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mCig, Inc. Announces Record Fiscal Second Quarter Net Sales, Net Income, Adjusted Net Income and Adjusted Net Margins
mCig, Inc. Announces Record Fiscal Second Quarter Net Sales, Net Income, Adjusted Net Income and Adjusted Net Margins.
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[{"type":"text","content":"\n \n \n mCig, Inc. Announces Record Fiscal Second Quarter Net Sales, Net Income, Adjusted Net Income and Adjusted Net Margins\n \n \nmCig, Inc. Announces Record Fiscal Second Quarter Net Sales, Net Income, Adjusted Net Income and Adjusted Net Margins\n \n HENDERSON, NV--(Marketwired - Nov 14, 2016) - mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets announced today its earnings results for its second quarter of the 2017 Fiscal Year.\n During the second quarter, MCIG generated $620,015 in revenue, a 126% increase from the previous quarter. The company reported to be profitable during the quarter and MCIG reported $10,469 in net income, an increase of $675K in its bottom line compared to same period last year. MCIG's adjusted net income for the period was $102,550, an adjusted net profit margin of 20%.\n Michael Hawkins, Chief Financial Officer, stated, \"For the second straight quarter MCIG has achieved an adjusted net income. This will be a landmark quarter in the history of MCIG as the company achieves a net profit for the first time in its history.\" He went on to say, \"Scalable Solutions, MCIG's construction division grew in net revenue by 200% and achieved profitability, a fiscal quarter ahead of schedule and we expect that Scalable's profitability trend will continue given the recent recreational legislation passed in Nevada. On top of that our Wholesale division increased sales by 248% and leads all divisions with a 27% net income, with other wholesale products like 'Rollies' in production and not accounted for.\"\n Paul Rosenberg, MCIG's CEO, reinforced the excitement at MCIG by stating, \"With the recent historic election where 8 of 9 states approved measures to legalize marijuana either recreationally or medically will virtually expand the market we are entrenched in overnight. We are pleased to see that our grassroots & fiscally conservative measures have taken hold and that MCIG is seeing tremendous growth rates at a time when a paradigm shift has just taken place in the cannabis, hemp and CBD markets. We are well positioned, well capitalized and eager to fulfill the requirements of this new, expanded market.\" He further clarified, \"MCIG is not your traditional 'need a lot of cash to grow' company. While sustaining this growth with no toxic debt,...