HENDERSON, NV–(Marketwired – Aug 1, 2017) – mCig, Inc. ( OTCQB : MCIG ), a diversified company servicing the legal cannabis and vape markets with innovative products, technologies, and services, is pleased to announce the extension of its offerings to include merchant processing.
mCig has created a new entity, partnering with a merchant provider with over a decade of experience, allowing the company to offer a comprehensive, seamless and secure payment solution through a trusted source. After rigorous testing, we are able to provide merchant processing exclusively to cannabis businesses and dispensaries within the next two weeks.
mCig’s merchant service offers a simple, direct, U.S. based solution, with the capability to accept credit cards online and at participating dispensaries. Merchant processing is offered as low as 5.95% for ecommerce and even lower for dispensaries accepting Visa and Mastercard.
Management believes that mCig has an advantage to capture a large portion of businesses that currently sell CBD products through their e-commerce websites by offering a processing system that guarantees 98% uptime, secured transactions and US settling, providing merchants with cleared funds as soon as 24 hours.
The system is currently being set up to also accept transactions made with digital currency and will enable dual payments.
“The political field has created roadblocks for cannabis related businesses resulting in issues such as exorbitant fees, extremely long payment processing hold times, offshore or uninsured accounts, and untrustworthy services. mCig encountered its own issues in processing online CBD orders in the past year, thus initiating the company’s involvement in providing merchant processing for the cannabis industry”, says Paul Rosenberg, CEO of mCig, Inc.
In a separate matter, MCIG is awaiting final sign-off of its Form 10K by the auditors and expects to be filing the report shortly.
About MCIG Group ( OTCQB : MCIG )
Headquartered in Henderson, Nevada, with offices in Temecula, California, mCig, Inc. (OTCQB : MCIG ) is a diversified company servicing the legal Cannabis, Hemp, and CBD markets. 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 the Nevada market.
mCig, Inc. also employs a world renowned tech team and has recently entered the techspace to satisfy its evolving role in technology and increased growth in its following over the past few months.
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 seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig, Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
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Safe Harbor: 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.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.