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MCIG Signs Binding Memorandum of Understanding with California Based Investment Firm for Collaboration on Growing, Processing and Distribution of Medical Cannabis
MCIG Signs Binding Memorandum of Understanding with California Based Investment Firm for Collaboration on Growing, Processing and Distribution of Medical Cannabis.
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[{"type":"text","content":"\nJacksonville, FL, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mCig, Inc. (MCIG), a diversified company servicing industrial hemp and legal cannabis markets, has signed a binding Memorandum of Understanding with a California based investment firm for collaboration on growing, processing and distribution of medical cannabis under MCIG’s current licenses held within the state. As part of the collaboration, a new joint venture will strive to obtain additional licenses in multiple states, in an effort to establish a nationwide presence.\n Under the terms of the Agreement, said Investment firm will provide operating capital as well as various other operational activities, which will include introductions to customers and distribution networks, while MCIG has the required know how and skills for carrying out the operations.  “We are excited to sign a Memorandum of Understanding with our Partner, which will help the company to fully finance its cannabis related expansion. Our timing couldn’t be better with the recent announcement of other major companies expanding into California City, such as Mike Tyson’s “Tyson Ranch.” We are picking up the pace on our California City project and our investing partners will ensure we continue at a rapid pace.   Located half way between the Angeles and Sequoia National Forests, the property is ideal for growing and cultivation. Under the current plan, MCIG will develop a state-of-the-art 30,000 square foot cultivation facility, with an option to expand to 50,000 square feet and a 2,000 to 4,000 square foot manufacturing facility to create extracts, manufacture products, and a distribution center that will be used to move these products to retailers.   This 30,000 square foot facility is projected, when fully operating, to generate more than $20M in annual income for the company. Management has worked hard to structure the deal in such a way that it won’t be tied to company shares and won’t dilute our existing shareholders,” says Paul Rosenberg, MCIG’s CEO. About MCIG Group (MCIG) Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributo...