several more including retail point of sale, and a home delivery engine for retailers.
Vacone Real Estate owns more than 1 million square feet of space, including industrial, multi-family and restaurant.
“We welcomed the opportunity to work with düber, as we believe in the vision they have for the future of the industry, their technology platform and their commitment to helping small and medium cannabis companies succeed,” Brandon Rainone, Vacone Real Estate’s president, said.
A growing sector
The industry has seen a large growth in distribution sites for the legal cannabis industry of late. In May, Innovative Industrial Properties Inc. acquired a 72,000-square-foot industrial building in Capitol Heights, Md., for $8 million, with the facility acting as a medical-use cannabis cultivation center. In July, Calare Properties acquired a 36,000-square-foot warehouse in Littleton, Mass., and signed Premier Health Group LLC to a 10-year lease. The company plans on using the space as a cultivation facility for medical medical marijuana.
Image courtesy of düber Technologies
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