JACKSONVILLE, FL, Nov. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mCig, Inc. (MCIG), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, today announced that the company's board of directors has signed a letter of intent with MVP Holdings and Native Leaf Supply Company to create a joint venture where mCig, Inc. will own a minority share of cultivation, manufacturing, distribution and dispensary licenses held by MVP Holdings & Native Leaf Supply in the state of Oklahoma.
This agreement will pave the way for mCig, Inc. to enter one of the fastest growing legal medicinal cannabis markets in the US. Oklahoma currently has over 200,000 registered patients making it a sizable market. The Oklahoma medicinal cannabis program is very business-friendly which has resulted in a strong start of the program. During the first 10 months of 2019, the Oklahoma Tax Commission reported sales of medical marijuana at over $258 million with projections of $350 million by the end of the year. This move is part of a measured strategy for mCig, Inc. to expand its reach of licensed cannabis businesses across the country by partnering with established entities in emerging markets. The joint venture will focus on development of the physical facilities to support the needs of the licenses as well as overall management of all the operations.
Vince Walker, spokesman for MVP Holdings and Native Leaf, said, “We are excited for this merging opportunity with MCIG, Inc. We were searching for a partnership that allowed us an elite quality of process and procedures with the vertical ability in seed to sale production for cannabis in the Oklahoma market. As partners with MCIG, Inc., this is made possible with their many owned and invested brands and market strategies already in place.”
mCig, Inc. CEO Paul Rosenberg said, “We are pleased to announce this agreement with our partners in Oklahoma and look forward to playing a role in bringing these licenses into a profitable business. The Oklahoma medicinal cannabis market is proving to be an excellent one for us to enter and we are very optimistic about the potential for profitability.”
About MCIG Group
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 be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. employs a world-renowned tech team and has recently expanded its products and services to satisfy its evolving role in cannabis and hemp markets.
The Company has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com. For more information, visit www.mciggroup.com.
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company’s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company’s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: “potential,” “expect”, “look forward,” “believe,” “dedicated,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at www.sec.gov and on the Company’s website at www.mciggroup.com.