LAS VEGAS, NV--(NewMediaWire - Sep 13, 2017) - mCig Inc.,
(OTCQB: MCIG), a diversified company servicing the legal
cannabis, hemp, and CBD markets, is pleased to announce that it is
concluding efforts to raise up to $3 million under a private
placement to qualified accredited investors for the expansion of
its operations.
The Company has already raised over $1 million, about one-third
of our target at the purchase price of $0.25 per share of common
stock. MCIG CEO, Paul Rosenberg, also participated in the offering.
The capital raise is scheduled to conclude on September 30, 2017
and may be extended by the company if deemed necessary.
Mike Hawkins, recently named top CFO in 2017 by Finance Monthly,
states, "The fact that accredited investors are willing to invest
in our company at a premium price from the market fuels us more
than ever to deliver positive results to our growth. This capital
raise will enable the company to diversify its portfolio without
any toxic debt."
Recent Development Highlights
- The purpose of the capital raise is to support MCIG's
plans for a licensed cannabis cultivation and production
facility, and distribution efforts.
MCIG is currently in negotiations to acquire a cannabis
cultivation license in CA, NV, and/or OR and feels very
confident in being able to go into full contract soon.
MCIG has seen tremendous improvements in revenue, gross
profits, net profits, cash position, CAGR, and
shareholder value. MCIG has done this without taking on any
toxic debt and plans to continue to abide by this business
model and "no toxic debt" mantra.
MCIG has recently expanded its supplies services into
California.
MCIG continues to expand its Merchant Services capabilities
along with adding improved methods of purchasing cannabis
and CBD products.
Paul Rosenberg, Chief Executive Officer of mCig, Inc., stated,
"The time is right in planning for our own cultivation facility. We
have seen our business grow and our cash position has improved
tremendously. We have lived by the mantra of no toxic debt, and it
has proven to be the right choice for our business development to
progress. We are excited about the future of MCIG and will continue
to seek out additional opportunities to increase value for our
shareholders."
About MCIG
Headquartered in Las Vegas, Nevada, with offices in 5
continents, mCig, Inc. (OTCQB: MCIG) a diversified holdings
company servicing the legal Cannabis, Hemp, and CBD markets, 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 an
industry leading, large scale, full service cannabis cultivation
construction company with its Grow Contractors division currently
operating in the rapidly expanding the Nevada market.
Beyond this endeavor, mCig has recently entered the techspace to
satisfy its evolving role in technology and increased growth. Its
technology division employs a world renowned tech team specializing
in core product development areas ranging from enterprise
infrastructure to low-level system applications, delivering
cutting-edge solutions that leverage years of experience into
robust end products with high availability and
scalability.
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.
For more information visit our websites:
www.mciggroup.com
www.growcontractors.com
www.cannabizsupply.com
www.420jobsearch.com
www.vitaciggroup.com
www.marketaro.com
www.weedistry.com
www.420cloud.com
www.vitacbd.com
Safe Harbour
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.