mCig Inc (OTCMKTS: MCIG) has been on the rise in recent weeks as cannabis stocks heat up across the board. Since announcing net sales increased to $7.1 million in 2018. MCIG has also transformed into a volume leader in recent weeks.
MCIG operates in the red hot cannabis market responsible for many of the hottest stocks on the OTCBB. The sector continues to be red hot as legal marijuana sales are expected to grow to more than $20 billion by 2022, from approximately $10 billion in 2018, according to Marijuana Business Daily.
mCig Inc (OTCMKTS: MCIG) is a diversified holdings company for various subsidiaries, focusing on grow construction and cultivation, biotech, dispensary supplies, technology and consulting, payment processing, vaporizers and more, servicing the legal cannabis, hemp and CBD markets. mCig, Inc. is committed to being the leading distributor of products, services and technology 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.
The big story on MCIG is its continued significant growth. The Company reported last week 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.
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.
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Uniquely located on the corner of three states, New York, Massachusetts and Connecticut. Empire Farm is a certified organic 220-acre working farm, home to the FarmOn! Foundation, founded in 1830 and associated with the Astor family. Nestled in an agricultural community in the heart of the Columbia County, the FarmOn! Academy is in partnership with SUNY and Cornell College of Agriculture and Life Sciences, providing young adults the opportunity to learn agriculture on an established working farm. Now home to NY Acres, Inc., the farm also offers 4 four-season heated hi-tunnel greenhouses lending its rich ‘black gold’ soil, suitable for hemp cultivation.
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.
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Currently trading at a $158 million market valuation MCIG has $500k in the treasury and $2.5 million in accounts receivable. There is a lot to be excited about with MCIG; growth has been significant with MCIG reporting net sales increased from $4.8 million in 2017 to $7.1 million in 2018, a 66% increase and the Company is getting ready for its upcoming harvest of its first hemp crop at NYAcres. As cannabis stocks continue to be the hottest space in the market MCIG deserves to be at the top of your radar. 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.