# EDGAR Filing Document

**Accession Number:** 0001741534
**File Stem:** 0001104659-26-012360
**Filing Date:** 2026-2
**Character Count:** 41607
**Document Hash:** a445e1d1428212d14204ac787ae0e63a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-012360.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001104659-26-012360

**CONFORMED SUBMISSION TYPE**: F-1MEF

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MDJM LTD
- **CENTRAL INDEX KEY:** 0001741534
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1MEF
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293329
- **FILM NUMBER:** 26613524

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FERNIE CASTLE, LETHAM
- **CITY:** CUPAR
- **PROVINCE COUNTRY:** X0
- **ZIP:** KY15 7RU
- **BUSINESS PHONE:** 44-01337 829349

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FERNIE CASTLE, LETHAM
- **CITY:** CUPAR
- **PROVINCE COUNTRY:** X0
- **ZIP:** KY15 7RU

**As filed with the U.S. Securities and Exchange Commission on February 10, 2026**

**Registration No. [●]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**MDJM LTD**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7812** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**Fernie Castle, Letham**

**Cupar, Fife, KY15 7RU**

**United Kingdom**

**+ 44-01337 829 349**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**800-221-0102**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***With a Copy to:***

---

| | |
|:---|:---|
| **Ying Li, Esq.**<br> **Warren Wang, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue, 19th Floor**<br> **New York, NY 10022**<br> **212-530-2206** | **Barry I. Grossman, Esq.**<br> **Matthew Bernstein, Esq.**<br> **Ellenoff Grossman & Schole LLP**<br> **1345 Avenue of the Americas**<br> **New York, NY 10105**<br> **212-370-1300** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ⌧

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ⌧ **333-292953**

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ◻

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act ◻

&nbsp;&nbsp;&nbsp;&nbsp;† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registration statement shall become effective upon filing with the U.S. Securities and Exchange Commission in accordance with Rule 462(b) under the Securities Act of 1933, as amended.**

**EXPLANATORY NOTE**

This Registration Statement on Form F-1 is being filed pursuant to Rule 462(b) and General Instruction V to Form F-1, both promulgated under the Securities Act of 1933, as amended. The contents of the Registration Statement on Form F-1 (File No. 333-292953) filed by MDJM LTD (the "Company") with the United States Securities and Exchange Commission (the "Commission") on January 26, 2026 (the "Prior Registration Statement"), which was declared effective by the Commission on February 9, 2026, including all amendments, supplements, and exhibits thereto and each of the documents filed by the Company with the Commission and incorporated or deemed to be incorporated therein, are incorporated herein by reference.

The Company is filing this registration statement for the sole purpose of registering the offering and sale of an additional $2,299,999.40 of securities, including (i) $999,999.74 of units, with each unit consisting of (a) one Class A ordinary share, par value $0.025 per share (each, a "Class A Ordinary Share," and, collectively, the "Class A Ordinary Shares"), or one pre-funded warrant in lieu thereof, and (b) one Series A warrant to purchase one Class A Ordinary Share (each, a "Series A Warrant," and, collectively, the "Series A Warrants"), (ii) $149,999.96 of additional Class A Ordinary Shares and/or additional Series A Warrants to purchase Class A Ordinary Shares, or any combination thereof, if any, that may be sold as part of the over-allotment option of the representative of several underwriters of this offering (the "Representative"), and (iii) $1,149,999.70 of Class A Ordinary Shares issuable upon exercise of the Series A Warrants included in the units that are proposed to be sold in the offering and that may be sold as part of the over-allotment option of the Representative. The additional securities that are being registered for sale are in an amount and at a price that together represents no more than 20% of the maximum aggregate offering price set forth in the Calculation of Filing Fee Table contained in the Prior Registration Statement.

The required opinions of counsel and related consents and accountant's consents are attached hereto and filed herewith.

