From the Desk of Paul Rosenberg, President and CEO of mCig, Inc.
JACKSONVILLE, FL, May 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – mCig, Inc. (MCIG)
Dear Fellow Shareholders:
I wanted to take a moment to recap the progress we are making and to address our Company's share price (MCIG). As a significant shareholder, I too am feeling the pain of our declining stock price over the past few months and I understand the frustration of our shareholders to a longer than expected time that it has taken our management team to bring new innovative products to market and complete some of the current projects. We strive to keep our shareholders informed of our progress.
Last week I had a great meeting with our MCIG team in Las Vegas. At the meeting management agreed to transition the Company to a focused business model built around the successful Cannabiz Supply Division of MCIG. We will focus on supplying growers, extractors, infused product-makers, brands, and large multi-state operators with a range of products and services that meet and exceed the critical needs in their supply chains. With our current clients experiencing hyper growth in manufacturing, developing, extracting, distributing and retailing, due to rapidly increased consumer demand, there is now more of a need for a one-stop supplier of core ancillary products who can scale with the market as it expands.
We will realign our focus on the growing markets while discontinuing and divesting in underperform divisions that will allow the company to drastically reduce expenses and improving the overall bottom line. We have completed our spin-off of OBITX and will be filing with FINRA to obtain a stock symbol for OBITX this week.
When I became the CEO of MCIG, I promised the shareholders that I would be fully committed to support the company with my own funds, until the company could stand on its own, and I would never finance the company by taking on TOXIC financing that would end up heavily diluting our existing shareholders and at the end, destroy the Company. I delivered on my promises. I understand that it has taken management longer to build a successful business model but we are extremely optimistic that we are on the right path and have no concerns that come with toxic debt when faced with a periodic downturn, such as we have seen with our stock price. While capital and execution are still the most important components driving MCIG’s growth and success, we see new opportunities every day and are mindful of delivering superior products and services to cannabis business owners while delivering superior returns to our shareholders. Our history in this market as one of the oldest companies in this industry, we are well structured for continued operations, competitive advantages, and overall growth.
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. employs a world-renowned tech team and has recently expanded its products and services to satisfy its evolving role in cannabis and hemp markets.
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.