JACKSONVILLE, FL, Nov. 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mCig, Inc. (OTCQB: MCIG), a company focusing on the marketing, sale, and distribution of CBD products, is pleased to announce that it has entered into a binding letter of intent ("LOI") to create a joint venture with Bare Roots Rx LLC., a leading supplier of high quality, organic botanical CBD products.
Under terms of this agreement, mCig will own 51% of the joint venture in exchange for marketing support, new sales channels, technical support and much needed equipment. Bare Roots Rx has current revenue of approximately $1M and pending orders for 2020 far in excess of current levels.
The new Joint Venture will operate two distinct divisions: health care space and consumer products. These divisions will be supported by a medical and scientific advisory board.
HEALTH CARE SPACE
Bare Roots RX has an innovative and new approach to healthcare and lifestyle via CBD products utilizing medical knowledge and technology. Through the synergistic harmony of these industries, the guesswork of what someone should take to help improve their lifestyle and what the potency of the products are can be eliminated.
Bare Roots RX will be approaching this through medically driven science and scientifically driven software which is checked by primary care physicians and holistic coaches along the way.
Dale Hipes, Bare Roots Rx CEO, said, “We can cut down the amount of fraud, ignorance and waste of this vital source of remedy. The best part is we will be gathering the pertinent information for medical validity that no one else has thought how to address or is even concerned with. Through our joint partnership with mCig we will change the face of medically driven cannabinoid research.”
CONSUMER PRODUCTS
The Consumer Products Division will continue to deliver botanically based cannabidiol products that enhance quality of life. The Company will push its Bare Roots Rx brand above the rest using its ISO-Raw technology, which will enable it to produce a broad-spectrum product affecting the ECS with maximum results. The following products will be available to the market immediately:
* Lip balms
* Eye and face creams
* Tattoo and beard balms
* Tinctures
* Pain balms
Customers can buy these organic, pesticide- and glyphosate-free, non-GMO products at BareRoots-Rx.com.
The joint venture with Bare Roots Rx adds a strong team member to the portfolio of mCig companies and will create opportunities for great growth for the company in the CBD product market.
"MCIG is focusing all our assets and expertise in creating immediate value for our shareholders," says Paul Rosenberg, CEO of MCIG Inc. "We believe the CBD industry represents the best opportunities for the Company."
About MCIG Group
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) 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. The Company has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com. For more information, visit www.mciggroup.com.
Visit us on Facebook @ https://www.facebook.com/mCigInc/
Follow us on Twitter @mcigInc
CBD Disclaimer
The statements made regarding CBD products including our future products have not been evaluated by the Food and Drug Administration. The efficacy of these products and the testimonials made have not been confirmed by FDA- approved research. These products are not intended to diagnose, treat, cure or prevent any disease. All information presented here is not meant as a substitute for or alternative to information from health care practitioners. Please consult your healthcare professional about potential interactions or other possible complications before using any product. The Federal Food, Drug, and Cosmetic Act requires this notice.
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company's current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company's management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: potential, expect, look forward, believe, dedicated, building, or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at www.sec.gov and on the Company's website at www.mciggroup.com.
Contact:
mCig, Inc.
Paul Rosenberg
paul@mciggroup.org