mCig Inc (OTCBB:MCIG) Grinds to a Halt After Spike

The pot stock rush that is presently gripping the market has certainly taken mCig Inc (OTCBB:MCIG) far. The company started 2014 at $0.12 and is presently arrested at approximately three times that value.

MCIG had been steady for a while now, the ticker slowly making its way up the stock charts with very few sessions in the red, most of which were compensated for immediately. The company managed a 18.21% jump on Monday, propelled up by its own press release and a pump by pennystockprophecy dot com. Interestingly enough, the tout contained the exact same text as the release.

Said oversized release announced the company’s intention to take over the e-cig market by providing e-cig buyers with superior products through their wholly owned subsidiary, VitaCig Inc. One such product is the creatively named “VitaCig” that VitaCig Inc. is going to bring to the market. In the release, VitaCig (the product) was described as “a nicotine-free eCig that delivers a water-vapor comprised of vitamins, nutrients, and natural flavors”, while still quenching nicotine cravings.

The statements of MCIG were perplexing to say the least, as it turns out that “as far as management is aware” a product like VitaCig does not exist on the market presently. If that is the case, MCIG really needs to improve its awareness of the market they are about to “cannibalize”, because e-cigs and vaporizers of all types and varieties have been around for years now. Even if they’ve managed to make improvements, the resulting product could hardly be called unique or innovative.

It appears that now they too have fallen back to the tried and true strategy of using wordy releases to draw the buyer’s attention and induce hype.

Unsurprisingly, stock market commenters are describing MCIG‘s recent ascent the same way as the whole marijuana branch – “too far, too fast”. Meaning that the company’s recent share price jumps don’t actually represent its current commercial and economic standing.

Perhaps this is the reason why MCIG‘s ascent lasted no more than a session after their release and pump, before grinding to a halt. Yesterday’s session brought the ticker 2.03% down and saw MCIG close at $0.362. Where it will go next is anyone’s guess.

Another company that is struggling to improve their market standing despite the sector-wide surge include Medical Marijuana Inc (OTCMKTS:MJNA) who stumbled 6.10% yesterday.