MCIG Purchases Land in California; Begins Cultivation, Production, and Distribution Licensing Process
mCig (OTCQB:MCIG) has announced that it has signed an agreement to buy land in Kern County, California, to expand its asset base in preparation for the state’s Green Rush on January 1, 2018.
As quoted in the press release:
Paul Rosenberg, CEO of mCig Inc., commented, “California is a major emerging market for legal cannabis consumption, with adult-use sales expected to begin in 2018. We were looking for the right deal that makes sense for the company and its shareholders, and it took us quite a few months, but we have finally taken the first step in establishing a vertically integrated cannabis-focused agriculture company. The company has since initiated the licensing process and application for cultivation/production/distribution licenses.”
MCIG is expanding its business model to include cultivation, production, and distribution. The proposed initial build out in California will cover 50,000 square feet of greenhouse cultivation space that can produce 1,600 lbs and generate conservatively $2.4m a month in revenues.
The Company is also seeking the right opportunity to secure land and licensing in Nevada and Arizona. MCIG views this strategic move as part of the blueprint of what’s to come. Expanding operations horizontally will boost MCIG’s impact on the market and provide greater wealth opportunities for its shareholders.