mCig, Inc. Provides Shareholder Update on Corporate Developments
JACKSONVILLE, FL , Oct. 01, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – mCig, Inc. (MCIG), a diversified company servicing the legal cannabis markets, updates their shareholders on the latest developments:
The California City cultivation project (CALAcres) reached a milestone last week by completing the environmental review, a significant part of the pre-construction process. After completion of an engineering package, mCig will file for a construction permit and then break ground. Once construction begins, operations will start immediately by utilizing portable buildings during construction of the permanent facility. This will allow us to bring to market our developing cannabis products, like marijuana cigarettes under the Rollies brand.
MCIG’s CEO, Paul Rosenberg stated, “I take serious the promises we as a company have made in the past. It has taken us much longer than we anticipated to bring some products, like our Rollies Brand, to the market, but we are now a much stronger company, with a strong team of individuals that have the same vision and same goals.”
MCIG management was recently very active in the European market, where it struck a deal with an equipment manufacturing company. MCIG will introduce a line of cannabis extraction equipment, including filling machines, drying equipment, ethanol extraction filters and distillers capable of high throughput.
With the recent boom in the number of cannabis manufacturing licensees, spending on equipment has recently begun to soar. By pricing its new equipment competitively and marketing its higher production volume, MCIG plans to capture a significant portion of the cannabis equipment market.
In addition, MCIG will also use its new equipment for processing cannabis at CALAcres and hemp at NYAcres.
Cannabiz Supply announced today that it launched a new division in the extraction space, Cannabiz Supply Energy, focused on providing high quality solvents to cannabis concentrate producers. These solvents are used in the extraction process to produce cannabis oils, edibles, waxes, and more. The key products offered by the new division will include dry-ice, ethanol, butane, propane, and iso-butane.
With its extensive background in the industry, Cannabiz Supply Energy plans to work together with its clients to ensure they have everything they need for extraction success: clean facilities, quality product, reliable supply, and regulatory compliance.
The Company recently filed Form 8a-12G with the United States Securities and Exchange Commission effectively changing the status of the company from a voluntary reporting company to a fully reporting company. “This action is fundamental to our commitment of full transparency for our investors. By subjecting the company to a self-imposed requirement to fully report under SEC guidelines, we ensure confidence with our shareholders and investors and bring the Company greater visibility and credibility before global financial markets,” stated CFO Mike Hawkins.
About MCIG Group (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.
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.
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.