mCig Inc (OTCMKTS:MCIG) shares were up 6.48% to $0.191 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.22. The company has a market cap of $67.88 million at 340.61 million shares outstanding.
In a press release, mCig Inc announced that it is on track to deliver the “best quarter on record” to its shareholders, following a recent conference call on December 19, 2016. Management noted that the company has surpassed last quarter’s historical earnings statement by exceeding the total revenue for the previous quarter half way through our current quarter.
The company noted that all three operating segments, construction, wholesale, and retail were profitable, self sustaining and projected to maintain upward trend, and that the construction and consulting division has been the most profitable one. It added that the wholesale e-Cig and CBD segment is still robust, profitable and positioned exceptionally well in international & US markets.
Aside from that, mCig Inc shared that it established a new wholly owned subsidiary, Grow Contractors Inc., to oversee construction segment. This will be overseen by 10-year cannabis industry veteran Rob Kressa, who was appointed as the CEO of Grow Contractors Inc.
Also, the company is n negotiations to acquire Medical Marijuana Establishment licenses in Nevada, which is poised to be one of the largest state markets for cannabis following the November 8 vote that legalized the use of medical or recreational marijuana in several US states. The industry itself is expected to reach a $20 billion market by 2020.
The company has a joint venture with Sangreen International, to launch a new “Build your own greenhouse website” at www.growcontractors.org in the next few weeks, along with corresponding mobile app and continues to look into potential acquisitions in the cannabis space. It also has $10 million worth in contract backlog orders that will factor in future earnings reports.
mCig Inc has transitioned from a vaporizer manufacturer to industry large scale, full service cannabis cultivation Construction Company with its Scalable Solutions division operating in a Nevada market. It is a diversified company servicing the legal cannabis, hemp and CBD markets through its lifestyle brands.
As such, the company has two divisions: mCig Construction Division and mCig Commercial Division. Its construction division constructs commercial buildings and modular buildings according to plans supplied by the customer, or act as a design/build firm taking the customer from concept to full turnkey occupancy, utilizing modular technology and structural insulated panels. It manufactures, distributes and retails the mCig, a loose-leaf electronic vaporizing cigarette. The Company’s subsidiary, Vapolution, Inc., manufactures and retails home-use vaporizers, such as the Vapolution 2.0.