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mCig, Inc., Announces First Quarter 2018 Financial Results -- Records $3.1M in Revenue
mCig, Inc., Announces First Quarter 2018 Financial Results -- Records $3.1M in Revenue.
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[{"type":"text","content":"\n \n \n mCig, Inc., Announces First Quarter 2018 Financial Results -- Records $3.1M in Revenue\n \n \nmCig, Inc., Announces First Quarter 2018 Financial Results -- Records $3.1M in Revenue\n \n LAS VEGAS, NV--(Marketwired - 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.\n 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. \n 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.\n MCIG continues to see profitability from each operating segment, while it continues to develop its 420Cloud social network and platform, and its financial services.\n 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.\n 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.\"\n 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.\"\n About MCIG Group (OTCQB: MCIG)\n 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 lead...