BEVERLY HILLS, Calif., Dec. 29, 2014 (GLOBE NEWSWIRE) -- mCig®, Inc. (OTCBB: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, CannaProTech, LLC., in the state of Oregon for the purpose of processing and distributing cannabis and derivatives, along with future expansion into recreational retail locations. CannaProTech will also assist in the development of the mCig+ line of products, which will provide mobile vaporization in applications for the delivery of cannabis plant derivatives (CBD).
mCig, Inc. and CannaProTech, LLC are nearing conclusive agreements with two reputable and long established Medical Marijuana growers in Oregon with large, productive organic cannabis farms. These agreements will allow for CannaProTech to directly obtain medical-grade cannabis for use in extractions, distribution, and retail sales.
In 2015, CannaProTech will rapidly expand and begin to process and extract cannabis, establish distribution agreements, and obtain retail locations. The company plans to work with several interested business owners that privately own agricultural, industrial, and retail properties located throughout Oregon, some of which are already working within the medical marijuana system currently in place across the state. CannaProTech LLC intends to apply and obtain multiple permits from the State of Oregon, including processing, distribution, and retail licenses for legal commercial cannabis sales in 2015.
"While examining current growing operations and distribution channels in legal marijuana states, mCig Inc. has been conducting extensive research to identify strategic entry points into the legal cannabis sector. CannaProTech will be a key division in the company as mCig Inc. moves toward the processing of plant material, manufacturing and distributing equipment used to process plant material, and incorporating cannabinoids into our product lines. Our experience in mobile vaporization and applications for the delivery of cannabis plant derivatives and molecules will be vital to the success of this initiative. 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, THC, CBG, CBN, THCV, CBDV, CBDA, and others. After completing a few rounds of testing utilizing CBD and THC, these molecules have been successfully administered utilizing our vaporization technology, and are slated for a 2015 release." - Paul Rosenberg, CEO of mCig, Inc.
About mCig, Inc.
mCig, Inc. (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(R) -- the world's most affordable vaporizer priced at only $10. Designed in the USA -- the mCig(R) 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 47% owned affiliate, VitaCig, Inc. the company manufactures and retails the VitaCig(R), a $5 nicotine-free eCig that delivers a water-vapor mixed with vitamins and natural flavors. 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. (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(R) 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(310)402-6937Source:mCig, Inc.