LAS VEGAS, NV--(NewMediaWire - Oct 5, 2017) - mCig Inc., (OTCQB: MCIG), a leading distributor of innovative products, technologies, and services for the global recreational and medical cannabis industry is pleased to announce that the company has signed an agreement to purchase land in Kern County, California, expanding its asset base in preparation for California's January 1, 2018 "Green Rush."
Paul Rosenberg, CEO of mCig Inc., commented, "California is a major emerging market for legal cannabis consumption, with adult-use sales expected to begin in 2018. We were looking for the right deal that makes sense for the company and its shareholders, and it took us quite a few months, but we have finally taken the first step in establishing a vertically integrated cannabis-focused agriculture company. The company has since initiated the licensing process and application for cultivation/production/distribution licenses."
MCIG is expanding its business model to include cultivation, production, and distribution. The proposed initial build out in California will cover 50,000 square feet of greenhouse cultivation space that can produce 1,600 lbs and generate conservatively $2.4m a month in revenues.
The Company is also seeking the right opportunity to secure land and licensing in Nevada and Arizona. MCIG views this strategic move as part of the blueprint of what's to come. Expanding operations horizontally will boost MCIG's impact on the market and provide greater wealth opportunities for its shareholders.
Paul Rosenberg, CEO of mCig Inc., concluded, "This is a major development for the company. We have all the resources necessary to build a successful business; we have our own construction/consulting division that will save us a lot of money when we start the build out process; experienced growers on staff that will help create a great line of MCIG products; and marketing/sales division that will allow the company to push our products to different areas of California. Building a successful vertical integrated model will be the main focus of the company moving forward."
About MCIG Group (OTCQB: MCIG)
Headquartered in Las Vegas, Nevada, mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed.
The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. With over seventy-five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.