mCig Inc (OTCMKTS:MCIG) recently provided an update from its CEO, Paul Rosenberg. The management stated that this was a pivotal moment for the cannabis industry, which made it necessary to provide a comprehensive update. Mr. Rosenberg began by stating that his company was well positioned to expand into the different market verticals, specially in Nevada, if the election ballot goes in favor of the industry. He further pointed out that 3 of their 4 divisions are currently profitable.
In addition to this, MCIG has been exercising cost cutting initiatives, as their revenues continue to grow. This is also coupled with an improved cash position for the company, while expenses continue to remain at a low. Mr. Rosenberg also stressed on the need to expand geographically, by attaining new clients and conducting new product rollouts and distribution agreements.
The CEO noted that mCig’s subsidiary, Scalable Solutions, has quickly become a leader in marijuana cultivation construction, in a very short time. He claimed that the subsidiary was currently working on five projects and had a backlog of $6 million. The market for marijuana cultivation construction, in Nevada alone, is expected to grow to $629.5 million, by 2020. Mr. Rosenberg also revealed that Scalable was ahead of schedule on two of its current projects. If Nevada legalizes marijuana for adults on November 8, Scalable would experience unprecedented growth in the near future.
Regarding the company’s VitaCig brand, the CEO stated that the division had a record breaking quarter and they were now working to expand the brand internationally. The brand would debut in Philippines, Hungary and South Africa, very soon, bringing the number of international markets to 30. In addition to this, at the end of September, the company also launched its new VitaCBD brand. The product line offers a varying amounts of CBD as tinctures, E-liquids, topical lotions, with other products set to launch soon.
mCig Inc (OTCMKTS:MCIG) recorded a trade volume of 14.43 million and gained 5.10% in terms of its share value, during the November 3 trading session, to close at $0.175 per share.