mCig Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp and CBD markets, is pleased to announce that its Grow Contractors division has entered an exclusive agreement to build and develop a 31,000 square foot state of the art cultivation, extraction, and distribution facility located in a prime area of the San Gabriel Valley in California.
"The past few months in California have been absolutely amazing for the entire cannabis industry in SoCal; I`ve never seen this level of activity in other states when they had first become recreational. I can already tell that this is going to be quite the market and we`re perfectly poised to take advantage of it," says Robert Kressa, CEO of Grow Contractors.
The buildout is valued at over $5M with exclusive rights having been granted to Grow Contractors for the entire construction project. The cultivation area alone will be 22,000 square feet with over 500 flowering lights.
In conjunction, extraction is expected to match cultivation revenues. Cannabis extracts make up a huge portion of the marijuana market accounting for about one third of all marijuana sales. The extraction lab will primarily be equipped for the production of distillate and for the filling of vape pen cartridges. In total, the facility will produce over 100 separate SKU`s. Distribution will also be contained within the facility as a service to facilitate delivery to retailers, with a fleet of vehicles and drivers maintaining a logistics backbone to service the entire Southern California region.
"Our Grow Contractors division was very busy in the last few months, finishing old construction projects, bidding on a new ones, and most importantly, changing its business model. The division took some time to restructure and clean up past projects, including canceling some non-performing operations in order to move forward. We look forward to our expanded presence in California and more to come. Expect many more construction, management, and exclusivity announcements from Grow Contractors," stated Paul Rosenberg, CEO of mCig Inc.
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