mCig Inc (OTCMKTS:MCIG) a major distributor of technology, services and goods in the Cannabis segment released VitaCig E-Cig segment update. The management stated that they are delighted to give their prospective and current shareholders an update pertaining to separation between VitaCig and mCig.
Last month they reported that the company had come to a consensus to take control of VitaCig and launch its current firm into a subsidiary unit of mCig. As part of this deal, the company keeps 57.50 million shares of VTCQ, a convertible note worth $95,000, and confirmed that from hereon will no longer bear the financial liability linked with VTCQ.
The highlights
From an asset standpoint, mCig kept all of its Asian/European distribution deals that are revenue generating. These deals have assured order necessities that have a possible 3-year projected value of $3.9 million. It is also vital to record that the company will retain the branding and name linked with the VitaCig brands.
Paul Rosenberg, the CEO of mCig, said that they are exceptionally delighted to have been able to close this deal. The company keeps all of the R7D linked with this brand and a revenue generating portfolio for one of the growing e-cig and CBD markets across the world. They couldn’t be happier. The company continues to maintain contact with management of VTCQ, where they project big things coming in the near future.
The management speaks
The CEO further added that VitaCig has been closely associated to mCig. Since re-launch in 2016, they have seen notable brand expansion and considerable revenue growth. The team continues to put efforts in the Asian/European markets, and expanding into South Africa, Canada and India. This segment and everything that has moved from early phases of development to this time will account as one of company’s most profitable segments. The focus will be on enhancing the revenue and at the same time reducing overall business costs significantly.
Progressive Care Inc (OTCMKTS:RXMD) Sentiments Bolstered By Wave Of Positive News
Progressive Care Inc (OTCMKTS:RXMD) is holding steady in the market after a wave of positive news in the recent past helped bolster its sentiments among investors. The wave of positive news began with the company posting a record 53% increase in revenue for the month of June that came in at $1.7 million.
The company has already reiterated that it is on course to meet its sales forecast for the year as it continues to expand its operations in other states. Permits for operation in New Jersey and Pennsylvania should go a long way in expanding Progressive care target market, as it continues to pursue licenses in other states.
A $2 million financing from Chicago Ventures partners is also expected to help support the company’s projects all intended to accelerate growth. The company has already announced that it is expanding its warehouse space having already received the first $250,000 tranche from the agreement.
The South Florida health services organization has also cleared all requirements concerning building permits in the county of Miami-Dade where it is hoping to expand its business empire.
