mCig, Inc. (OTCBB:MCIG) Slumps Even Deeper
mCig, Inc. (OTCBB:MCIG) is one of the few companies that have completely failed to recover from the most recent market crash that brought the whole marijuana sector to its knees. Yesterday was MCIG‘s fourth red session in a row – a descent that has cost it about a third of its market value so far.
Growlife Inc. (OTCBB:PHOT)’s suspension by the SEC dealt the whole marijuana market a hard blow. The downfall of one of the more believable marijuana stocks shook the investor’s trust in the whole industry – a trust that MCIG has had a hard time recovering.
It’s not as if the company has been idle in that regard either – MCIG has made four press releases since things started going sour, presumably in the hope that good news would help arrest the ticker’s worrying descent. Much to the regret of the company and its supporters, this strategy achieved little. Public relations or no, MCIG is still losing altitude at an alarming pace.
The “big” announcement that its wholly owned subsidiary, VitaCig Inc., had officially launched its “flagship product” – VitaCig, didn’t really help the ticker up much. As it turns out, pumping out another uninformative, wordy press release aimed more at promoting stock and the company’s products failed to impress investors. True, it delivered the news that the VitaCig project is moving full steam ahead, but gave away little else – nothing was said on MCIG‘s latest financial or market standing developments, for instance. By the look of things, MCIG might have spent more effort trying to back its claims that its product is innovative, revolutionary and unique, than to provide investors with viable information that would actually convince diligent traders to commit to the stock.
Sadly for the company, its position in this matter seems indefensible – e-cigs of all types, forms and varieties have been around for a long time. The first device was patented more than 50 years ago, and countless improvements have been made since then. This being the case, MCIG‘s claims to innovation and uniqueness, as they are voiced presently, ring hollow at best.
As it is, it’s no wonder that MCIG is falling – the company will probably have to come up with something more convincing in order to halt its descent to the bottom of the charts.