mCig Inc (OTCMKTS:MCIG) Shares Down 10.28% on VitaCig Separation

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mCig Inc (OTCMKTS:MCIG) shares were down 10.28% to $0.0323 on Monday and flat in after-hours trading. The company has a market cap of $10.82 million at 300.63 million shares outstanding. Share prices have been trading in a 52-week range of $0.02 to $0.06 so the current price is closer to the bottom.

mCig Inc is a company that is  engaged in the business of marketing and distributing electronic cigarettes, vaporizers and accessories under the mCig brands. It manufactures and retails the mCig, a loose-leaf electronic vaporizing cigarette which provides a smoking experience by heating plant material, waxes, and oils delivering a smoother inhalation experience.

Earlier this week, the company updated its shareholders on the recent separation between MCIG and VitaCig. According to their release, mCig Inc kept 57,500,000 shares of VitaCig, has a $95,000 convertible note owed by VitaCig, and will no longer carry the financial burden associated with VitaCig. mCig Inc also kept all of the European and Asian distribution contracts that are already revenue producing, which have guaranteed order requirements that have a potential three-year estimated value of $3.9 million.

We are exceptionally happy to have been able to execute this agreement on behalf of MCIG and its shareholders. The company retains all of the Research and Development associated with this brand as well as a revenue-producing pipeline for one of the most robust CBD and E-Cig markets in the world. We couldn’t be happier. MCIG continues to maintain close contact with new management of VTCQ, where we expect big things from in the near future,” said mCig Inc CEO Paul Rosenberg in a statement.

Prior to this, mCig Inc has also expanded its services into Rollies, which is both a cannabis cigarette brand and manufacturer. Rollies will be utilizing mCig’s top filling machines to produce approximately 300-350 perfectly and evenly filled cannabis cigarettes of different sizes and formats per hour.

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