Jacksonville, Florida-based mCig announced it’s getting into the California marijuana market, with the acquisition of a 2.5-acre property in California City, north of Los Angeles.
The diversified cannabis company will set up a 30,000-square-foot indoor marijuana cultivation operation, with the option to expand it to 50,000 square feet, according to a news release.
When the facility is fully up and running, mCig projects it will generate more than $20 million in revenues annually.
According to mCig’s website, its portfolio also includes a New York state hemp cultivation operation, a Las Vegas-based marijuana consulting firm, an international e-cigarette company, a software company, a marijuana industrial supply firm, and a vaporizer manufacturer, as well as ownership stakes in a California CBD company and a Florida wellness firm.
Growing Ambition. Companies leverage capital, partnerships and diversification to expand beyond state lines.
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