LAS VEGAS, NV–(Marketwired – Oct 2, 2017) – mCig, Inc., ( OTCQB : MCIG ), a leading distributor of innovative products, technologies, and services for the global recreational and medical cannabis industry is pleased to announce that its Supply Division has successfully expanded its operations into California. MCIG’s supply division launched its operation in Temecula, California today capitalizing on months of preparation and will begin generating revenue ahead of its projected implementation schedule. The company will be working with growers, dispensaries and production facilities in fulfilling their supply needs for operations throughout California.
Cannabiz Supply has become a major key player and provider of custom packaging, office, dispensary supplies, and vape products for the cannabis industry. As MCIG’s Supply Division continues to grow its customer base across the state, it anticipates continued record growth in the foreseeable future. Expectations for California are even higher than what has been witnessed in Nevada.
Nevada dispensaries raked in $27M in their first month of recreational sales according to figures released by the Nevada Department of Taxation, generating more tax revenue than Washington, Colorado and Oregon during their first month of recreational sales.
Charlie Fox, Cannabiz Supply CEO stated, “Nevada’s record breaking sales have fired up orders to all of our product lines. We are racing to keep up with demand as each order outstrips our inventory faster than the last. At this rate, the company forecasts a $2 million per year revenue for the Supply Division alone, and this only includes the state of Nevada.”
About MCIG Group ( OTCQB : MCIG )
Headquartered in Henderson, Nevada, 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, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed.
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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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.