Business
mCig’s CEO Invests $500,000 Into OBITX, Inc.
mCig’s CEO Invests $500,000 Into OBITX, Inc..
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[{"type":"text","content":"\n\n Updates Shareholders on Latest Developments\n Las Vegas, NV, Dec. 07, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCMKTS:MCIG), a diversified company servicing the legal cannabis markets, announced today that the company’s CEO  has agreed to invest more than $500,000 into OBITX, Inc., formerly known as GigeTech, Inc., a majority owned subsidiary of MCIG. The funds will be used by the company to purchase the first of its kind, state of the art cryptocurrency ATMs.  OBITX will utilize the machines to service cannabis companies by helping to build a bridge between the “cash” business of cannabis and mainstream finance through cryptocurrency. The ATMs are the first of its kind and will support most forms of cryptocurrency including Bitcoin, Etherium, Litecoin and more.  They will enable dispensing of cash and transfer of funds, as well as the purchase and selling of cryptocurrency and gift cards from the machine.  The machines will feature two screens, one for transactions, and another for advertising which will be integrated with eHESIVE’s proprietary advertising platform, developed by mCIG team.  The company has already placed its first order of 125 crypto ATMs with scheduled delivery in January 2018.  The technology has been tested over the last few years and will be ready to go upon delivery.  It is projected that over 10,000 ATMs will be installed in dispensaries and mainstream locations over the next few years. “The space we are entering may be new to our shareholders, but it is a new and lucrative sector.  Integration with cryptocurrency was planned since the day we acquired our software and technology division. Many tech and finance projects that were developed within the last 8 months will integrate into and transform the experience of technology and transactions in this new company,” stated Paul Rosenberg, CEO of MCIG Inc. “I am very comfortable in OBITX management to deliver great results, that’s why I decided to help the company and invested my personal funds,” continued Paul Rosenberg. OBITX will be an exclusive distributor of crypto ATM for the entire cannabis market.  Cryptocurrency will not only help solve regulation, banking and payment processing issues currently troubling the marijuana industry, it is already making i...