mCig, Inc. ( OTCQB : MCIG ). By voice vote, the Senate Appropriations Committee approved a budget bill amendment called the Rohrabacher-Blumenaur amendment preventing the federal government from interfering with medical marijuana programs in states where Cannabis is legal for medical use, which passed last week. This move greatly benefits mCig and its divisions, allowing them to effectively pursue growing its core competencies serving the ancillary legal Cannabis, Hemp and CBD markets.
The amendment is to the Commerce, Justice and Science Appropriations Bill for 2018. Through this amendment, the federal government is prevented from using federal funds prohibiting states from implementing their own laws that permit the use, cultivation, possession and distribution of medical marijuana. The Department of Justice (DOJ) is no longer permitted to investigate or pursue prosecution for violations of federal laws involving medical marijuana in states that have legalized the use of Cannabis for medical purposes absent any evidence that the defendant violated state law.
It has become clear that over 90 percent of the public approves of marijuana use for medicinal purposes and our federal government now has the responsibility to ensure that our legislation reflect those views. It is clear that the legal marijuana industry is experiencing considerable momentum and growth that has been and will continue to prove favorable for businesses and investors in this industry.
About MCIG Group ( OTCQB : MCIG )
Headquartered in Henderson, Nevada, with offices in 6 continents, mCig, Inc. ( OTCQB :MCIG ) a diversified holdings company servicing the legal Cannabis, Hemp, and CBD markets, is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to an industry leading, large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding the Nevada market.
Beyond this endeavor, mCig has recently entered the techspace to satisfy its evolving role in technology and increased growth. Its technology division employs a world renowned tech team specializing in core product development areas ranging from enterprise infrastructure to low-level system applications, delivering cutting-edge solutions that leverage years of experience into robust end products with high availability and scalability.
The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. With over seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
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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.
This release contains a non-GAAP disclosure, EBITDA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBITDA as a measure of operating performance. EBITDA should not be considered as a substitute for net income.