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Tuesday, November 29, 2022

Shares Returned Sparks mCig Inc (OTCMKTS:MCIG)

mCig Inc (OTCMKTS:MCIG) has been creeping up the charts in recent weeks since reversing off $0.181 lows. When a stock such as MCIG starts making moves Investors need to pay attention; this one has a long history of epic moves running from subs to highs near a dime last year.

Last week MCIG said ”announced its Chairman and CEO, Paul Rosenberg, is pleased to announce he has voluntarily returned 5 million Series A Preferred shares, representing 50 million underlying common stock to the company treasury. The process will be completed by September 30th, 2016.”

mCig Inc (OTCMKTS:MCIG) is a leading provider of advanced technologies and solutions to the global cannabis industry. mCig manufactures and markets best-selling portable and home vaporizers, extraction related equipment, CBD Rich Hemp Oil-derived products, and related nutraceuticals based on natural compounds found in Cannabis and Hemp plants.mCig Inc (OTCMKTS:MCIG) owns the mCig and Vapolution brands, and has a 47% stake in VitaCig (VTCQ), makers of the VitaStik, a disposable vitamin vaporizer. The company believes that a well-regulated marijuana industry is emerging as more states follow the lead of Alaska, Colorado, Oregon, and Washington in legalizing marijuana. A similar trend is developing within the CBD and Hemp industries following overwhelming consumer demand.

The press release continues ”mCig is also in the final stages of bringing the exciting, innovative, brand-new organic em-j product to market. em-j, which is infused with Cannabidiol (CBD), is one of the many products that the mCig pharma division has developed using CBD (a list which already includes a successful line of oils, tanks, and waxes). The highly anticipated em-j product will be available to customers in a few weeks, after a delay to further refine the formula used in the new product. mCig made the decision to delay the product release to ensure that the final em-j product brought to the market met the standard applied to all products in the mCig line, and mCig now has the capacity to be able to bring similar products to market much more quickly.

The mCig construction division has its first project entering into contract, an exciting milestone for the division which should prove to be a launching board to capitalize on the multitude of opportunities found in this rapidly growing space.

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The mCig extraction division has begun production of our first Supercritical CO2 extraction unit, which will provide a high-performance, commercial-grade product for customers. This effort is being led by the mCig Chief Research and Development Officer Mike Snody, who has extensive experience in this space through his 25 years with Exxon Co. USA, building offshore platforms, pressure vessels, pipelines, and refineries throughout the US, Russia, Mexico, and Japan.

In other exciting innovation news, the mCig technology division has finally finished the Ultrasonic which is currently being priced for production, mCig is close to finalizing our first software partnership, and is working to find solutions to solve payment and financing issues for legal growers and dispensaries through an innovative exchange using bitcoin.

On September 28 MCIG announced its Chairman and CEO, Paul Rosenberg, is pleased to announce he has voluntarily returned 5 million Series A Preferred shares, representing 50 million underlying common stock to the company treasury. The process will be completed by September 30th, 2016.

“At MCIG, our shareholders are important to us and by returning 50 million common shares back to the treasury we instantly create additional value to the shareholders & health of the company. The return of these shares demonstrates management’s desire to maintain a capital structure that supports growth without resorting to the increasing of our authorized shares. This is an integral part of MCIG Inc.’s long term corporate strategy. By unlocking shareholder value first, we lay a foundation that is poised to grow in our target markets,” said Paul Rosenberg, CEO of mCig, Inc.

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Currently trading at a $11 million market valuation MCIG does have $200,000 in the treasury and virtually no debt with small but growing revenues. MCIG is one of the original pot stocks with a long history of making spectacular moves, now that the stock has reversed and is trading just over 52 week lows Investors are starting to pay attention. 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.

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