In the cannabis sector, there are a few fluctuating pot stocks, and MCIG stock appears to be one of them.
On Tuesday, March 19th, mCig Inc (OTCQB:MCIG) introduced its new line of CBD products. On the news, MCIG stock was up 25% at one point in the trading day. Twenty-four hours after the initial announcement, the stock is down nearly 4%.
MCIG Stock Today: After CBD Product Launch
Yesterday, mCig Inc said CBJ Distributing, mCig's Jacksonville, Florida subsidiary, is launching a new CBD product line. Clients in California and Nevada will have access to these products, which include hemp pre-rolled cigarettes and CBD vape pens.
At the moment, CBJ Distributing distributes various cannabis products (labels, jars, vape pens, etc.), but mCig wanted to expand its product line as it sees the selling of hemp products to be a significant business opportunity.
While rolling out a mCig CBD product line is great for the diversified company that services the cannabis sector, this isn't reflecting in the MCIG stock today. Then again, MCIG stock was reportedly up nearly 30% yesterday. As for today, though, the stock is in the red.
According to Yahoo Finance, as of 12:45 PM, MCIG stock is trading at $0.1327, putting it down 3.48%. These results could be a one-off, though some are forecasting MCIG stock to plunge to the $0.05 level.
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What Do You Think?
There's no denying that mCig is hitting milestones, from the new CBD line itself to seeing record revenues in its cannabis supply division early in 2019. However, some think cannabis investors are dismissing these accomplishments and pushing MCIG stock lower.
What do you think about that? Let us know in the comments below.
For Those Who Don't Know
mCig Inc is a company with operations in the cannabis, CBD, and hemp markets. It operates under the following four segments: distribution, cannabis cultivation, manufacturing, and retail sales.
Featured image: Facebook
