mCig Successfully Raises Over $3 Million in Funding for Operational Expansion

mCig Successfully Raises Over $3 Million

mCig Inc (OTC:$MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets. The company recently announced that it has concluded efforts to raise up to $3 million under a private placement to qualified accredited investors for the expansion of its operations.

As of today, mCig has raised over $1 million, one-third of its target purchase price of $0.25 per share of common stock. Paul Rosenberg, CEO of the company, also participated in such offering.

What is the money for? The capital will be utilized to support MCIG’s plans for a licensed cannabis cultivation and production facility, on top of distribution efforts. The company is in current negotiations to acquire a cannabis cultivation license in CA, NV, and OR. Over the past fiscal year, MCIG has seen tremendous improvements in revenue, gross profits, net profits, cash position, CAGR, and shareholder value.

Rosenberg stated: “The time is right in planning for our own cultivation facility. We have seen our business grow and our cash position has improved tremendously. We have lived by the mantra of no toxic debt, and it has proven to be the right choice for our business development to progress.”

Beyond this endeavor, mCig has also recently gained traction in the tech space to satisfy its evolving role in technology. Going forward, the company hopes to gain core competencies to service the ancillary legal Cannabis, Hemp and CBD markets.

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