Las Vegas, NV, Dec. 07, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (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.
LAS VEGAS, NV, Dec. 04, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, is pleased to report that its wholly owned subsidiary, NYAcres, Inc., is focused on hemp propagation, production, research, and distribution of organic industrial hemp and hemp by-products, projects a total revenue of $10 Million in its first year of operation.
With the cultivation process underway, using temperature-controlled greenhouses for propagation, unique and cutting-edge irrigation and proper field preparation for Industrial Hemp planting, using chemical-free pest and mold mitigation, NYAcres expects to harvest 800 plants per acre of the 40-acre farm in the first harvest. In the same season, another 80-acre parcel is planned for the second harvest, with 800-1000 plants per acre. Rotation of the acreage-parcels will add balance to the farms nutrients, assuring the best soil conditioning. This will translates into approximately $90,000 per acre in revenue, or a projected revenue of more than $10,000,000 in a first year of operation, where 80% proceeds from sales will be distributed to MCIG and 20% to FarmOn! Foundation. After the 1st harvest, plans to re-invest into the farm infrastructure, to expand from the initial 40 acres, will only benefit and speed up the ultimate profits. $20m annually is a reasonable goal for this project. With New York’s current favorable horticultural and economic climate for hemp in place, NYAcres, Inc. is moving aggressively to scale up projects and negotiate deals with Northeast US Farms.
“We look forward to combining our technology, equipment and know-how in the cultivation of a high yield and superior quality organic industrial hemp, contributing to the booming market while getting positioned and taking a foothold.” comments Tessa Edick, CEO of NYAcres, Inc. and Chairwoman of FarmOn! Foundation.
Being that the FarmOn! Foundation and its partnership with SUNY and Cornell College of Agriculture and Life Sciences, actively research farming in many ways providing young adults the opportunity to learn agriculture, NYAcres first 40-acre harvest will teach many things about growing the farm larger in each season with high-CBD producing varieties of industrial hemp plants permitted by the State of New York. The success of the farm and high-quality essential oils produced will generate the ability to produce innovative new products for the Hemp-based consumer market. Expected to grow 700 times in 2018, the Hemp and CBD Industry is a huge focus of the US Agriculture Industry. In partnership with FarmOn! Foundation, MCIG will create a strategic advantage in this exploding market, not only generating a large revenue stream, but also working within the research and development of organic and sustainable farming techniques and nutraceutical, holistic product manufacturing and distribution.
NY acres plans to bring to the market finished products including CBD-Rich Full Spectrum Essential Oils, Distillate, and Isolate. Also R&D will take place with FarmOn!’s kitchen and culinary skills to develop hemp based CBD products for retail sale or white labeling. Bulk CBD may be offered on the commodity market to CBD product manufacturers. House-made products will wholesale and retail as desired.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium hemp and CBD oil, which contains a broad range of cannabinoids used to treat a growing population of CBD oil consumers. MCIG is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.” comments Paul Rosenberg, CEO of mCig, Inc.
Hemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to grow to $1.8 billion by 2020 in the USA.
About the FarmOn! Foundation: FarmOn! Foundation is a 501(c)(3)non-profit organization and public charity that creates and funds youth educational programming and is working to preserve family farming in America. FarmOn! Foundation is dedicated to bringing awareness to food choices and sources and reinvigorating respect for farming, inspiring young people to choose agricultural careers to create an economic engine connecting rural and urban marketplaces to rebuild local economies. Join the movement today: http://farmonfoundation.org.
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