JACKSONVILLE, FL, March. 1, 2018 (GLOBE NEWSWIRE) — mCig, Inc. (MCIG)(www.mciggroup.com), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, announced today that its Grow Contractors (GC) division has secured an exclusive extraction management contract with a client in Palm Springs, CA.
This facility is eight thousand square feet and will primarily focus on subcritical ethanol extraction. The new state of the art facilities function will be the standard process of distillate extraction used in most disposable vape pen varieties. Further refinement will be done by the fractionation process to produce a substance with a much higher cannabinoid purity. This distillate is easier to use in preloaded vape pens and does not require any cutting agents other than natural cannabis-derived terpenes to add flavor.
Gross profit projection for the facility is ten million a year with eight percent of net profits going to Grow Contractors. There is a sixty percent profit margin for most extraction facilities.
“This facility is the first of our conquest in California,” commented Rob Kressa, CEO of Grow Contractors Inc., “The next facilities in Sacramento and Los Angeles will be coming online very soon with much more to follow. We are humbled and incredibly excited about the abundance of those interested in our services.”
“I am so impressed with the Kressa’s commitment to the expansion of Grow Contractor’s operation into California,” states mCig CEO Paul Rosenberg. “His forward thinking got us into what will soon be the largest cannabis market in the country. This is just the beginning, but we have now positioned ourselves to really be a substantial help to this rapidly growing industry.”
About Grow Contractors
Grow Contractors is MCIG’s group of Cannabis consultants, engineers, architects, contractors, and grow experts combining over 100 years of experience and talent to bring clients efficient and high-quality grow spaces. Grow Contractors offers a practical approach to cannabis design, construction, and operations to create profitable and compliant facilities. The company provides a custom-tailored approach for every client because there is no universal approach to building a cannabis facility. Grow Contractors also offers several high tech greenhouse products from starter to advanced, high tech, greenhouse buildings capable of covering tens of thousands of square feet. From California to Washington, Oregon to Nevada, Grow Contractors provides products and services in all legal cannabis markets.
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About MCIG Group ( OTCQB : MCIG )
Headquartered in Jacksonville, Florida, mCig, Inc. ( OTCQB : MCIG ) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. 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, a full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
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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.
Paul Rosenberg – CEO