Today, mCig Inc. (MCIG) CEO Paul Rosenberg provided shareholders an update of the company’s operations and provided an outline for the mCig’s strategy for 2018.
Stock wise, the company has had a rough year so far, losing approximately 46% of its value since the start of 2018. However, the company has seen a slow recovery since the start of April, rising from $0.18 per share to $0.21 cents per share.
“With the recent growth in our business over the past couple of years we want to take this opportunity to thank our investors and shareholders for your investment and ongoing support in our Company. I feel it is important for us to continue to keep the market aware of our current projects and our strategic agenda for 2018 and well into the future,” said Rosenberg.
The company’s marketing consulting subsidiary, OBITX Inc., recently filed an S-1 registration statement in preparation for becoming its own publicly traded company. As the primary shareholder of OBITX, the company believes that OBITX has enough business to warrant a spin-off, due largely to its growing list of clients and the infusion of blockchain technology into its existing business models. Once the filing process is complete, the company expects to begin receiving shares from OBITX. First comments on the process have been received by the SEC, and a response from the governing body is expected by the end of April.
The company hopes to make 2018 the year that it begins to manufacture its own cannabis products, and to that end the company has submitted a licensing application on California City, California for the cultivation, production, and extraction of cannabis. A final decision on the application is expected by the end of the month. Additionally, the company has increased its efforts in the development of joint venture between NYAcres Inc., a subsidiary of mCig, and the FarmOn! Foundation. The NYAcres Project has placed its first order for hemp seeds and planting is scheduled to occur sometime this month.
In anticipation for first harvest, the company has been working toward developing a plan for its HEMP division, which includes the creation of direct to consumer products such as CBD pain relief cream, hemp CBD anti-aging and active-againg creams, and skin/coat care and wellness products for pets.
“I am truly excited about our future. When I look around at the extraordinary talent we have been able to assemble, I am truly humbled. I believe that will be the factor that sets us apart in 2018,” added Rosenberg.