Business
mCig, Inc., Announces Fiscal Year 2018 Financial Results, Records $975K Adjusted Net Profit
mCig, Inc., Announces Fiscal Year 2018 Financial Results, Records $975K Adjusted Net Profit.
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[{"type":"text","content":"\n· Net Sales increase to $7.1 million, a 66% year-to-year increase\n · Adjusted Net income grew from $32K in 2017 to $975K in 2018 · Current assets increase by $900K Jacksonville, Florida, Aug. 31, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mCig Inc., (OTCQB:MCIG), a diversified company servicing the legal cannabis markets, announced today is pleased to announce highlights of its year-end financial results as recorded in its recently filed Form 10K. The Company continues to maintain a strong balance sheet and significant cash position securing its ongoing operations. Net sales increased from $4.8 million in 2017 to $7.1 million in 2018. This represents a 66% increase in net sales - a figure that is in line with mCig’s history of stable sales growth, and was driven primarily by mCig’s cannabis supply and grow division. The company recorded a Net Loss of $1,076,930 for the year ended April 30, 2018.  However, this loss included one-time impairments, legal reserves, and depreciation expenses of retail components not yet fully actualized. mCig fully expects to recoup any 2018 losses in what it predicts will be a very successful 2019. “At mCig, we focus on enhancing shareholders’ positions through increasing revenue and profitability, and avoiding toxic debt. In 2018, we decreased our stock-based compensation and continued to remain 100% debt free, all while growing our sales by 66%,” remarked Michael Hawkins, CFO. The company also invested significantly in its own growth in 2018, partnering with the FarmOn!Foundation on a 40-acre hemp pilot project, NYAcres. The success of the pilot prompted mCig to expand this model into other states. In May 2018, the company purchased land in California City and obtained licenses to grow, manufacture and distribute cannabis in the state of California, positioning itself as an early player in the recently legalized state. “I am pleased to report strong operational and financial results in 2018,” said CEO Paul Rosenberg, “and 2019 is shaping up to be even stronger.  With the S-1 approval of our subsidiary, OBITX, expected any day, and the upcoming harvest of our first hemp crop at NYAcres, we are very optimistic that the upcoming year will add increasing value for our shareholders.” About MCIG Group (MCIG) Headquartere...