mCig, Inc. (OTCQB: MCIG) is engaged in the manufacturing, marketing, and distribution of e-cigarettes, vapes, and other accessories. Shares of the vape manufacturer are rallying 20.68%, through early trading on Monday, March 6, 2017. Over the past three months, mCig, Inc. has seen average daily volume of 7.6 million shares. However, volume of 7.6 million shares or dollar volume of $2.39 million, has already exchanged hands Monday.
Shares of mCig, Inc. are rallying Monday, after the company released its fiscal third quarter earnings, which ended on January 31, 2017. During the latest quarter, the company reported revenues grew 446% to $1.36 million, compared to $249,641 during the fiscal third quarter last year. Gross profits soared 239%, expenses decreased 27%, and cash (and cash equivalents) shot up 422%. To cap it off, mCig, Inc. saw current assets surge 1,241% from fiscal third quarter last year. Here is the full press release detailing of the quarter earnings release:
mCig, Inc. Press Release:
HENDERSON, NV–(Marketwired – Mar 6, 2017) – mCig, Inc., ( OTCQB : MCIG ), a diversified company servicing the legal cannabis, hemp, and CBD markets, filed its 3rd Quarter financial reports with the SEC in preparation for its Shareholder Conference Call scheduled for tomorrow, March 7, 2017 at 4:30 PM Eastern Time. Highlights of the earnings statement include:
Three months ended January 31, 2017 compared to the three months ended January 31, 2016
- Revenue increased 446% to $1,362,689 compared to $249,641
- Gross profit increased 239% to $288,230 compared to $85,076
- Expenses decreased 27% to $97,052 compared to $133,236
- Cash and cash equivalents increased 422% to $420,888 compared to $80,542
- Current assets increased 1,241% to $1,259,689 compared to $93,930
Three months ended January 31, 2017 compared to the three months ended October 31, 2016
- Revenue increased 120% to $1,362,689 compared to $620,015
- Gross profit increased 31% to $288,230 compared to $220,151
- Expenses decreased 63% to $97,052 compared to $262,437
- Cash and cash equivalents increased 47% to $420,888 compared to $285,812
- Current assets increased 116% to $1,259,689 compared to $583,695
Subsequent actions during this quarter
- VitaCig experiences its best month in its history exceeding all of last quarter’s revenue numbers for its segment
- MCIG enters into joint venture for expansion of its VITACBD brand.
- MCIG expands operations to include new cannabis supplies segment
- Grow Contractors expands operation to include Oregon, where it is constructing a new facility.
- MCIG completes its first construction project and awaiting clients Certificate of Occupancy
MCIG will address its financial performance in the quarterly shareholder conference call tomorrow, March 7, 2017 at 4:30 PM ET. To participate in the conference call shareholders and investors may call in to 712-451-0011 and enter access code 889964.
Paul Rosenberg, MCIG’s Chief Executive Officer included, “We encourage everyone to join our team of industry experts as we discuss MCIG’s history and future. We look forward to updating our shareholders on MCIG operations.”
About mCig, Inc.
Headquartered in Henderson, Nevada, mCig Inc. ( OTCQB : MCIG ) A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has expanded from originally a vaporizer manufacturer, to an industry leading, large scale, full service cannabis cultivation construction company currently operating in the rapidly expanding Nevada market, and a Hemp based CBD market supplier. The company looks to further broaden its expansion in multiple different fields within the cannabis industry through organic growth and strategic partnerships. For more information visit www.mcig.org.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.