mCig Inc (OTCMKTS:MCIG) surges on a recent development and new agreement with Green Leaf Farms to construct a large scale cultivation and production facility in Las Vegas. The facility will be a massive 26,000 square foot production and cultivation. The plan is to due a phased plan in order to scale as the Nevada medical marijuana market grows.
The legal and recreational use of marijuana industry is one of the fastest growing industries in North America and will leave plenty of winners and losers on the table once the weak shake through the cracks. MCIG has had a disastrous decline from its 2013 highs of $0.80 down all the way to $0.019…a 97%+ decline in value. The company is trying to stage a turnaround and create a sustainable, profitable business model. MCIG share price has been making advances forward since its lows in December. It is up over 100% since then and currently trading at a share price of $0.042.
In addition to the recent announcement of the build out of a production and cultivation facility, MCIG has also announced the build out of another large square facility in the State of Washington. It secured a contract to build a new cultivation facility in Grant County.
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 $13.24 million market valuation. It has recently announced the build out of not one, but two production and cultivation facilities. This will bode well for MCIG’s brand in a rapidly growing industry that is very dynamic. MCIG’s revenues have been growing over the last five quarters which could be signifying a bottom and a turnaround. Stay tuned for this exciting microcap story.
We will be updating on MCIG when more details emerge so make sure you are subscribed to Microcapspot so you know what’s going on with MCIG.
Disclosure: we hold no position in MCIG either long or short and we have not been compensated for this article.
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