mCig Inc (OTCMKTS:MCIG) shares were flat at $0.170 on Wednesday and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.50. The company has a market cap of $65.64 million at 386.09 million shares outstanding.
In a press release, mCig Inc announced that it is concluding efforts to raise up to $3 million under a private placement to qualified accredited investors for the expansion of its operations. It has already been able to raise $1 million at the purchase price of $0.25 per share of common stock and the capital raise will take place at the end of the month.
“The fact that accredited investors are willing to invest in our company at a premium price from the market fuels us more than ever to deliver positive results to our growth. This capital raise will enable the company to diversify its portfolio without any toxic debt,” remarked Mike Hawkins, CFO of mCig Inc.
“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. We are excited about the future of MCIG and will continue to seek out additional opportunities to increase value for our shareholders,” added Paul Rosenberg, CEO of mCig Inc.
mCig Inc is a diversified holding company focused on technology and consulting, grow construction and cultivation, biotech, vaporizers, dispensary supplies, payment and processing. It services the legal cannabis, hemp and CBD markets through its lifestyle brands. The company’s offers products in a range of brands include Rollies, Vapolution and VitaCig. Its divisions include grow contractors division and technology division.
The company’s grow contractors division is operating in Nevada market, providing solutions, including turnkey, fully modular cultivation rooms allowing users to grow cannabis. The consulting services include layout design, cannabis arming operations, equipment build out and sourcing, business planning, product development, product development brand management and inventory management. Technology division includes a social networking platform. The platform offers a cross-channel, ad network, spread throughout an enterprise.