BELLEVUE, Wash., Sept. 30, 2014 (GLOBE NEWSWIRE) -- mCig®, Inc. (OTCQB:MCIG) ("mCig"), a technology company that owns, manufactures, and distributes the mCig®, VitaCig®, and Vapolution products, is pleased to announce that the Company has formed a 100% owned subsidiary: mCig CBD Technologies, LLC. in the state of Colorado for the purpose of designing and manufacturing a new line of products that will leverage the VitaCig technology for delivery of Cannabis plant derivatives. The Cannabis plant is a unique source of over 70 cannabinoid molecules of which only THC is known to cause psychoactive effects. Cannabinoids such as Cannabidiol (CBD) have shown to have positive medicinal effects on various hard-to-treat diseases such as epilepsy.
This new line of products will be named: "mCig+" and will include pre-packaged devices that look similar to the company's VitaCig® line of products. These products will only be sold to licensed distributors and dispensaries in jurisdictions around the world where the consumption of Cannabis and Cannabidiol is permitted.
The company will be building on nearly a decade of experience in bringing vaporization products to market such as the Vapolution, mCig®, and VitaCig®. In the last year alone mCig, Inc. has launched 3 consumer products that have touched the lives of nearly 30,000 customers worldwide.
mCig CBD Technologies, LLC. will remain 100% owned by mCig, Inc. following the proposed spinoff, dividend, and IPO of VitaCig® Inc.
"We are extremely excited to be entering yet another frontier market. We believe to have identified an opportunity to apply our experience in mobile vaporization in applications for the delivery of cannabis plant derivatives and molecules. There is currently a massive effort underway globally by biotechnology companies and scientific research institutions to explore and understand the ultimate potential of the cannabis plant. This push has already yielded some important results such as those witnessed for Dravet syndrome, a rare form of intractable epilepsy. We believe that our products and brand recognition provide us with a commercial opportunity to manufacture and distribute pre-packaged devices with various cannabis plant molecules such as CBD, CBC, THC, CBG, CBN, THCV, CBDV, CBDA, and many others. We have already completed an initial round of testing utilizing CBD and THC that have successfully administered these molecules utilizing our vaporization technology," said Paul Rosenberg, CEO of mCig, Inc.
Other General Updates
The company continues to make substantial progress in all of its business segments and will be providing additional updates as they are warranted. The VitaCig amended S1 has been filed with the Securities and Exchange Commission and the company hopes this will be the final amendment paving the way for the Spinoff, IPO, and Dividend of VitaCig®, Inc.
About mCig, Inc.
mCig, Inc. (OTCQB:MCIG) is a technology company focused on two long-term secular trends sweeping the globe: (1) The decriminalization and legalization of marijuana for medicinal or recreational purposes (2) The adoption of electronic vaporizing cigarettes (commonly known as "eCigs") by the world's 1.2 Billion smokers. The company manufactures and retails the mCig® – the world's most affordable vaporizer priced at only $10. Designed in the USA – the mCig® provides a superior smoking experience by heating plant material, waxes, and oils delivering a smoother inhalation experience. The company also owns Vapolution, Inc. which manufactures and retails home-use vaporizers such as the Vapolution 2.0. Through its wholly owned subsidiary, VitaCig, Inc. the company manufactures and retails the VitaCig®, a $5 nicotine-free eCig that delivers a water-vapor mixed with vitamins and natural flavors. See more at: http://www.mCig.org/, www.Vapolution.com, and www.VitaCig.org
The company believes that a well regulated marijuana industry is emerging as more states follow the lead of Washington and Colorado in legalizing marijuana. A similar trend is developing within the eCig industry following the first acquisition of an electronic cigarette brand (Blucigs) by a traditional tobacco company Lorillard Inc. for $135 million followed by another acquisition in February 2014 by Altria Group Inc. of Green Smoke for $150 million. Wells Fargo analyst Bonnie Herzog estimates that eCig sales may rise from $1 Billion in 2013 to $10 billion over the next three years.
mCig, Inc. (OTCQB:MCIG) has positioned itself as a first mover at the intersection of these two trends and hopes to create shareholder value by making the mCig® one of the leading choices for electronic consumption of plant material. - See more at: http://www.mcig.org/investors/investor-opportunity-subpage/
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.
CONTACT: Paul Rosenberg CEO 1(425)652-5946Source:mCig, Inc.