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mCig Inc (OTCMKTS:MCIG) Focus On Expansion Of Operations

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mCig Inc (OTCMKTS:MCIG) reported that it is concluding plans to raise capital under a private placement to eligible accredited shareholders for the expansion of its operations. Out of the planned $3 million, the firm has already raised more than $1 million, around one-third of its target at the buy price of $0.25 a share of common stock. Paul Rosenberg, the CEO, also participated in the private placement offering. The capital raise is planned to close on September 30, 2017, however, it may be extended if considered necessary.

The buzz

Mike Hawkins, recently selected top CFO by Finance Monthly, expressed that the fact that accredited shareholders are willing to invest in their firm at a premium rate from the market fuels them more than ever to offer positive results to their growth. This capital raise will allow the firm to diversify its portfolio without any harmful debt.

The objective of the offering is to support mCig’s plans for an approved cannabis production and cultivation facility, and distribution measures. The company is presently in talks to buy a cannabis cultivation license in NV, CA and/or OR and feels extremely assured in being able to finalize full contract soon.

It has noted incredible improvements in net profits, cash position, revenue, gross profits, shareholder value and CAGR. mCig has performed this without taking on any harmful debt and intends to continue to follow this business model and no toxic debt mantra. More recently, the company has expanded its supplies network into California. It continues to work on its Merchant Services capabilities together with brining better processes of purchasing CBD and cannabis offerings.

Paul Rosenberg, the CEO of mCig, expressed that the time is appropriate in planning for their own grow facility. They have seen their cash position improved and business growth tremendously. The management have followed the strategy of no toxic debt, and it has shown to be the right choice for overall business development to progress.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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