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Updates Shareholders on Latest Developments
Las Vegas, NV, Dec. 07, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCMKTS:MCIG), a diversified company servicing the legal cannabis markets, announced today that the company’s CEO has agreed to invest more than $500,000 into OBITX, Inc., formerly known as GigeTech, Inc., a majority owned subsidiary of MCIG. The funds will be used by the company to purchase the first of its kind, state of the art cryptocurrency ATMs. OBITX will utilize the machines to service cannabis companies by helping to build a bridge between the “cash” business of cannabis and mainstream finance through cryptocurrency.
The ATMs are the first of its kind and will support most forms of cryptocurrency including Bitcoin, Etherium, Litecoin and more. They will enable dispensing of cash and transfer of funds, as well as the purchase and selling of cryptocurrency and gift cards from the machine. The machines will feature two screens, one for transactions, and another for advertising which will be integrated with eHESIVE’s proprietary advertising platform, developed by mCIG team. The company has already placed its first order of 125 crypto ATMs with scheduled delivery in January 2018. The technology has been tested over the last few years and will be ready to go upon delivery. It is projected that over 10,000 ATMs will be installed in dispensaries and mainstream locations over the next few years.
“The space we are entering may be new to our shareholders, but it is a new and lucrative sector. Integration with cryptocurrency was planned since the day we acquired our software and technology division. Many tech and finance projects that were developed within the last 8 months will integrate into and transform the experience of technology and transactions in this new company,” stated Paul Rosenberg, CEO of MCIG Inc.
“I am very comfortable in OBITX management to deliver great results, that’s why I decided to help the company and invested my personal funds,” continued Paul Rosenberg.
OBITX will be an exclusive distributor of crypto ATM for the entire cannabis market. Cryptocurrency will not only help solve regulation, banking and payment processing issues currently troubling the marijuana industry, it is already making its way in widespread adoption in other industries as well.
“Let me also update our shareholders on other developments,” continued Paul Rosenberg.
“We are a few days away from finishing our audit of OBITX. We are extremely pleased with the business model of OBITX and as soon as audit is complete, we'll file our Form S-1 with SEC to spin-off OBITX.
Now, let’s talk about MCIG Inc. overall strategy.
Render Payment concluded its ICO on December 4, 2017 and is expected to be registered on an exchange platform in January 2018. MCIG will work with Render Payment as it continues to expand its high risk merchant service cryptocurrency platform.
As we discussed in early press releases, the goal is to be focused on cultivation, extraction and distribution of cannabis/hemp related products. We are waiting for the approval of our license application in California City, that will allow us to manufacture different cannabis products.
We struck a huge deal with Farm On! Foundation, currently run by extraordinary business woman, Tessa Edick, who accepted the position of CEO of NYAcres, Inc., 100% owned subsidiary of MCIG Inc. We will be one of the very few companies to grow HEMP in the New York area.
We are looking for other opportunities to grow cannabis in other states, but, we are very careful how we proceed, since the price tag to some projects are high and we need to find balance to be profitable.
Our construction division was completely restructured. This took place during our second quarter, as management found that the results of the operation could be improved significantly. Construction projects are back on track, however management is now very selective with projects and who to be involved with. We are here to make smart deals and make money. Our next big construction project will be in California, where we will obtain ownership rights as well.
The company as you know, has an interest in 2 public companies. Omni Health (10% owned by MCIG) is making great progress with its FDA medical devices registration of CBD for topical pain analgesic and development of non-prescription CBD analgesic creams and ointments with fast absorption properties. They are making smart moves as a newly restructured biotech company and have an exceptionally strong team. Stony Hill, our partner in VITACBD brand, is a long term investment for the company and continues to also be a profitable venture.
MCIG Inc. has recently updated the look of its website mciggroup.com and will continue to make enhancements and provide updates to shareholders on social media.
Finally, I want to thank our shareholders for their patience and for their suggestions. We are here for you and are working continuously and aggressively to grow MCIG Inc. and its businesses,” concluded Paul Rosenberg.
For more information visit our websites:
For more information about mCIG visit: www.mciggroup.com
For more information about Grow Contractors visit: www.growcontractors.com
For more information about the Cannabis Advertising Network visit: www.eHesive.com
For more information about email campaigns, lead gen and blasting visit: www.marketaro.com
Download 420Cloud on iTunes or Google Play and make a connection at: www.420cloud.com
More information about Cannabiz Packaging and Supply in California: www.cannabiz.supply
For more information about Cannabiz Supply in Nevada visit: www.cannabizsupply.com
Latest jobs in the cannabis industry visit 420Jobsearch at: www.420jobsearch.com
For the marijuana recipes and cooking tips visit: www.mj.recipes
For more information about VitaCIG visit:www.vitaciggroup.com
For more information about VitaCBD visit:www.vitacbd.com
For the latest cannabis news visit: www.weedistry.com
Follow us on Instagram @ https://www.instagram.com/mciginc/
Visit us on Facebook @https://www.facebook.com/mCigInc/
Follow us on Twitter @ https://twitter.com/mcigInc
About OBITX, Inc
OBITX Inc, a 100% subsidiary of mCig, Inc., is developing advanced, full featured software, and services to meet technology and business needs. The team is comprised of experienced developers, programmers, and engineers provide a unique capacity for developing innovative products layered in complexity and designed exclusively for any business initiative.
While OBITX Inc, covers traditional business sectors it is also concentric and specializes throughout the cannabis and hemp sectors. Expertise involves designing, building and supporting mission critical enterprise applications. Specializing in core product development areas ranging from enterprise infrastructure to low-level system applications, we deliver cutting-edge solutions that leverage our years of experience into robust end products with high availability and scalability.
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.
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.
CONTACT: Media Contact:Paul RosenbergCEO of mCig, [email protected]