mCig Inc (OTCMKTS:MCIG) shares rose 7.69% to $0.358 on Friday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.50. The company has a market cap of $116.39 million at 340.61 million shares outstanding.
The other week, mCig Inc shares enjoyed a strong rally after the company printed its quarterly earnings figures. The report indicated that the company enjoyed its best quarter in corporate history with a net sales increase to $1.3 million, a 546% increase year to year comparison and a 204% increase from previous quarter.
The company generated $1.3 million in revenue through its construction, CBD, and e-Cig divisions during the third quarter bringing its total revenue for the financial year to $2.2 million. Net income for the quarter was $898K bringing its total net income YTD to $716K, a 32% net margin.
“For the third straight quarter MCIG has recorded record numbers. With its current contracts and booked revenue the Company will continue to see quarter over quarter growth in revenue.” He went on to say, “During this quarter we will revamp our segment reporting; changing from construction, wholesale, and retail; to construction, CBD, and e-Cig operations. We feel reporting on the segments under these new categories will provide a greater in depth review of our operations to our shareholders and investors,” said the company’s Chief Financial Officer Michael Hawkins.
“The cannabis industry is growing rapidly and MCIG has been there since the beginning. Management continues to focus on its business grow opportunities in Nevada, while continuing to service other states as well.” MCIG has recently contracted its first business in the state of Maine, bringing its total states activities to six states. “We are well positioned to fulfill the requirements of this new, expanded market,” he further clarified, adding, “our ability to fulfill our obligations has always been our priority. The acid test ratio clearly demonstrates we did it right. Our ability to meet short term requirements through our tight capital control measures, gives us the ability to continue our expansion progress through organic growth and strategic partnerships,” mCig Inc CEO Paul Rosenberg remarked.
mCig Inc is a company that is engaged in manufacturing, marketing and distributing electronic cigarettes, vaporizers and accessories under the mCig brand name. It offers electronic cigarettes and related products through its online store, mcig.org, as well as through its wholesale, distributor and retail programs.
The company’s segments include Construction, Internet Sales and Wholesale. The Construction segment develops, designs, engineers, and constructs modular buildings with elements that assist cannabis growers in the market. Each modular building is designed for each customer. The company tracks various retail sales, through the Internet segment through the consolidation of all online retail sales from various websites. It provides streamlining of administrative and documentation services, consolidation of inventories and supports economy of scale. The Wholesale segment works with distribution channels in electronic vaporizing cigarettes (eCig) and marijuana cigarettes (Rllies), among others.