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mCig Inc (OTCMKTS:MCIG) Records $3.1 Million In Q1 2018 Revenue

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mCig Inc (OTCMKTS:MCIG) a diversified firm servicing the legal CBD, cannabis and hemp markets has announced a summary of its unaudited financial numbers for the first quarter that closed July 31, 2017. The total recognized sales in the Q1 2018 came at $3.1 million. Net sales for the first quarter were $400,000, representing a jump in revenue of 1,249% and net sales around six times greater than the comparable period last year.

The details

mCig continues to expect bottom line profitability for the fifth quarter in a row. Last year, the firm recorded a net loss of $170,736, while this fiscal year, recorded a net income of $77,953. This led in a $248,689 total improvement from the year-earlier quarter. The company continues to expect profitability from each operating division, while it continues to advance its 420Cloud social platform and network, and its financial services.

Asset base remains to grow as the firm expands operations and enhances services throughout all divisions. With assets of more than $7.3 million and liabilities of less than $1.3 million, the company’s long term sustainability and viability is secured.

Michael Hawkins, the Chief Financial Officer of mCig, reported that all major indicators are positive and they continue to witness improvements across the board. They will continue to use this growth into acquisition growth and smart investments.

Paul Rosenberg, the Chief Executive Officer, reported that they will continue to grow and evolve. They are exploring licensing prospects in California, Nevada, Florida, Massachusetts and Oregon. The company’s past performance has turned into a disruptive force in the cannabis segments in which they serve. It is their objective to be the trendsetters for the imminent period.

mCig has recently ventured into the techspace to meet its growing role in technology and better growth. Its technology segment has a world renowned technology team specializing in core product advancement areas ranging from low-level system applications to enterprise infrastructure.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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