**CERTIFICATION**

The Company hereby (i) undertakes to pay the Commission the filing fee set forth on the Filing Fee Table filed as Exhibit 107 of this registration statement by a wire transfer of such amount as soon as practicable (but no later than the close of business on February 11, 2026) and (ii) certifies that it has sufficient funds in the relevant account to cover the amount of such filing fee.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [5.1\*](tm2532819d5_ex5-1.htm) | [Opinion of BGA Law (Cayman) Limited regarding the validity of the Class A Ordinary Shares being registered](tm2532819d5_ex5-1.htm) |
| [5.2\*](tm2532819d5_ex5-2.htm) | [Opinion of Hunter Taubman Fischer & Li LLC as to the enforceability of the Warrants](tm2532819d5_ex5-2.htm) |
| [23.1\*](tm2532819d5_ex23-1.htm) | [Consent of RBSM LLP](tm2532819d5_ex23-1.htm) |
| [23.2\*](tm2532819d5_ex5-1.htm) | [Consent of BGA Law (Cayman) Limited (included in Exhibit 5.1)](tm2532819d5_ex5-1.htm) |
| [23.3\*](tm2532819d5_ex5-2.htm) | [Consent of Hunter Taubman Fischer & Li LLC (included in Exhibit 5.2)](tm2532819d5_ex5-2.htm) |
| [24.1](https://www.sec.gov/Archives/edgar/data/1741534/000110465926006593/mdjh-20250630xf1.htm#SIGNATURES_428620) | [Powers of Attorney (included in the signature page to the Prior Registration Statement and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1741534/000110465926006593/mdjh-20250630xf1.htm#SIGNATURES_428620) |
| [107\*](tm2532819d5_exfilingfees.htm) | [Filing Fee Table](tm2532819d5_exfilingfees.htm) |

---

\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Cupar, United Kingdom, on February 10, 2026.

---

| | |
|:---|:---|
| **MDJM LTD** | **MDJM LTD** |
| By: | */s/ Siping Xu* |
|  | Siping Xu |
|  | Chief Executive Officer, Chairman of the Board of Directors, and Director |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Siping Xu | Chief Executive Officer, Chairman of the Board of Directors, and Director | February 10, 2026 |
| Siping Xu | (Principal executive officer) |  |
| /s/ Mengnan Wang | Chief Financial Officer | February 10, 2026 |
| Mengnan Wang | (Principal financial and accounting officer) |  |
| \* | Director | February 10, 2026 |
| Bo Wang |  |  |
| \* | Director | February 10, 2026 |
| Zhenlei Hu |  |  |
| \* | Director | February 10, 2026 |
| Liding Sun |  |  |
| \* | Director | February 10, 2026 |
| Wei Guan |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Siping Xu |
| Name: | Siping Xu |
|  | Attorney-in-fact |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of MDJM LTD, has signed this registration statement or amendment thereto in New York, NY on February 10, 2026.

---

| | |
|:---|:---|
|  | Cogency Global Inc. |
|  | Authorized U.S. Representative |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

**BGA Law (Cayman) Limited**

c/o 3-212 Governors Square

23 Lime Tree Bay Avenue

P.O. Box 30746

Seven Mile Beach

Grand Cayman KY1-1203

Cayman Islands

www.bga.law

10 February 2026

Our Ref: MDL25.331-3

**MDJM LTD**

4th Floor, Harbour Place, 103 South Church Street

P.O. Box 10240, Grand Cayman, KY1-1002

Cayman Islands

Dear Sir or Madam,

**MDJM LTD (the *Company*)**

We have acted as counsel as to Cayman Islands law to the Company in connection with the Company's Registration Statement, as amended (as defined in Schedule 1), filed with the U.S. Securities and Exchange Commission (the ***Commission***) pursuant to the United States Securities Act of 1933 (as amended) (the ***Securities Act***), relating to the offering and sale of securities with an aggregate offering price of up to US$13,799,996.46, comprising: (a) the offering and sale, on a firm commitment basis, of such number of units (each, a ***Unit***, and, collectively, the ***Units***) at the aggregate offering price of US$5,999,998.46, with each Unit consisting of (i) one Class A Ordinary Share of the Company with a par value of US$0.025 (the ***Class A Ordinary Shares***), or one Pre-Funded Warrant exercisable for one Class A Ordinary Share in lieu thereof, and (ii) one Series A Warrant to purchase one Class A Ordinary Share; (b) the offering and sale of up to such number of additional Class A Ordinary Shares and/or additional Series A Warrants to purchase Class A Ordinary Shares for the aggregate subscription price of US$899,999.77, or any combination thereof; and (c) the offering and sale of up to such number of Class A Ordinary Shares for the aggregate subscription price of US$6,899,998.23 issuable upon exercise of the Series A Warrants included in the Units that are proposed to be sold in the offering and that may be sold as part of the over-allotment option of Maxim Group LLC (collectively, the ***Offering Shares***).

