JACKSONVILLE, FL, March 01, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) (www.mciggroup.com), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, announced today that its Grow Contractors (GC) division has secured an exclusive extraction management contract with a client in Palm Springs, CA.
This facility is eight thousand square feet and will primarily focus on subcritical ethanol extraction. The new state of the art facilities function will be the standard process of distillate extraction used in most disposable vape pen varieties. Further refinement will be done by the fractionation process to produce a substance with a much higher cannabinoid purity. This distillate is easier to use in preloaded vape pens and does not require any cutting agents other than natural cannabis-derived terpenes to add flavor.
Gross profit projection for the facility is ten million a year with eight percent of net profits going to Grow Contractors. There is a sixty percent profit margin for most extraction facilities.
“This facility is the first of our conquest in California,” commented Rob Kressa, CEO of Grow Contractors Inc. “The next facilities in Sacramento and Los Angeles will be coming online very soon with much more to follow. We are humbled and incredibly excited about the abundance of those interested in our services.”
“I am so impressed with the Kressa’s commitment to the expansion of Grow Contractor's operation into California,” states mCig CEO Paul Rosenberg. “His forward thinking got us into what will soon be the largest cannabis market in the country. This is just the beginning, but we have now positioned ourselves to really be a substantial help to this rapidly growing industry.”
About Grow Contractors
Grow Contractors is MCIG’s group of Cannabis consultants, engineers, architects, contractors, and grow experts combining over 100 years of experience and talent to bring clients efficient and high-quality grow spaces. Grow Contractors offers a practical approach to cannabis design, construction, and operations to create profitable and compliant facilities. The company provides a custom-tailored approach for every client because there is no universal approach to building a cannabis facility. Grow Contractors also offers several high tech greenhouse products from starter to advanced, high tech, greenhouse buildings capable of covering tens of thousands of square feet. From California to Washington, Oregon to Nevada, Grow Contractors provides products and services in all legal cannabis markets.
JACKSONVILLE, FL, Feb. 12, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) subsidiary Obitx, Inc. (OBITX) (www.obitx.com), a technology company providing advertising and marketing products and services using digital technologies across the Internet, mobile devices, displays, and other digital mediums, utilizing a proprietary cloud-based social media platform filed its S-1 Registration Statement with the Securities and Exchange Commission (SEC), and is providing an update to its shareholders on the status of the OBITX Spin-Off.
On Friday, February 9, 2017, Obitx, Inc. filed an (S-1) registration statement with the Securities and Exchange Commission. During this process, it is routine for the applicant to receive questions from the SEC in regards to the subject dividend.
“Management expects the combination of two stocks, one representing the value of the different cannabis businesses that remain in the parent company, and the other representing the value of technology operations to yield a greater return for shareholders,” states mCig CEO, Paul Rosenberg.
Latest developments for mCig, Inc:
– Management will have an interview on Thursday, February 15th in California City, CA, updating its shareholders on its application status and its expectation of receiving approval to hold licenses to grow, manufacture, and distribute cannabis products in the State of California. – The cannabis supply division continues its growth seeing an increase in business coming from California and other states. – Is working with partners in revamping the vitacbd.com website to showcase a new line of CBD products launching in the next 60 days. – Continues to take interest in other companies by growing the business through acquisition and internal business development. Each business opportunity we acquire and/or develop will be considered for a potential “spin-off” creating separate public entities through the issuance of a dividend to MCIG’s current shareholders. The information technology spin-off, OBITX, is the second in a planned series of spin-offs of the company’s divisions and subsidiaries.
Latest developments for OBITX, Inc:
– Completed its S-1 registration and will soon (upon approval) become its own separate public company – OBITX has seen extensive growth as more and more companies seek increasing interest in the company’s blockchain and cryptocurrency related services. – OBITX is beginning to utilize cryptocurrency ATM screens to sell advertising spaces through its ad network proprietary program, Ehesive (www.ehesive.com). – OBITX is improving its proprietary advertising platform by utilizing and incorporating blockchain technology for validation and verification of services provided. – OBITX has taken action to create a Strategic Advisory Board and is currently in the process of building a high profile team of advisors to assist OBITX in short term and long term business growth and development strategies.
“It took longer than expected for our S-1 filing, but that is due to the fact that we want to make sure we have an impenetrable corporate structure to firmly hold our inevitable upward mobility,” says Obitx CEO, Alex Mardikian. “Now that we have filed our S-1, it is time to begin the build-up and refinement of our strongest company assets.”
About mCig Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (www.mciggroup.com) is a diversified company servicing the legal cannabis, hemp and CBD markets. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
About OBITX, Inc.
OBITX Inc. (www.obitx.com) is a Blockchain Technology Company providing ICO advisory services, blockchain consulting services, and blockchain-related software development.
The company is primarily engaged in the business of developing technologies for, or in connection with, digitally distributed ledgers or blockchains, and in developing new platforms and digital objects that are made available to other companies, firms, and individuals using cryptocurrency networks and technologies.
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