Jacksonville, FL, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mCig, Inc. (MCIG), a diversified company servicing industrial hemp and legal cannabis markets, has signed a binding Memorandum of Understanding with a California based investment firm for collaboration on growing, processing and distribution of medical cannabis under MCIG’s current licenses held within the state. As part of the collaboration, a new joint venture will strive to obtain additional licenses in multiple states, in an effort to establish a nationwide presence.
Under the terms of the Agreement, said Investment firm will provide operating capital as well as various other operational activities, which will include introductions to customers and distribution networks, while MCIG has the required know how and skills for carrying out the operations.
“We are excited to sign a Memorandum of Understanding with our Partner, which will help the company to fully finance its cannabis related expansion. Our timing couldn’t be better with the recent announcement of other major companies expanding into California City, such as Mike Tyson’s “Tyson Ranch.” We are picking up the pace on our California City project and our investing partners will ensure we continue at a rapid pace.
Located half way between the Angeles and Sequoia National Forests, the property is ideal for growing and cultivation. Under the current plan, MCIG will develop a state-of-the-art 30,000 square foot cultivation facility, with an option to expand to 50,000 square feet and a 2,000 to 4,000 square foot manufacturing facility to create extracts, manufacture products, and a distribution center that will be used to move these products to retailers. This 30,000 square foot facility is projected, when fully operating, to generate more than $20M in annual income for the company.
Management has worked hard to structure the deal in such a way that it won’t be tied to company shares and won’t dilute our existing shareholders,” says Paul Rosenberg, MCIG’s CEO.
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 being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
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.
Attn: Chief Executive Officer