LAS VEGAS, NV--(NewMediaWire - Sep 5, 2017) - mCig, Inc.
(OTCQB: MCIG), a diversified company servicing the legal
cannabis, hemp, and CBD markets has today released a summary of its
unaudited financial results for the first quarter that ended July
31, 2017.
The total recognized sales for the quarter ending July 31, 2017
was $3.1 million. Net sales for the quarter were $400K,
representing an increase in revenue of 1,249% and net sales
approximately 6 times greater than the same period last
year.
MCIG continues to see bottom line profitability for its fifth
consecutive quarter. Last year the company had a net loss of
$170,736, while this year, had a net income of $77,953. These
results total a $248,689 improvement from the year-ago quarter.
MCIG continues to see profitability from each operating segment,
while it continues to develop its 420Cloud social network and
platform, and its financial services.
The asset base continues to grow as the Company expands
operations and improves services throughout all segments. With more
than $7.3 million in assets and less than $1.3 million in
liabilities, MCIG's long term viability and sustainability is
secured.
Michael Hawkins, Chief Financial Officer, stated, "All key
indicators are positive and we continue to see improvements across
the board. We will continue to leverage this growth into smart
investments and acquisition growth."
Paul Rosenberg, MCIG's Chief Executive Officer, added, "We will
continue to evolve and grow. We are exploring licensing
opportunities in Nevada, California, Oregon, Florida, and
Massachusetts. MCIG's past performance has become a disruptive
force in the cannabis markets in which we serve. It is our goal to
be the trendsetters for the future."
About MCIG Group (OTCQB: MCIG)
Headquartered in Henderson, Nevada, with offices in 6 continents,
mCig, Inc. (OTCQB: MCIG) a diversified holdings company
servicing the legal Cannabis, Hemp, and CBD markets, 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 an industry
leading, large scale, full service cannabis cultivation
construction company with its Grow Contractors division currently
operating in the rapidly expanding the Nevada market.
Beyond this endeavor, mCig has recently entered the techspace to
satisfy its evolving role in technology and increased growth. Its
technology division employs a world renowned tech team specializing
in core product development areas ranging from enterprise
infrastructure to low-level system applications, delivering
cutting-edge solutions that leverage years of experience into
robust end products with high availability and
scalability.
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.
For more information visit our websites:
www.mciggroup.com
www.growcontractors.com
www.cannabizsupply.com
www.420jobsearch.com
www.vitaciggroup.com
www.marketaro.com
www.weedistry.com
www.420cloud.com
www.vitacbd.com
Safe Harbor
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.