JACKSONVILLE, FL, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – mCig, Inc. (OTCQB: MCIG) a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, is pleased to announce that its subsidiary, representing MCIG’s expansion into providing supplies to growers, manufacturers, distributors, and retailers in cannabis, continues to see unparalleled growth and has once again exceeded its best quarterly sales ever.
– 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 30
– The division received its first large order from a Canadian Cannabis Company, which it intends to fulfill in the upcoming quarter. With expansion to California, other states, and internationally, MCIG is poised to achieve record sales, as more clients are ordering compliance supply from Cannabis Supply
“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.
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
JACKSONVILLE, FL, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – mCig, Inc. (OTCQB: MCIG) a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, is pleased to announce that its subsidiary, representing MCIG’s expansion into providing supplies to growers, manufacturers, distributors, and retailers in cannabis, continues to see unparalleled growth and has once again exceeded its best quarterly sales ever.
– 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 30
– The division received its first large order from a Canadian Cannabis Company, which it intends to fulfill in the upcoming quarter. With expansion to California, other states, and internationally, MCIG is poised to achieve record sales, as more clients are ordering compliance supply from Cannabis Supply
“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.
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
ITEM 2.01. Completion of Acquisition or Disposition of Assets
A Registration Statement on Form S-1 relating to the Spin-off was filed by OBITX with the Securities and Exchange Commission and was declared effective on December 10, 2018. Upon effectiveness of the Registration Statement, OBITX became a company reporting to the SEC under the Securities Exchange Act of 1934.
MCIG is effecting the spin-off pursuant to the terms of the MCIG Board of Directors’ resolution and related organic actions. MCIG currently owns all of OBITX’s issued and outstanding Series A Preferred stock (100,000 shares) and 510,000 common shares issued and outstanding, giving MCIG majority control of OBITX. After distributing 402,811 shares of OBITX common stock to MCIG shareholders on a one for one thousand pro rata basis with MCIG retaining all remaining shares of common stock.
In addition, OBITX registered 2,500,000 shares of its common stock belonging to two shareholders and 3,000,000 warrants to purchase its common stock at $1.00 per share to six management personnel and shareholders with greater than 10% ownership of OBITX.
MCIG will utilize the shareholder ownership at close of business on December 11, 2018, to complete the Spin-off of OBITX, Inc. through the distribution of the outstanding shares of common stock (approximately) 402,811 shares of common stock) of OBITX to holders of the Company’s outstanding common stock. OBITX’s business consists of those activities that previously comprised the media and technology division of the Company’s business. Following the registered spin-off, and subsequent authorization to quote its stock on the OTC Bulletin Board or one of its premium marketplaces, OBITX will be a publicly-traded company. MCIG is currently a publicly traded company whose stock is quoted on the OTCQB.
The distribution of the OBITX common stock occurred by way of a pro rata dividend to the Company’s stockholders. Each of the Company’s stockholders received one share of OBITX common stock for every 1,000 shares of Company common stock held at 5:00 p.m., New York City time, on the record date, December 11, 2018, no cash in lieu of any fractional shares of OBITX common stock will be paid.
ITEM 8.01. Other Events
The Company previously announced that it had, through its wholly-owned subsidiary NYAcres, Inc. entered into a joint venture agreement with FarmOn! Foundation to plant and harvest hemp at FarmOn!’s upstate farm. The initial hemp crop has been harvested and is being stored at FarmOn!’s facility pending an audit of the joint venture’s books and records, which is ongoing. It is the intention of the Company to keep some of the plants to process for its own needs, including its new pet line, Artax, and its forthcoming pain cream. The remainder of the crop will be sold.
Upon completion of the audit, the Company intends to either, renegotiate its agreements with FarmOn! or shift its hemp growing operation to any alternative source, either in New York or elsewhere. With the liberalization of marijuana laws (recreational use is now legal in ten States; and medical use in thirty-three States) the Company is exploring other, cheaper alternatives where crops can be harvested more cheaply.
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