We are furnishing this opinion as exhibit 5.1 to the Registration Statement.

We based our opinion on the Companies Act (as amended) of the Cayman Islands (the ***Companies Act***) currently in force. For the purposes of this opinion, we have examined the documents listed in Schedule 1.

We have relied on the assumptions set out in Schedule 2, which we have not independently verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we consider relevant, and subject to the qualifications set out in Schedule 3, we give the following opinions under the laws of the Cayman Islands:

1. The Company is an exempted company duly incorporated with limited liability, validly existing, and in good standing under the laws of the Cayman Islands.

2. Based on our review of the Listing M&A and the Minutes (each as defined in Schedule 1), the authorised share capital of the Company will be US$250,000,000.00 divided into 10,000,000,000 shares comprising of (i) 9,999,592,000 Class A Ordinary Shares of par value US$0.025 each and (ii) 408,000 Class B Ordinary Shares of par value US$0.025 each.

3. The issue and allotment of the Offering Shares pursuant to the Registration Statement have been duly authorised. When allotted, issued and fully paid for as contemplated in the Registration Statement and when appropriate entries have been made in the register of members of the Company, the Offering Shares will be validly issued and allotted, fully paid and non-assessable.

4. The statements under the captions "Taxation" and "Cayman Islands Taxation" in the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "Risk Factors", "Enforceability of Civil Liabilities", "Description of Share Capital", "Legal Matters", and elsewhere in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

Yours faithfully

/s/ BGA Law (Cayman) Limited

**BGA Law (Cayman) Limited**

**Schedule 1**

**Documents Examined**

1. A copy of the certificate of incorporation of the Company dated 26 January 2018.

2. A copy of the second amended and restated memorandum and articles of association of the Company as conditionally adopted by a special resolution passed on 22 September 2025 (the ***Listing M&A***).

3. A copy of the register of directors provided by the Company to us on 27 November 2025.

4. A copy of the register of members provided by the Company to us on 9 February 2026.

5. A copy of written resolutions of the board of directors of the Company dated 10 February 2026
 approving the increased Offering Shares and Registration Statement.

6. Copies of the following resolutions of the members of the Company (the  ***Minutes***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Minutes of the Extraordinary General Meeting of the Shareholders dated 28 April 2025, at which the members
of the Company approved consolidation of the share capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Minutes of the Annual General Meeting of the Shareholders dated 27 August 2025, at which the members of
the Company approved, amongst others, (i) re-designation of the share capital of the Company into dual classes of shares, and (ii) adoption
of the A&R M&A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Minutes of the Extraordinary General Meeting of the Shareholders dated 20 October 2025, at which the members
of the Company approved increase of the authorised share capital of the Company,

(together with the items set out in paragraphs 1 to 6 above, the ***Company Records***).

7. The Company's registration statement on Form F-1 and the accompanying prospectus filed by the Company with the Commission, including
all amendments and supplements thereto (the  ***Registration Statement***).

**Schedule 2**

**Assumptions**

1. All original documents examined in connection with this opinion are authentic. All signatures, initials and seals are genuine and are
those of the persons authorised or granted power to sign and/or execute such documents. Copies of documents, conformed copies or drafts
of documents provided to us are true, correct, and complete copies of, or in the final forms of, the originals, and the final drafts
or executed copies conform in every material respect to the latest drafts of the same produced to us.

2. The Listing M&A reviewed by us is the memorandum and articles of association currently in force at the
date hereof.

3. The Company Records are complete and accurate in all respects and all matters required by law and the
Listing M&A to be recorded therein are so recorded.

4. Neither the directors nor the shareholders of the Company have taken any steps to have the Company de-registered,
struck off or placed in liquidation. No steps have been taken to wind up the Company and no receiver has been appointed over the Company's
property or assets. No event of a type which is specified in the memorandum and articles of association of the Company as giving rise
to the winding up of the Company (if any) has in fact occurred.

