mCig Acquires VitaCig Business and $3.95M in MOQ Contracts
HENDERSON, NV–(Marketwired – Jun 27, 2016) – mCig, Inc. ( OTCQB : MCIG ), a leading distributor of technology, products, and services in the Cannabis industry, recently filed an 8K announcing the acquisition of VitaCig, Inc. ( OTC PINK : VTCQ ) e-cig and CBD business. VTCQ recently announced the acquisition and merger with Malecon Pharmacy, Inc., a premier anti-aging pharmaceutical company. MCIG acquired the original VitaCig business, while maintaining approximately 10% non-dilutable interest in VTCQ.
As a brief explanation to our shareholders to supplement the recent 8k filing, MCIG acquired 100% of the VitaCig wholesale and retail sales, and all real and intellectual properties. Included in the transaction were the distribution agreements for the VitaCig and VitaStik brands in multiple European and Asian markets, with a minimum order quantity of $3.95 million over a three-year period. All VitaCig Internet domains and products, whether sold internationally or in the USA will be consolidated with MCIG sales, eliminating the duplicate costs associated with separate businesses, creating an improved bottom line for all MCIG shareholders.
“VTCQ was a dividend spin off from previous management that has always relied on MCIG support. We are happy to turn this chapter and bring these product sales lines back into our pipeline and control,” says Paul Rosenberg of MCIG. “Owning approximately 10% of Malecon Pharmacy, Inc., plus owning 100% of the VitaCig future revenues will greatly enhance shareholder value in MCIG.”
Mike Hawkins added: “We will discuss further the implication of this transaction during the upcoming investor call June 28, 2016 at 4:30 PM (EDT). We encourage all our shareholders to listen in.”
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About mCig, Inc
Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. 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. For more information visit www.mcig.org.
Safe Harbor Statement
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.