mCig Signs Letter of Intent with MVP Holdings & Native Leaf Supply Company for Joint Venture in Oklahoma

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. () 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.

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