mCig Expands Construction Project Portfolio and Wins an Exclusive Contract in California, Valued at $5M
LAS VEGAS, NV--(Marketwired - Nov 9, 2017) - mCig Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp and CBD markets, is pleased to announce that its Grow Contractors division has entered an exclusive agreement to build and develop a 31,000 square foot state of the art cultivation, extraction, and distribution facility located in a prime area of the San Gabriel Valley in California.
"The past few months in California have been absolutely amazing for the entire cannabis industry in SoCal; I've never seen this level of activity in other states when they had first become recreational. I can already tell that this is going to be quite the market and we're perfectly poised to take advantage of it," says Robert Kressa, CEO of Grow Contractors.
The buildout is valued at over $5M with exclusive rights having been granted to Grow Contractors for the entire construction project. The cultivation area alone will be 22,000 square feet with over 500 flowering lights.
In conjunction, extraction is expected to match cultivation revenues. Cannabis extracts make up a huge portion of the marijuana market accounting for about one third of all marijuana sales. The extraction lab will primarily be equipped for the production of distillate and for the filling of vape pen cartridges. In total, the facility will produce over 100 separate SKU's. Distribution will also be contained within the facility as a service to facilitate delivery to retailers, with a fleet of vehicles and drivers maintaining a logistics backbone to service the entire Southern California region."
Our Grow Contractors division was very busy in the last few months, finishing old construction projects, bidding on a new ones, and most importantly, changing its business model. The division took some time to restructure and clean up past projects, including canceling some non-performing operations in order to move forward. We look forward to our expanded presence in California and more to come. Expect many more construction, management, and exclusivity announcements from Grow Contractors," stated Paul Rosenberg, CEO of mCig Inc.
About Grow Contractors
Grow Contractors is MCIG's group of Cannabis consultants, engineers, architects, contractors, and grow experts combining over 100 years of experience and talent to bring clients efficient and high-quality grow spaces. Grow Contractors offers a practical approach to cannabis design, construction, and operations to create profitable and compliant facilities. The company provides a custom-tailored approach for every client because there is no universal approach to building a cannabis facility. Grow Contractors also offers several high tech greenhouse products from starter to advanced, high tech, greenhouse buildings capable of covering tens of thousands of square feet. From California to Washington, Oregon to Nevada, Grow Contractors provides products and services in all legal cannabis markets.
About MCIG Group (OTCQB: MCIG)
Headquartered in Henderson, 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.
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, EBITDA, 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 EBITDA as a measure of operating performance. EBITDA should not be considered as a substitute for net income.