mCig, Inc. Mid-Quarter Update: mCig Continues to Surpass Sales Records: On Track for Another Historic Quarter and Highlights New VP of Global Sales, Signed Distributor Deals, and International Expansion
BEVERLY HILLS, CA–(Marketwired – Jun 22, 2015) – mCig, Inc. ( OTCQB : MCIG ), a leading provider of technology, products, and services for consumers, dispensaries, and growers within the global medical and recreational marijuana industry, announced today that Maury Winnick has joined the Company as Vice President of Global Sales. In his role, he has already restructured the corporate sales strategy, including the development of a Master Distribution Agreement (MDA), the first of which features Just Chill Products, LLC (http://chillcbdoil.com/). Just Chill Products is one of many product lines being tested and farmed by the mCig sales team, which has put the full array of resources behind growing the sales of Chill products for the past 90 days, boosting sales each month.
mCig is on track to become the premier distributor in the cannabis industry through its Master Distributor sales approach, a multi-pronged effort which allows mCig to effectively reach, service, and sell to distributors, wholesalers, large chains, individual shop owners (such as single location dispensaries and smoke shops), as well as direct-to-consumer online sales for all products and services under the mCig umbrella. The Company is continually evaluating innovative products and services to bring to the worldwide cannabis market.
In addition to the MDA, mCig also announced today a Sub-Distribution Agreement (SDA) with JCP Wholesale, a deal which has already resulted in $185,000 in sales and a contract for $1 million of future product sales in 2015. These agreements and others further expand mCig’s national reach throughout the United States, allowing the Company to penetrate smoke shops, dispensaries, and convenience stores throughout the South, West Coast, and Northeast with a wide arrange of products at competitive price points.
In addition to these agreements, one of the newly signed regional sales representatives closed a deal with a retail store for an order of assorted mCig products that totaled more than $75,000. As the sales team continues to grow, the Company expects these orders to add $2 million in revenue as the regional sales reps are reaching brick-and-mortar smoke shops, dispensaries, and chain stores throughout the country and will be another significant driver of revenue for mCig as they sign more of these large-scale agreements.
Online sales for products bring in a higher margin than distributor or direct-to-store sales for mCig, underscoring the benefits of the Master Distribution approach, which allows mCig to service all levels of the cannabis industry. Chill online product sales, for example, have shown an upward trend since mCig began putting marketing and sales resources behind the product starting just three months ago, with $55,000 in online sales in May and are on track to be up 50 percent in June. Online sales for this single product line at just one of four existing online retail stores for mCig are projected to bring in roughly $1 million for mCig in fiscal year 2015. Three additional mCig online stores are in the pipeline for 2015, for a total of seven.
The re-structured sales team is being led by Mr. Winnick, a sales and distribution expert with a history of building international sales teams from the ground up. He has worked in the e-cigarette and cannabis vaporizer industry, serving as the Vice President of Global Sales for Vape World, where in just his first year he scaled out their sales team, doubled the number of sales accounts and increased sales 100 percent from the year before.
As mCig brings CBD-infused health and beauty products to market, Mr. Winnick’s experience working as the Director of International Sales and Domestic Retail for Keratin Complex will also be valuable. During his time at the global health and beauty products manufacturer, he doubled revenue and revitalized sales to over 57 international distributors.
“mCig remains committed to recruiting top executives and becoming the standout company in the cannabis industry, which is still in the early stages of growth,” said mCig CEO Paul Rosenberg. “As part of this new approach, we have eleven large-scale contracts currently being cultivated that include products and services in addition to new distribution and accounts. We plan on adding more than 100 sales representatives to the team by the end of next quarter.”
The global mCig sales team continues to expand at an accelerated pace, recruiting seven sales directors who will be the boots on the ground for the Central, Southeast, and Western regions of the United States, as well as sales directors in Asia, Europe, and the United Kingdom — all signed to performance-based contracts and incentivized to build their regional teams.
mCig has zero debt, compared to most of the companies in the same sector, and it is not planning to take on any debt to finance the Company’s operations. mCig also is benefiting this quarter from reducing salaries by 50 percent, focusing its sales compensation now on performance, and partnering with the best manufacturers and service providers to distribute their new innovative products, construction, security systems, consulting and financing services.
mCig is always seeking highly qualified salespeople and executives to join its team. Please visit http://www.mcig.org/jobs/ for more information about applying. For more information on submitting products and services for distribution by mCig, please contact [email protected]
About mCig, Inc.
mCig, Inc. ( OTCQB : MCIG ), operates as a Master Distributor for cannabis-related products; identifies and capitalizes on opportunities in the pharma sector of the cannabis industry; provides financing for innovative cannabis-related businesses; and creates technological solutions and applications for the industry. The mCig E-Cigarette and Portable Vaporizer Division provides a full range of smoking products for retailers and distributors, from disposable smoking devices to high-end heirloom pieces. The mCig CBD Hemp Oil Division houses the growing Chill product line and related nutraceuticals based on natural compounds found in cannabis and hemp plants. The mCig Software Division provides growers, dispensary owners, retailers, and others within the cannabis industry the software infrastructure they need to do business. The mCig Construction Division provides turnkey solutions for new and existing cultivators that allow for tightly-controlled optimized growing environments. The mCig Technology and Consulting Division provides stakeholders who want to enter the cannabis industry, or want to improve their existing operations, the opportunity to access and capitalize on a vast pool of industry experience. The company is headquartered in Beverly Hills, California.
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.