BEVERLY HILLS, Calif., Feb. 2, 2015 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCBB:MCIG), a technology leader in portable and home vaporizers and extraction equipment, is very pleased to announce the expansion into the development, manufacturing, and marketing of CBD Hemp Oil-derived products. Cannabidiol (CBD) is one of several new vertically integrated initiatives recently announced as part of mCig's diversification strategy, which also includes legal medical/recreational cannabis extracts, nicotine substitutes, and other emerging nutraceutical product categories.
CBD is a natural occurring non-psychoactive cannabinoid extracted from Industrial Hemp plants. With no psychoactive ingredient, CBD is a ready-for-market Hemp-based Nutraceutical with the potential to help an broad range of conditions, including epilepsy, diabetes, rheumatoid arthritis, chronic pain, alcoholism, schizophrenia, PTSD, antibiotic-resistant infections, and various neurological disorders.
mCig, Inc. will employ 100% natural CBD in its products, derived from the federally legal industrial hemp plant with less than 0.3% THC. This CBD Rich Hemp Oil is classified as food grade and therefore perfectly permissible to ship to all 50 states and more than 40 countries as the products won't require a prescription or permit for purchase.
Partnering with a leading hemp producer in Europe to provide the rich oil concentrate, mCig, Inc. plans to use the compound to target many key market segments, including:
- Marketing wholesale and OEM sales of bulk raw CBD Hemp Oil to third parties and B2B offerings;
- Launching a line of consumer products rich in CBD oils, across cosmetic, health, nutraceutical and wellness categories;
- Establishing farming and processing operations centered around industrial hemp;
- Investing in innovative CBD-related retail products manufacturing companies.
According to Paul Rosenberg, mCig, Inc. CEO, the worldwide market for nutraceuticals is expected to reach $250 billion by 2018. "We are riding a worldwide wave in terms of demand for hemp oil-derived products due to its many health and wellness effects. This strong demand coupled with agreements with a huge producer of low-cost highly purified CBD, we envision a wide range of applications for CBD, from integrating with current product lines and new products for wide retail release. By diversifying our product scope with a broad range of CBD-based offerings, we are providing consumers with a more balanced, holistic, and optimal state of health and well-being and tap into this fast growing global demand," explained Rosenberg.
About mCig, Inc.
Headquartered in Beverly Hills, CA, mCig, Inc. (OTCBB:MCIG) is a leading manufacturer and marketer of portable and home vaporizers, THC extracts and related equipment, CBD Rich Hemp Oil-derived products, and related nutraceuticals based on natural compounds found in Cannabis and Hemp plants. The company owns the mCig and Vapolution brands, and has a 47% stake in VitaCig (VTCQ), makers of the VitaStik, a disposable, vitamin vaporizer. The company believes that a well-regulated marijuana industry is emerging as more states follow the lead of Alaska, Colorado, Oregon, and Washington in legalizing marijuana. A similar trend is developing within the CBD and Hemp industries following overwhelming consumer demand.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.