5. There are no other resolutions, agreements, documents or arrangements otherwise than what we have examined
as listed in Schedule 1 that would affect, amend or vary the transactions envisaged by the Registration Statement or affect our opinion
in any way.

6. Upon the issuance of the Offering Shares, the Company will receive consideration for the full issue price
no less than the par value thereof.

**Schedule 3**

**Qualifications**

1. To maintain the Company in good standing with the Registrar under the laws of the Cayman Islands, annual filing fees must be paid and returns made to the Registrar within the timeframe prescribed by the Companies Act.

2. Under the Companies Act, the register of members of a Cayman Islands company is by statute regarded as prima facie evidence of any matters which the Companies Act directs or authorizes to be inserted therein. A third-party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).

3. In this opinion the phrase "**non-assessable**" means, with respect to the issuance of shares that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contribution to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance, in which a court may be prepared to pierce or lift the corporate veil).

4. A restrictions notice may be issued by the corporate services provider of the Company in the event of the Company's failure to disclose beneficial ownership information as required by the Companies Act. Upon issuance of such notice, in respect of the interests affected and amongst others, any transfer or agreement to transfer such interest may be void and the rights attached thereto may not be exercisable.

5. We express no opinion as to the meaning, validity or effect of any references to foreign statutes, rules, regulations, codes, judicial authority or any other promulgations and any references to them in the Registration Statement.

6. We have not made any enquiry and express no opinion as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (as amended) of the Cayman Islands.

## Exhibit 5.2

**Exhibit 5.2**

![](tm2532819d5_ex5-2img001.jpg)

February 10, 2026

**MDJM LTD**

Fernie Castle, Letham Cupar,

Fife, KY15 7RU United Kingdom

Ladies and Gentlemen:

We have acted as United States securities counsel to MDJM LTD, a company incorporated under the laws of the Cayman Islands (the "Company"), in connection with the Company's (i) registration statement on Form F-1 (File No. 333-292953) (the "Initial Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act"), previously filed with the U.S. Securities and Exchange Commission (the "Commission") and (ii) a second registration statement on Form F-1 filed by the Company pursuant to Rule 462(b) under the Securities Act (the "462(b) Registration Statement," and together with the Initial Registration Statement, the "Registration Statement"). This opinion letter is being furnished to you in connection with your filing of the 462(b) Registration Statement relating to the registration of the offering by the Company of $2,299,999.40 of securities, including (i) $999,999.74 of units (each, an "Unit," and, collectively, the "Units"), with each Unit consisting of (a) one Class A ordinary share, par value $0.025 per share (each, a "Class A Ordinary Share," and, collectively, the "Class A Ordinary Shares"), or one pre-funded warrant in lieu thereof (each, a "Pre-Funded Warrant," and, collectively, the "Pre-Funded Warrants"), and (b) one Series A warrant to purchase one Class A Ordinary Share (each, a "Series A Warrant," and, collectively, the "Series A Warrants"), (ii) $149,999.96 of additional Class A Ordinary Shares and/or additional Series A Warrants to purchase Class A Ordinary Shares, or any combination thereof, if any, that may be sold as part of the over-allotment option of Maxim Group LLC, as representative of several underwriters of this offering (the "Representative"), and (iii) $1,149,999.70 of Class A Ordinary Shares issuable upon exercise of the Series A Warrants included in the Units that are proposed to be sold in the offering and that may be sold as part of the over-allotment option of the Representative. Capitalized terms used in this opinion letter and not otherwise defined herein shall have the respective meanings given to them in the underwriting agreement by and between the Company and the Representative (the "Underwriting Agreement"), and the forms of Pre-Funded Warrant and Series A Warrants (the "Forms of Warrants").

For purposes of rendering our opinion, we have examined: (i) the Registration Statement and all exhibits thereto; (ii) the most recent prospectus included in the Registration Statement on file with the Commission as of the date of this opinion letter (the "Prospectus"); (iii) a form of the Underwriting Agreement; (iv) the Forms of Warrants; and (v) the records of corporate actions of the Company relating to the Registration Statement, the Underwriting Agreement, the Pre-Funded Warrants, and the Series A Warrants and matters in connection therewith. We have also made such other investigation as we have deemed appropriate. We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinion, we have also relied on certificates of officers of the Company.

