mCig Inc. Updates Shareholders on NYAcres Hemp Project and New CBD Product Line
Jacksonville, FL, July 09, 2018 (GLOBE NEWSWIRE) — mCig, Inc. (MCIG), a diversified company servicing the legal cannabis markets, announced today an update for its HEMP project and new line of CBD products, soon to be hitting the markets.
“NYAcres Project growing 40 acres of Industrial Hemp- a CBD concentrated organic variety called Cherry Wine – is on target with projections to yield 55,000 pounds of flower for production of organic CBD oil. Five fields are planted and secured on the 220-acre organic certified farm with daily maintenance and irrigation to mitigate mother nature’s whims and cross pollinated with organic honey bees to strengthen conditions for production. This summer Hudson Valley’s long hot sunny days and cool nights are ideal for growing conditions,” said CEO, Tessa Edick of NYAcres
“The company started to sell Hemp/CBD products back in 2015 and later introduced its own brand, VITACBD, that was sold in 2017, to another public company and only later that year, the company re-entered hemp market by establishing a joint venture with Farm!On Foundation with a plan to grow hemp in NY State,” started Paul Rosenberg, MCIG INC. CEO
“With different company divisions getting a traction and starting to show a real growth we finally decided to jump start our CBD division with an introduction of a new line of hemp products, that will include natural skin cosmetics, full spectrum tinctures and probiotic pets edibles. Today we have all the right pieces in place together: a hemp farm run by professional farmers, experienced research and development team, led by Arkady Uryash, MD PhD, and strong goal oriented sales and marketing team. The big role in our growth strategy will play online sales, where the company will introduce its new online store but also a marketplace of CBD products from different manufactures, long awaited project, that only now can be a success with having on board a new team of professionals,” continued Paul Rosenberg.
“We see changes on the horizon for our industry. The company commends the U.S. Senate for passing the 2018 Farm Bill in a 86-11 vote, on June 28, 2018. Hemp legalization is drawing support from both sides of the political aisle as legislators learn more about how hemp can provide much needed revenue streams to farmers across the country,” concluded Rosenberg.
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 distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
About the FarmOn! Foundation:
FarmOn! Foundation is a 501(c)(3) non-profit organization and public charity that creates and funds youth educational programming and is working to preserve family farming in America. FarmOn! Foundation is dedicated to bringing awareness to food choices and sources and reinvigorating respect for farming, inspiring young people to choose agricultural careers to create an economic engine connecting rural and urban marketplaces to rebuild local economies.
MISSION: Inspiring, educating and preparing youth for successful careers in sustainable farming.
VISION: A world where a career in sustainable agriculture is valued and profitable.
FarmOn! Foundation is a 501c3 non-profit organization + public charity that creates and funds youth educational programming and is working to preserve family farming in America. The FarmOn! Foundation is a movement dedicated to bringing awareness to food choices and sources, reinvigorating respect for farming and inspiring young people to choose agricultural careers that will create an economic engine connecting rural and urban marketplaces to build local economies. Join our movement today:FarmOn.org
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More about FarmOn! Foundation visit: www.farmonfoundation.org
For more information about mCIG visit: www.mciggroup.com
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.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.