mCig, Inc. (OTCQB: MCIG) is a diversified cannabis company, which is engaged in a variety of businesses, such as cannabis grow to vape manufacturing. Shares of the cannabis company are gaining 6.38%, through afternoon trading on Thursday, June 8, 2017. Over the past month, mCig, Inc. reported average daily volume of 1.53 million shares. However, volume of 1.05 million shares or dollar volume of $210,000, has already exchanged hands on Thursday.
Shares of mCig, Inc. are rallying on Thursday, after the company announced that its Grow Contractors business generated more revenue during the first month of its fiscal year 2018 (May 2017), than its entire fiscal fourth quarter 2017 (February-April 2017). During the first month of the new fiscal year, the business generates $1.3 million in gross revenues. This compares to the fiscal fourth quarter’s revenue results of $1.1 million. Here is the full press release detailing of the revenue growth expansion:
mCig, Inc. Press Release:
HENDERSON, NV–(Marketwired – Jun 8, 2017) – mCig Inc., (OTCQB: MCIG), a leading distributor of innovative products, technologies, and services for the global medical cannabis industry is pleased to announce that it’s Grow Contractors (GC) division has exceeded fourth quarter revenues of 2017 (February 1 – April 30, 2017) in just the first month of the 2018 fiscal year (May 2017). In the fourth quarter of FY2017, GC recognized $1.1 million in revenue, and in the first month of FY2018, GC surpassed earnings with $1.3 million in gross revenue. Projects continue to line up as demand remains increasingly strong.
Grow Contractors has a talented and growing team of engineers, architects, electricians, designers, grow experts, and marketing and sales, led by experts with over 100 years of experience combined. Read about our management team and find their bios here.
MCIG believes that the company has an early adopter advantage and large growth potential in Nevada, which positions the company for facility management opportunities and owning our own profitable grow in the very near future.
With 45 million tourists, higher discretionary spending, and being able to purchase cannabis with the simple requirement of being 21 years of age, Nevada is expected to top Colorado revenues and historical growth patterns. With the growth potential of the recreational cannabis market emerging in Nevada, GC is well positioned for construction and consulting services in the state of Nevada for many years to come.
About Grow Contractors
Grow Contractors is MCIG’s group of Cannabis consultants, engineers, architects, contractors, and grow experts combining over 100 years of experience and talent combined, to bring efficient and high-quality grow spaces. Grow Contractors offers a practical approach to cannabis design, construction, and operations to create profitable and compliant facilities, and a custom tailored approach to every client, because there is no one-fits-all approach to cannabis facilities. Grow Contractors also offers several high tech greenhouse products from starter to large, high tech greenhouse buildings capable of covering tens of thousands of square feet. From California to Washington, to Oregon to Nevada, Grow Contractors provides products and services in all legal cannabis markets.
About mCig, Inc. (OTCQB: MCIG)
Headquartered in Henderson, Nevada, mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed.
The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. With over seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
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.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.