In rendering the opinions set forth below, we have assumed that (i) all information contained in all documents reviewed by us is true and correct; (ii) all signatures on all documents examined by us are genuine; (iii) all documents submitted to us as originals are authentic and all documents submitted to us as copies conform to the authentic originals of such documents; (iv) each natural person signing any document reviewed by us had the legal capacity to do so; and (v) the certificates representing the securities of the Company will be duly executed and delivered.

www.htflawyers.com \| info@htflawyers.com

950 Third Avenue, 19th Floor - New York, NY 10022 \| Office: (212) 530-2210 \| Fax: (212) 202-6380

![](tm2532819d5_ex5-2img001.jpg)

We have also assumed that (i) the Company has been duly incorporated, and is validly existing and in good standing; (ii) the Company has requisite legal status and legal capacity under the laws of the jurisdiction of its incorporation; (iii) the Company has complied and will comply with all aspects of the laws of the jurisdiction of its incorporation, in connection with the transactions contemplated by, and the performance of its obligations under the Pre-Funded Warrants and the Series A Warrants; (iv) the Company has the corporate power and authority to execute, deliver and perform all its obligations under the Pre-Funded Warrants and the Series A Warrants; (v) as provided in Section 5(e) of the form of Pre-Funded Warrant and Section 5(e) of the form of Series A Warrant, all questions concerning the construction, validity, enforcement and interpretation of the Pre-Funded Warrants and the Series A Warrants shall be governed by the internal laws of the State of New York, without regard to the principles of conflicts of law thereof; (vi) service of process will be effected in the manner and pursuant to the methods of the State of New York at the time such service is effected; and (vii) at the time of exercise of the Pre-Funded Warrants and the Series A Warrants, a sufficient number of Class A Ordinary Shares that have been reserved by the Company's board of directors or a duly authorized committee thereof will be authorized and available for issuance and that the consideration for the issuance and sale of the Class A Ordinary Shares in connection with such exercise is in an amount that is not less than the par value of such Class A Ordinary Shares.

The opinions are limited to (a) the federal laws of the United States of America and (b) the laws of the State of New York that, in either case and based on our experience, are applicable to transactions of the type contemplated by the Underwriting Agreement, the Pre-Funded Warrants, and the Series A Warrants. We are members of the Bar of the State of New York. We do not hold ourselves out as being conversant with, or expressing any opinion with respect to, the laws of any jurisdiction other than the federal laws of the United States of America and the laws of the State of New York. Accordingly, the opinions expressed herein are expressly limited to the federal laws of the United States of America and the laws of the State of New York.

Except as expressly set forth in this opinion letter, we are not opining on specialized laws that are not customarily covered in opinion letters of this kind, such as tax, insolvency, antitrust, pension, employee benefit, environmental, intellectual property, banking, consumer lending, insurance, labor, health and safety, anti-money laundering, anti-terrorism, and state securities laws, or on the rules of any self-regulatory organization, securities exchange, contract market, clearing organization, or other platform, vehicle, or market for trading, processing, clearing, or reporting transactions. We are not opining on any other law or the law of any other jurisdiction, including any foreign jurisdiction or any county, municipality, or other political subdivision or local governmental agency or authority.

Based upon and subject to the foregoing, we are of the opinion that (i) when the Pre-Funded Warrants included in the Units have been duly executed and delivered by the Company against payment of the consideration therefor pursuant to the Underwriting Agreement, such Pre-Funded Warrants will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms; and (ii) when the Series A Warrants included in the Units have been duly executed and delivered by the Company against payment of the consideration therefor pursuant to the Underwriting Agreement, such Series A Warrants will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms.

Our opinions set forth above with respect to the validity or binding effect of any security or obligation may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, marshaling, moratorium or other similar laws affecting the enforcement generally of the rights and remedies of creditors and secured parties or the obligations of debtors, (ii) general principles of equity (whether considered in a proceeding in equity or at law), including, but not limited to, principles limiting the availability of specific performance or injunctive relief, and concepts of materiality, reasonableness, good faith and fair dealing, (iii) the possible unenforceability under certain circumstances of provisions providing for indemnification, contribution, exculpation, release or waiver that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, and (iv) the effect of course of dealing, course of performance, oral agreements or the like that would modify the terms of an agreement or the respective rights or obligations of the parties under an agreement.

