mCig Inc (OTCMKTS:MCIG) has seen a spectacular rise in recent months off $0.0255 lows to recent highs of $0.505 a share. When pot stocks heat up MCIG is a great place to be and current shareholders have been cashing in.
MCIG operates in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8. Medical MJ products in the U.S. alone are projected to generate up to $35 Billion by 2020.
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 February 10 MCIG announced it came into a significant agreement with several MCIG’s major shareholders to reduce its common stock by 60 million shares by converting those shares into 6 million Series A Preferred Stock with a minimum 2 year lock up agreement. Paul Rosenberg, MCIG’s Chief Executive Officer, has also agreed to cancel an additional 20 million underlying common shares to further reduce the outstanding shares.
“MCIG’s executives are committed to improving our capital structure and shareholder value while accelerating revenue growth and profitability without accumulating toxic debt,” said Paul Rosenberg. “After experiencing our strongest quarter ever, I value the vote of confidence these shareholders place in our company by converting their common shares and agreeing to a two year lock up.”
MCIG plans to release the Form 10Q in approximately two weeks to provide clarity for our strong quarter via our next MCIG quarterly conference call on February 28, 2017 at 4:30 PM EST. In addition to highlighting its previous quarter performance, MCIG will release its guidance for the next quarter, its projected FY2017 earnings and our strategic plans moving forward.
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Currently trading at a $133 million market valuation MCIG does have a decent looking balance sheet 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 when the sector heats up and clearly this is a great place to be when the sector heats up; over the past few months MCIG has risen from pennies to highs of $0.505. MCIG operates out of California and is well positioned to cash in on the booming pot market. 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.