It's been a busy time for mCig, Inc. (OTCPK:MCIG), a company servicing the hemp, cannabis, and CBD markets. For the last while, the company has been dealing with various lawsuits; it wasn't until last week that it settled these suits, reaching mutually agreeable terms. That was supposed to be a positive turning point for the Florida-based company. MCIG stock, however, isn't displaying that Monday, the start of the new week.
Here's what we know.
mCig: The Past Two Weeks
On Tuesday, September 17, the company said it settled the various lawsuits filed in the Eighth Judicial District Court of Nevada for Clarke County and in the United States District Court for the District of Nevada. This is good news for mCig, and for all parties involved, with the report saying the suits were "dismissed following agreement to an amicable settlement for all parties involved."
"Settlement of these lawsuits will allow all parties to move forward and put all of this behind us. We are grateful for everyone’s cooperation in reaching an agreement that works for all involved. The company is now positioned to focus on positive upcoming announcements."
CEO Paul Rosenberg thought settling the lawsuits would allow the leading distributor of innovative products to move on and "focus on positive upcoming announcements." Looking at the stock Monday, however, it seems investors are still a bit wary of the company.
According to Yahoo Finance, as of 2:39 PM EDT, MCIG stock is trading at $0.0328, which puts it down 6.35%.
Of course, this could just be a one-off. MCIG stock is not the only cannabis company trading in the red Monday, and if Rosenberg says the company has positive upcoming announcements, the trading direction of mCig could take a sharp turn in the coming weeks.
What do you think? Let us know your thoughts in the comments below.
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