Ameri Research Inc reported in 2016 that the global legal cannabis market was worth $14.3 billion. However, that number is projected to grow by 21.1% between 2017 and 2024 reaching a whopping $63.5 billion by the end.

This rapid growth is due to increased instances of legalization and decriminalization across both Europe and North America. This has also created an incredible demand that companies like mCig, Inc. (OTC:$MCIG) are looking to capitalize on.

mCig is a diversified holdings company specializing in the cannabis industry. Specifically, they are committed to being the leading supplier of the technology, products, and services for the cannabis, hemp, and CBD – cannabidiol – industry.

The greatest obstacle facing most companies in the marijuana business is trying to secure funding. The ambiguous legal status of marijuana on a federal level has left banks unwilling to supply funding or open bank accounts for those who want to grow or sell legal marijuana, even in states where the drug is legal or decriminalized. This has led to many private lenders to get in on the ground floor of the budding industry.

It has also sparked the interest of larger hedge funds and other family offices.

However, mCig recently announced that it was finishing the securing of $3 million to expand its operations through a private placement.

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