mCig Corporate Update: Best Quarter in Company History
BEVERLY HILLS, CA–(Marketwired – May 7, 2015) – mCig, Inc. ( OTCQB : MCIG ), a leading provider of technologies and services for the legal medical and recreational marijuana industry, is proud to announce the completion of the best quarter in company history which ended April 30, 2015. “We are excited to share this excellent news with our loyal shareholders, and are grateful for the opportunity to show that our recent company overhauls are already beginning to show very clear and positive results,” stated CEO Paul Rosenberg. “We are confident that revenues will continue to grow as we launch exciting new products, form new partnerships, revise our corporate structure, and continue to bring talented people aboard to help bring our vision to life. We believe our revenues can conservatively be projected to be in the 7-10M range for this fiscal year,” Mr. Rosenberg further explained. “We also wanted to take a moment to thank our shareholders for their continued support and confidence, it really keeps us driving forward and innovating. We appreciate it,” Mr. Rosenberg added.
A number of factors contributed to the record-breaking quarter, including the following:
As mCig transforms into the premiere holding company in the cannabis-related market, it has also transformed its sales force into following a “master distributor” model of selling cannabis related products. mCig added a highly recruited global sales manager on the sales team to help scale up the existing sales structure, and this relationship has already resulted in new distributor sales contracts, including an exciting contract for an entire line of products. These new product distributor sales contracts were a driver for the record quarter and this strategic sales approach should continue to improve the mCig bottom line.
As part of a complete revamping of the marketing department and a new focus on a strategic, tactical approach to marketing, mCig has launched a brand new website which allows customers and potential strategic partners to more clearly understand the breadth of partnerships, products, and expansion opportunities which mCig provides. In addition to making mCig’s reach and stature in the cannabis-related business industry clear, the new website makes it easier for customers to purchase the full range of mCig branded products. The marketing team is working to overhaul the social media presence for all brands which fall under the mCig umbrella, driving product sales, and keeping potential customers and investors informed on key mCig products and news.
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.
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.
VitaCig, Inc. Update
VitaCig, Inc. is in the final stages of FINRA approval, and has submitted what they believe will be the final round of questions pertaining to the 15c2-11 application. The pending approval of the 15c-211 application allows a market maker to “make a market” in the company’s stock, conducting principle buy and sell orders. This approval will allow VitaCig, Inc. to continue its commitment to increasing transparency, exposure and providing liquidity for its shareholders. In addition to this important step, VitaCig, Inc. has reached an agreement with an exclusive distributor for the entire VitaStik line for all of Asia. The distributor has received the necessary health department and all other approvals which clear the way for the full line of VitaCig, Inc. products to be sold in South Korea. This expansion into the Asian market, coupled with a previous exclusive distribution agreement in Germany, continues to expand the reach and global opportunities for the rising VitaCig, Inc. line of products beyond just the US market. This new foothold in Asia will also allow VitaCig, Inc. to more easily expand into additional Asian markets. VitaCig, Inc. has also completed the creation of a brand new and improved formula which is completely organic. The new organic formula will be rolled out to all markets in the upcoming quarter.
About mCig, Inc.
Headquartered in Beverly Hills, CA, mCig, Inc. ( OTCQB : 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. The company 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.
Safe Harbor Statement
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.