JACKSONVILLE, FL, April 30, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (OTC:MCIG) www.mciggroup.com, a diversified company servicing the legal cannabis markets, announced today that it has officially been awarded three licenses from California City, California, for recreational cannabis cultivation, statewide distribution, and manufacturing.
The extremely competitive licensing procedure of California City took in over 300 applications, awarding only 16 licenses at this time, 3 of which belong to MCIG.
The property will be developed into a state-of-the-art 30,000 square foot “Smart Greenhouse” cultivation facility by the company’s construction subsidiary, Grow Contractors, Inc. In addition, it has been planned out to have a 2,000 square foot manufacturing facility to create extracts, and a small distribution center that will be used to move products to retailers. This facility is projected, when fully operating, to generate approximately $20M in annual income.
“This property will be a one-stop-shop for all things cannabis in California City. We are going to create a lean manufacturing facility which will be a flagship for vertically integrated cannabis operations,” says Robert Kressa, Grow Contractors CEO.
“Along with our licensed Industrial Hemp farm in Hudson Valley, New York, these additional three California licenses, means that we are quickly getting back to our roots building profitable and efficient operations to be used as a model for future planned expansions. This is just the early part of our plan, creating a network of cannabis facilities that will stretch over the entire U.S.,” Paul Rosenberg, MCIG CEO.
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
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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.