Business
MCIG Releases Third-Quarter 2016 Financial Results, to Report 283% Increase in Quarterly Revenue Over 2015
MCIG Releases Third-Quarter 2016 Financial Results, to Report 283% Increase in Quarterly Revenue Over 2015.
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[{"type":"text","content":"\n \n \n MCIG Releases Third-Quarter 2016 Financial Results, to Report 283% Increase in Quarterly Revenue Over 2015\n \n \nMCIG Releases Third-Quarter 2016 Financial Results, to Report 283% Increase in Quarterly Revenue Over 2015\n \n HENDERSON, NV--(Marketwired - Mar 23, 2016) -  mCig Inc. (OTCQB: MCIG) updates investors on financial results and summarizes some of the key highlights for Q3 2016.\n Third-Quarter 2016 Highlights:\n \n \n Revenue increased 283% and expenses down 83%, comparing three months ended January 31, 2016 and January 31, 2015. \n \n \nRevenues up 339% and expenses down 49% comparing nine months ended January 31, 2016 and January 31, 2015. \n \n \nAlthough expenses from the previous quarter were down 74%, revenues remained on steady path of beating year over year numbers. \n \n \n \"Last quarter mCig Inc. was the product of its own success. As numbers began to grow and revenues started to get larger, we, along with many other players in the industry, faced problems with merchant accounts as payment solution providers questioned involvement in the Cannabis industry,\" said Paul Rosenberg, CEO. \"We were able to use a temporary payment solution, but it led to delays in reporting by explaining the intricacies of our business and loss of some sales. We have implemented a new payment solution that should come on line in the next few weeks, and have resolved all of the payment issues we faced. As we branch off farther into larger revenue streams in the Cannabis sector, having payment processing partners that understand our business become more significant.\"\n Because of the size of revenue in the Grow Services Division, it was necessary for the stated reasons not to mix the CBD brands or the new THC brand with construction revenues. This was the main reason we established Scalable Solution LLC, a whole owned subsidiary of mCig Inc. \n Here is a summary of projects that Scalable Solution, LLC is working on with anticipated time frames of completion:\n Evolution Designs Washington freestanding facility:\n \n \n Phase#1 $100,000 completion Q4 2016, Q1 2017;\n \nPhase#2 $500,000 completion by Q4 2017. \n \n \n Green Leaf farms 30,000 sq.ft. warehouse conversion North Las Vegas Nevada facility:\n \n \n Phase#1 $750,000 1/3 build out completion Q1 2017;\n \nPhase#2 $750,000 2/3 build out Q4 2017;\n ...