Jacksonville, FL, April 10, 2018 (GLOBE NEWSWIRE) -- mCig Inc., (OTC:MCIG), a leading provider of technologies and solutions for the legal medical and recreational marijuana industry, CEO discusses and outlines the company’s strategy for 2018.
Paul Rosenberg, MCIG CEO, begins the announcement by stating, “With the recent growth in our business over the past couple of years we want to take this opportunity to thank our investors and shareholders for your investment and ongoing support in our Company. I feel it is important for us to continue to keep the market aware of our current projects and our strategic agenda for 2018 and well into the future.”
MCIG expects to release its third-quarter numbers within the next couple days. The Company has been in the process of three audits with its subsidiaries requiring additional time in meeting its quarterly obligations which typically go unaudited.
A recent S-1 registration statement was filed by mCig for its marketing consulting subsidiary, OBITX Inc. With OBITX spinning off into its own publicly traded entity, all MCIG shareholders can expect to receive shares once the filing process has completed.
First comments have been received from the SEC and MCIG has responded accordingly. This whole process takes multiple communications between an SEC reviewer and management before final approval is granted to become a publicly traded company. There should be a response from the SEC by the end of April.
As the main shareholder of OBITX, MCIG management believes the current management team for OBITX has progressed the business enough to warrant its spin-off. This progress has been displayed by their work on multiple projects for its growing roster of clients helping them to utilize blockchain technology by infusing it into their existing business models. MCIG expects OBITX management to make announcements in the very near future about its current portfolio of signed partners and projects.
While some of MCIG’s subsidiaries and their management teams have focused on synergistic opportunities within the cannabis communities, MCIG management has been focusing on turning 2018 into the year MCIG institutes its own production by creating 'real' cannabis projects. With that in mind, MCIG is expecting a final decision from California City, CA, in regards to receiving licenses permitting the cultivation, production, and extraction of marijuana along with other related products by the end of the month.
Another example of MCIG’s ramped up efforts into ‘real’ cannabis projects is the development of The NYAcres Project, a joint venture between NYAcres, Inc., a wholly owned subsidiary of MCIG and FarmOn! Foundation. The joint venture recently placed its first order for hemp seeds and is on schedule to plant the crop in New York state sometime this month.
In anticipation of the first crop, MCIG’s management has been focusing on developing a strategic plan for the HEMP division which is considered to be a direct line to the end consumers.
The plan for the HEMP division is straightforward. The company will make its own line of products using a developed oil under the supervision of its Director Of Research Development Dr. Arkady Uryash.
These products include:
CBD pain relief cream
Skin/coat care and wellness products for Pets
Anti-aging and Active-aging creams with an improved formulation including Hemp Cannabidiol and Terpene components
MCIG management believes these new products will make this division one of the strongest revenue generators for the company. Recent tests with the new pain cream have displayed positive results leading to tremendous interest. This interest has translated into pre-orders placed by those waiting for the commercialization of the products.
mCig company recognizes the crucial need to educate the hemp and cannabis community about safe practices and to also strengthen its own testing standards to ensure safe and effective products.
mCig technology and in-house core laboratory facilitates comprehensive and accurate detection of pesticides, toxic metals and components in hemp and cannabis from the field, during extraction, and for product testing.
"We are committed to implementing all necessary industry testing standards so that only the safest and highest quality cannabis and hemp products are reaching the consumer. The mCig team is filled with energy and passion as we look to raise the bar on testing,” said Dr. Uryash. “We are also building capabilities for providing testing services, laboratory supplies, genomic profiling and compliance consulting for growers and users.”
“In order to meet the highest cannabis testing laboratory standards, mCig will apply cutting-edge life science techniques to enhance quality and safety standards that will exceed state and federal regulations,” emphasized mCig CEO, Paul Rosenberg.
With the planned development of its own product, MCIG has now decided to invest in the cannabis equipment market as well. This has been done in conjunction with its cannabis supply division currently showing great growth and expansion in the states of Nevada and California. A streamlined approach to the growth, development, marketing, distribution, and sale of its products and services has demonstrated the division's ability to take on the new task.
MCIG CFO Mike Hawkins said, “We continue to execute on our business strategy while also remaining flexible and exploring new opportunities as they arise. It’s gratifying to see the growth and progress we’ve made with each line of business and we have been very aggressive about expanding our portfolio of marijuana licenses. Let me clarify the business model of MCIG one more time:
1. There will be ownership of different cannabis grow/manufacturing licenses in different states (through land acquisition)
2. We will be developing hemp farms and hemp/CBD products
3. We are expanding the Cannabis equipment manufacture and cannabis supply division
4. We will create an ownership interest in public companies through private company registrations.”
Paul Rosenberg, CEO of MCIG, said, “I am truly excited about our future. When I look around at the extraordinary talent we have been able to assemble, I am truly humbled. I believe that will be the factor that sets us apart in 2018.”
About MCIG Group (OTCQB: MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (www.mciggroup.com) is a diversified company servicing the legal cannabis, hemp and CBD markets. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
For more information visit our websites: https://www.mciggroup.com
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.