MCIG Enters into the Cryptocurrency Market, Partnering with Render Payment
LAS VEGAS, NV--(Marketwired - Oct 12, 2017) - mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, enters into the cryptocurrency market, partnering with Render Payment during its Pre-ICO (Initial Coin Offering).
The cannabis industry has traditionally been rife with illicit and underhanded transactions, but it is now moving towards greater legitimacy. Research shows powerful health benefits of cannabis and strong social movements are pushing for increased legalization. One way to improve the reputation of the industry is to modernize it, make it standardized, fully verifiable, and built on a system of trust between patients, doctors, growers, suppliers, merchants, bankers, and customers. New blockchain technology offers an ideal solution. Since blockchain holds an immutable ledger and assured contracts, it can easily accommodate the recording of financial transactions from seed acquisition to product delivery giving consumers confidence and surety in the placement of their orders.
Render Payment Token (RPM) is a crypto-token built for utilizing smart contracts on blockchain, specifically designed to accommodate high risk merchant services at discount prices, which adds legitimacy to the worldwide cannabis community. It is backed by Ethereum's secure, global ecosystem, designed to provide businesses and individuals a trusted secure, private mechanism for financial transactions. In initial testing payment processing was integrated with Bitcoin, which proved to be reliable and stable. The solution was then migrated to the Ethereum platform utilizing the RPM token to provide lower costs, enhanced security, faster processing speed, scalability and expansion.
Render Payment is the first organization dedicated to leveraging smart contracts built on the blockchain to create and foster a financial service platform for high risk merchant services. MCIG's focus is on providing a solution not currently available to the 33,000+ cannabis businesses worldwide, with an economic impact of $44 billion per year.
Eric Jaffe, Render Payments Chief Operations Officer stated, "Our relationship with MCIG has been a long time in the making. Passing this milestone just as our ICO is preparing to launch solidifies some significant opportunities. The digital world is merging with the real world, and it's happening as we speak. Its convergence is expanding capabilities and optimizing quality of life for all, while supporting innovation and discovery." Mr. Jaffe went on to say, "With MCIG's projections of $10M in revenue this year, and based on their current growth rate, we believe this payment processing solution will provide considerable revenue for us and vast savings in merchant fees for MCIG and its customers for this year and many years to come."
Paul Rosenberg, MCIG chief executive officer stated, "MCIG is highly interested in the cryptocurrency market as management believes in the combination of cryptocurrency solutions and blockchain technologies for cannabis and hemp sales. The future of finance could be dominated by blockchain technologies, and we want to be prepared. This solution will legitimize the market as it continues to outpace all expectations. MCIG will advance its opportunities in the blockchain and cryptocurrency markets as it looks to expand its role and relationship with Render Payment well into the future."
About MCIG Group (OTCQB: MCIG)
Headquartered in Henderson, Nevada, mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. 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 industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed.
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.
About Render Payment
Render Payment is poised to provide merchant services to high-risk merchants by merging blockchain technology and ease-of-use payment solutions. The high-risk markets globally are projected at $375-500 billion per year, expanding over 1,000 industries. Our team brings a well-balanced mix of seasoned professionals with network security, IT, financial, IPO, ICO, blockchain, and marketing backgrounds, who have joined together to solve the problem shared by all high-risk industries.
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, EBIDTA, 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 EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.Back to Blog