The cannabis industry is a lively one these days, and this year, with the market opening up due to legalization in many jurisdictions, a Jacksonville, Florida-based company had reason to celebrate Wednesday.
mCig Inc. (OTC:MCIG) officially received its California Type-11 Distribution Temporary license from the State of California. Cal Acres Inc., a California company with majority ownership by MCIG, has officially received their license from the Bureau of Cannabis Control, which allows them to purchase, repackage, transport, and sell cannabis products.
Although construction is not complete at the California City facility, Cal Acres may utilize the license to purchase and store product at rented facility space for immediate revenues. Cal Acres is expecting to receive its temporary cultivation and manufacturing licenses as soon as the review process is complete, which should be in the next couple of weeks.
Said mCIG CEO Paul Rosenberg, “Obtaining a temporary distribution license allows us to interact with the thousands of California Cultivators, Manufacturers, and Distributors… It’s a new launching pad for our future brands.”
mCIG shares towered over the competition as morning became afternoon Wednesday, gaining 1.59 cents, or 8.7%, to 19.85 cents, on volume topping 856,000
