mCig, Inc. (MCIG), a diversified company servicing the legal cannabis markets, announced today that the company’s CEO has agreed to invest more than $500,000 into OBITX, Inc., formerly known as GigeTech, Inc., a majority owned subsidiary of MCIG. The funds will be used by the company to purchase the first of its kind, state of the art cryptocurrency ATMs. OBITX will utilize the machines to service cannabis companies by helping to build a bridge between the “cash” business of cannabis and mainstream finance through cryptocurrency.
The ATMs are the first of its kind and will support most forms of cryptocurrency including Bitcoin, Etherium, Litecoin and more. They will enable dispensing of cash and transfer of funds, as well as the purchase and selling of cryptocurrency and gift cards from the machine. The machines will feature two screens, one for transactions, and another for advertising which will be integrated with eHESIVE’s proprietary advertising platform, developed by mCIG team. The company has already placed its first order of 125 crypto ATMs with scheduled delivery in January 2018. The technology has been tested over the last few years and will be ready to go upon delivery. It is projected that over 10,000 ATMs will be installed in dispensaries and mainstream locations over the next few years.
“The space we are entering may be new to our shareholders, but it is a new and lucrative sector. Integration with cryptocurrency was planned since the day we acquired our software and technology division. Many tech and finance projects that were developed within the last 8 months will integrate into and transform the experience of technology and transactions in this new company,” stated Paul Rosenberg, CEO of MCIG Inc.
“I am very comfortable in OBITX management to deliver great results, that’s why I decided to help the company and invested my personal funds,” continued Paul Rosenberg.
OBITX will be an exclusive distributor of crypto ATM for the entire cannabis market. Cryptocurrency will not only help solve regulation, banking and payment processing issues currently troubling the marijuana industry, it is already making its way in widespread adoption in other industries as well.
“Let me also update our shareholders on other developments,” continued Paul Rosenberg.
“We are a few days away from finishing our audit of OBITX. We are extremely pleased with the business model of OBITX and as soon as audit is complete, we’ll file our Form S-1 with SEC to spin-off OBITX.
Now, let’s talk about MCIG Inc. overall strategy.
Render Payment concluded its ICO on December 4, 2017 and is expected to be registered on an exchange platform in January 2018. MCIG will work with Render Payment as it continues to expand its high risk merchant service cryptocurrency platform.
As we discussed in early press releases, the goal is to be focused on cultivation, extraction and distribution of cannabis/hemp related products. We are waiting for the approval of our license application in California City, that will allow us to manufacture different cannabis products.
We struck a huge deal with Farm On! Foundation, currently run by extraordinary business woman, Tessa Edick, who accepted the position of CEO of NYAcres, Inc., 100% owned subsidiary of MCIG Inc. We will be one of the very few companies to grow HEMP in the New York area.
We are looking for other opportunities to grow cannabis in other states, but, we are very careful how we proceed, since the price tag to some projects are high and we need to find balance to be profitable.
Our construction division was completely restructured. This took place during our second quarter, as management found that the results of the operation could be improved significantly. Construction projects are back on track, however management is now very selective with projects and who to be involved with. We are here to make smart deals and make money. Our next big construction project will be in California, where we will obtain ownership rights as well.
The company as you know, has an interest in 2 public companies. Omni Health (10% owned by MCIG) is making great progress with its FDA medical devices registration of CBD for topical pain analgesic and development of non-prescription CBD analgesic creams and ointments with fast absorption properties. They are making smart moves as a newly restructured biotech company and have an exceptionally strong team. Stony Hill, our partner in VITACBD brand, is a long term investment for the company and continues to also be a profitable venture.