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Sunday, May 29, 2022

mCig Inc (OTCMKTS: MCIG) On a Fast Rise

mCig Inc (OTCMKTS: MCIG) has been running up the charts in recent weeks as pot stocks heat up across the board and come off their lows. MCIG has been a sleeper for years but as I noted in an article last year the stock has emerged as a volume leader since announcing net sales increased to $7.1 million in 2018.

mCig Inc 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 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 industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.

mCig, Inc. employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed. 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 100 years of experience combined between the key players and our grow contractors division, mCig, Inc. is proud to work with Cannabis Industry leaders and to provide broad and rounded solutions for consumer markets, legal growers and canna-businesses nationwide.

MCIG invested significantly in its own growth in 2018, partnering with the FarmOn!Foundation on a 40-acre hemp pilot project, NYAcres. The cultivation process will start immediately on the initial harvest of 40 acres, allowing for a second harvest in late fall. The program will expand each year over 3 years, scaling up to 120 acres of organic industrial hemp bi-annually. The success of the pilot prompted mCig to expand this model into other states. In May 2018, the company purchased land in California City and obtained licenses to grow, manufacture and distribute cannabis in the state of California, positioning itself as an early player in the recently legalized state. The big story on MCIG is its continued significant growth. The Company reported last year that net sales increased from $4.8 million in 2017 to $7.1 million in 2018. This represents a 66% increase in net sales – a figure that is in line with mCig’s history of stable sales growth, and was driven primarily by mCig’s cannabis supply and grow division.

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In August MCIG said it will begin harvesting its first crop of organic hemp from NYAcres in two to three weeks time. After harvested and dried, cannabidiol (CBD) will be extracted from the plant source material. The particular strains of hemp grown at NYAcres, Cherry Wine and Berry Blue sourced from the Colorado Hemp Project are known for their high concentrations of CBD. Once extracted, CBD distillate can be used as a component for a diverse range of end user products, from CBD capsules to CBD vape. Initial projections from our Advisory team and based upon their collective years of farm production and development; we expect revenues greater than $10 million annually from the 40-acre yield. With 212 total acres available, the NYAcres Project could potentially yield up to $50 million per year in high demand CBD retail products with this unique approach.

In December mCIG announced it has officially received its California Type-11 Distribution Temporary license from the State of California. Cal Acres Inc., a California company with majority ownership by MCIG, has officially received their license from the Bureau of Cannabis Control, which allows them to purchase, repackage, transport, and sell cannabis products. Although construction is not complete at the California City facility, Cal Acres may utilize the license to purchase and store product at rented facility space for immediate revenues. Cal Acres is expecting to receive its temporary cultivation and manufacturing licenses as soon as the review process is complete, which should be in the next couple of weeks.

“Obtaining a temporary distribution license allows us to interact with the thousands of California Cultivators, Manufacturers, and Distributors… It’s a new launching pad for our future brands,” says Paul Rosenberg, CEO of MCIG Inc

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Currently trading at a $102 million market valuation MCIG is a  diversified company servicing the legal cannabis markets. The Company has $449k in the treasury , $2 million in accounts receivable and reported $7.1 million in net revenues in 2018. Investors are looking for a pop back to $0.30 plus last year levels. We will be updating on MCIG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MCIG.

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Disclosure: we hold no position in MCIG either long or short and we have not been compensated for this article.

Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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