mCig Inc (OTCMKTS:MCIG) continues to advance on the recent announcement of plans to enter a new market to pursue additional opportunities. The stock surged over 10% on significant volume of 3.36 million shares trading hands compared to the daily average of only 1 million shares. Volume was three times its daily average and has been continuing to remain persistently high over the last few trading days which could point to a more continued advance in MCIGs share price.
Since MicrocapSpotlight first wrote about MCIG, it has advanced over 30% and remains to be seen if it can advance further (likely given the amount of new developments and exciting news on MCIG). MCIG’s grower services division announced that it is expanding into the home grown cannabis market. The products are essentially conversion kits that allow individuals to have their own grow rooms in their houses. The grow rooms as MCIG calls them start at $2,670 for the smallest model and over $4,000 for the largest model. MCIG’s grow room conversion kits are aesthetically pleasing and in a consolidated space to optimize efficiency.
If MCIG could sell approximately 1,000 units per year at an average selling price of $3,000 it would gross over $3,000,000 in annual revenues which would double its current trailing twelve months revenue.
This new solution will offer customers a fully optimized offering for home growing needs. MCIG is taking the SIP paneling used to construct its commercial cultivation centers and applying it to personal cultivation kits. The design has name brand mechanics which include LED lights for power and grow efficiency should prove to be successful. MCIG’s person conversion kits are much bigger than what is offered on the market like Aerogardens which is not marketed to the cannabis market but could be used for it.
According to the CEO Paul Rosenberg stated, “We are preparing ourselves to capture a great deal of the Home Grow Market and provide consumers with a complete product and service guarantee. This completes a well-rounded commitment to help growers of varying crop sizes, and will allow mCig to further gauge industry regulations and trends to continually improve its offerings accordingly.”
MCIG is a leading provider of advanced technologies and solutions to the cannabis industry. It manufactures and markets portable and home vaporizers, extraction related equipment, CBD Rich Hemp Oil-derived products, and related nutraceuticals based on natural compounds found in Cannabis and Hemp plants. Its two flagship brands include mCig and Vapolution brands. It also has a 47% stake in VitaCig.
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MCIG is currently trading at a $18.5 million market valuation. MCIG has made a slew of new announcements with products, agreements, and milestones. The company is clearly on track to be an innovator and pursue viable market opportunities. This is an exciting microcap story that is beginning to heat up. Stay tuned for future developments and sign up for our newsletter.
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Disclosure: we hold no position in MCIG either long or short at the time of the publication of this article and we have not been compensated for this article.