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 press release.
Also, mCig (MCIG) intends to build out an extraction and manufacturing facility between 2,000-4,000 square feet, as well as a distribution center. It already has local permits for cultivation, extraction and manufacturing.
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.