This opinion letter speaks only as of the date hereof and we assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts, whether existing before or arising after the date hereof, that might change the opinions expressed above.

www.htflawyers.com \| info@htflawyers.com

950 Third Avenue, 19th Floor - New York, NY 10022 \| Office: (212) 530-2210 \| Fax: (212) 202-6380

![](tm2532819d5_ex5-2img001.jpg)

This opinion letter is furnished in connection with the 462(b) Registration Statement and may not be relied upon for any other purpose without our prior written consent in each instance. Further, no portion of this letter may be quoted, circulated or referred to in any other document for any other purpose without our prior written consent.

We hereby consent to the filing of this opinion as an exhibit to the 462(b) Registration Statement and to the use of our name as it appears under the caption "Legal Matters" in the Prospectus. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours,<br>/s/ Hunter Taubman Fischer & Li LLC |
| Hunter Taubman Fischer & Li LLC |

---

www.htflawyers.com \| info@htflawyers.com

950 Third Avenue, 19th Floor - New York, NY 10022 \| Office: (212) 530-2210 \| Fax: (212) 202-6380

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form F-1 of our report dated April 14, 2025, with respect to our audits of the consolidated financial statements of MDJM LTD, its subsidiaries and consolidated variable interest entities (the "Company") as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, and the related notes, appearing in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

We also consent to the reference to our Firm under the caption "Experts" appearing in such Registration Statement.

/s/ RBSM LLP

New York, NY

February 10, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MDJM LTD**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Units, each consisting of | 457(o) | $1149999.70 | 0.0001381 | $158.81 |
| Fees to be Paid | 2 | Equity | (i) One Class A Ordinary Share or one Pre-Funded Warrant | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 3 | Equity | (ii) One Series A Warrant | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 4 | Equity | Class A Ordinary Shares issuable upon exercise of the Pre-Funded Warrants | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 5 | Equity | Class A Ordinary Shares issuable upon exercise of the Series A Warrants | 457(o) | $1149999.70 | 0.0001381 | $158.81 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $2299999.40  |  | $317.62  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $317.62  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the Class A ordinary shares, par value $0.025 per share (the "Class A Ordinary Shares"), of MDJM LTD (the "Registrant") registered hereby also include an indeterminate number of additional Class A Ordinary Shares as may from time to time become issuable by reason of share splits, share dividends, recapitalizations or other similar transactions and Class A Ordinary Shares that may be purchased by Maxim Group LLC (the "Underwriter"), pursuant to its option to purchase additional Class A Ordinary Shares to cover over-allotment, if any. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> See Offering Note 1. No separate fee is required pursuant to Rule 457(i) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> See Offering Note 1. No separate fee is required pursuant to Rule 457(i) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> See Offering Note 1. The proposed maximum offering price of the Class A Ordinary Shares proposed to be sold in the offering will be reduced on a dollar-for-dollar basis for any Pre-Funded Warrants offered and sold in the offering, and as such, the proposed aggregate maximum offering price of the Units is $1,149,999.70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> See Offering Note 1. There will be one Series A Warrant for every Class A Ordinary Share or Pre-Funded Warrant. As estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act, the proposed maximum offering price of the Class A Ordinary Shares issuable upon exercise of the Series A Warrants included in the Units that are proposed to be sold in the offering and that may be sold as part of the over-allotment option of the Underwriter is $1,149,999.70. However, a holder of the Series A Warrants may also effect the zero exercise price option at any time while the Series A Warrants are outstanding. Under the zero-exercise price option, the holder of the Series A Warrants has the right to receive the number of Class A Ordinary Shares as set forth in the applicable Series A Warrant, which will be more than such number of Class A Ordinary Shares that is issuable upon cash exercise or cashless exercise. We do not expect to receive any proceeds from the zero-exercise price option of the Series A Warrants because it is highly unlikely that a holder of the Series A Warrants would elect to exercise the Series A Warrants by paying cash or via cashless exercise in lieu of the zero exercise price option.

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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