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.
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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.