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."
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.
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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.
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.