mCig Inc (OTCMKTS:MCIG) is trading above 25% today at the time of writing, and the driver in the action is a new line of CBD products. The company’s wholly-owned subsidiary, CBJ Distributing, is going to be selling CBD vape pen and hemp pre-rolled cigarettes in Nevada and California.
“We have a strong team of professionals with boots to the ground, following the trends, growth, and needs of the market through client-based communication and customer service. Since its acquisition in May 2018, CBJ Distributing has consistently been the strongest division of MCIG, with a constant and continued growth in sales and profits. Our management team at CBJ Distributing gets results!” said Paul Rosenberg, CEO of MCIG. Mr. Rosenberg went on to say, “During the past month, the MCIG officers and Board of Directors have had multiple meetings in our Las Vegas office with the CBJ management team where we have identified the direction MCIG must take in order to be a top cannabis company going forward.”
mCig Inc (OTCMKTS:MCIG) offers electronic cigarettes and related products through its online store mcig.org, as well as through the company’s wholesale, distributor, and retail programs. It also constructs commercial and modular buildings which are aimed at the cannabis cultivation market.
According to company materials, “Headquartered in Henderson, Nevada, mCig Inc. A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large-scale, full-service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. 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.”
The company’s subsidiary, Grow Contractors, touts itself through the following messaging: “Using modular system technology, we create a variety of environmental enclosures ranging from basic temperature and humidity control to medical grade cleanroom environments designed to produce consistent results during any stage of cannabis cultivation. Our mission is to help our clients safeguard investments and find long-term success. This is why we take pride in our ISO compliant, state of the art building components to be the base of your business.
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Recently, MCIG released records earnings in their cannabis division. The highest quarterly sales since inception, with Revenues around $650K, representing sales in Nevada and California, putting it on mark to exceed $2.5M in sales for the fiscal year ending April 30th.
“The management team of Cannabis Supply has been doing a great job to expend the business and achieve sales targets. We are winning business from other cannabis supply companies by offering our clients wide selection of quality products, competitive pricing and great customer service. We all see 2019 as a great year for our Cannabis Supply Division, ” says Paul Rosenberg, CEO of MCIG.
MCIG has a market capitalization of $71.73M and a float of 419.46M. MCIG is starting to bring the money in, but the debt is growing. So, we will be monitoring closely how these new items impact the bottom line. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $MCIG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MCIG, either long or short, and we have not been compensated for this article.