JACKSONVILLE, FL, Dec. 26, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (OTC:MCIG) a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, is pleased to announce that it’s Cannabis Supply division signed an agreement with one of the largest cannabis brand valued at $1 million.
MCIG’s California packaging division has shown rapid growth in the last few months. Working closely with our partner, one of the largest packaging manufacture in the world, the division has been able to expand and assist co-packers and brand manufacturers in preparation for the future of recreational cannabis markets in California.
“Since we began just a few short months ago with Cannabis Supply in California, our strategy has been to focus on working with medium to large size businesses in cannabis industry – and it is paying off. We are seeing tremendous interest by these companies to our selection of products, and our quality of products and service,” says Justine Bastida, the General Manager of MCIG’s California Sale Office.
“We are extremely happy with the progress of our Company in California. Based upon historical numbers and the introduction of recreational cannabis in California, we anticipate more than $3 million in sales of our cannabis supply products coming from our California office in the next 12 months. On a separate note, our construction division has just received a new contract that will be providing the details on shortly. We are close to getting our licenses to grow cannabis in California City,” says Paul Rosenberg, CEO of mCig, Inc. He went on to say, “We are expecting great things from the MCIG divisions during the upcoming calendar year of 2018. While 2017 was a phenomenal year, we expect 2018 to be much better!”
About MCIG Group (OTCQB: MCIG)
Headquartered in Jacksonville, Florida, 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.
About OBITX, Inc.
OBITX, Inc., a 100% subsidiary of mCig, Inc., is a strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains. The team is comprised of experienced developers, programmers, and engineers provide a unique capacity for developing innovative products layered in complexity and designed exclusively for any business initiative.
While OBITX, Inc. covers traditional business sectors it is also concentric and specializes throughout the cannabis and hemp sectors. Expertise involves designing, building and supporting mission critical enterprise applications. Specializing in core product development areas ranging from enterprise infrastructure to low-level system applications, we deliver cutting-edge solutions that leverage our years of experience into robust end products with high availability
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.