By: Tomas Ronolski - AllPennyStocks.com News

Thursday, May 7, 2015

In 1996, California became the first state in the U.S. to legalize marijuana. Several states have since legalized marijuana for medicinal purposes or recreational and medicinal purposes. So far, 23 states and the District of Columbia have legalized marijuana. Many states have legalized marijuana in the last two-three years. Not surprisingly, this has created a great deal of excitement among the investor community. The marijuana industry is estimated to be a multi-billion dollar industry. In fact, two years ago, such was the rush to buy marijuana stocks that the Securities and Exchange Commission (SEC) had to issue an alert against pump and dump scheme operators who were trying to take advantage of investors’ enthusiasm by pushing fraudulent companies.

The marijuana industry has since evolved, although the majority of the marijuana stocks still trade on the OTC market. However, there is more information on companies now and investors are more vigilant.

This morning, one of the most recognized marijuana companies mCig (OTCQB:MCIG) provided a corporate update. The company said that the quarter ended April 30, 2015 was the best in its history.

Paul Rosenberg, CEO of mCig, said that “its recent overhauls are already beginning to show very clear and positive results.” Rosenberg added that the company is confident that revenues will continue to grow as it launches exciting new products, for new partnerships, revises its corporate structure, and continues to bring talented people aboard to help bring its vision to life.

mCig said that its record-breaking quarter was driven by several different factors. One was the transformation of the Company’s sales force. The company transformed its sales force into a “master distributor” model of selling cannabis related products. The company has hired an experienced global sales manager to assist in the scale up of the sales structure.

In addition to making changes in the sales department, mCig has also launched a brand new website. The new website gives customers and potential strategic partners an opportunity to better understand the breadth of partnerships, products and expansion opportunities which the company provides.

On the product front, the company continues to make progress. mCig said that it is in the final stages of bringing the em-j product to market. mCig also provided an update on VitaCig Inc., which it said is in the final stages of FINRA approval. mCig has a 47% stake in VitaCig, which makes a disposable vitamin vaporizer called VitaStik.

Even though shares of MCIG are near 52 week lows, today’s news caused a strong pop in the stock price with the stock currently trading up around 40% on the day.

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