Earlier today, mCig Inc. (OTC:MCIG) announced that the company's cannabis packaging supply division is expanding to California as well as some other recent developments at the company. Here's the highlights...
California Supply Division Expansion
After the company's success relating to Nevada's recreational legalization, Cannabiz Supply (mCig's supply division) is expanding to California starting with a new sales office. They are also planning a rebranded and improved website for Cannabiz Supply and have moved into a larger warehouse.
Grow Contractors' Division Update
In addition to the company's supply division, mCig provides construction and consulting services to cannabis companies through its Grow Contractor's division.
In Nevada, Grow Contractors is currently working on a more than 330,000 square foot facility that is set to become the largest cannabis facility in the state. To maintain proper conditions given the harsh desert environment, Grow Contractors developed a unique climate control design that they hope will set the standard for future facilities.
The company has also started work on 40,000 square feet of greenhouses for Acres Farms in Amargosa, Nevada. Acres Farms had partially completed greenhouses, Grow Contractors will be completing them and making modifications to optimize them for growing cannabis.
Grow Contractors also completed another facility ahead of the recreational deadline in Las Vegas. The 6,500 facility is starting cultivation now. Although small, the facility is capable of producing as much as a 10,000 square foot facility due to their use of vertical growing methods.
In Oregon, the company is 90% complete in their build out of a 115,000 square foot facility. They are currently in talks with the client to discuss a management relationship (where Grow Contractors would staff the facility, assist in financing etc.), future construction projects and the possibility of a joint venture.
In midday trading Monday, shares of mCig are up more than 10% on volume that is already more than double the company's 30-day average volume. Year-to-date, shares of mCig are up more than 36%.
For more information on mCig, be sure to check out the company's profile in The Daily Marijuana Observer's marijuana stock database.
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