mCig, Inc. Reports Fiscal 2015 Results
BEVERLY HILLS, CA–(Marketwired – Aug 31, 2015) – mCig, Inc. (the “Company”) (OTCQB : MCIG ), a leading distributor of innovative products, technologies, and services for the global medical and legal recreational cannabis industry, today filed its annual report for fiscal 2015.
For the year ended April 30, 2015, the Company reported sales of $509,957. This represents an increase of approximately 42% or $151,010 from the sales for the year ended April 30, 2014 of $358,947.
First Quarter Update For the quarter ended July 31, 2015, the Company anticipates sales to exceed quarter-over-quarter growth of over 180%. “We are very pleased with the first-quarter growth. It was our best quarter ever. Along with increased sales, we are seeing improved margins and a stable cash position,” said Paul Rosenberg, CEO of mCig, Inc.
The Company is focusing on two distinct branches: Grow Services and Consumer Distribution. Grow Services consist of selling brands like CannaPods and Security Grade to individuals and large growers, and Consumer Distribution consists of selling brands like Chill, EMJ and VitaCig to stores and consumers. The Company currently has approximately 95 sales professionals, making it one of the largest sales forces dedicated to the Cannabis industry, and is exploring centralizing a sales center. The Company has signed over a dozen distribution deals in the last four months to promote their product line. We expect to announce additional Master Distributor contracts as the sales team continues to develop. The company is also exploring European sales deals that will bring innovative products overseas to new markets.
Mr. Rosenberg stated, “mCig is starting the new fiscal year with an eye on profitability. We have implemented new initiatives such as improved customer support with a new ticketing system to ensure prompt service, an updated social media platform that will include a totally redesigned website, new cost-cutting procedures and a continued commitment to no toxic debt.”
About mCig, Inc. mCig, Inc. ( OTCQB : MCIG ) is committed to being the leading distributor of technology, products, and services for the global medical and legal recreational cannabis industry. The Company’s Master Distributor sales approach allows mCig to partner with or acquire best-of-breed companies to serve as exclusive sales representatives, distributing their products through mCig’s multiple channels and sub-distributors throughout the United States, Europe, United Kingdom, and Asia. mCig focuses sales efforts on growers, consumers and dispensaries, and provides a complete line of products, technology, and services, including turnkey growing environments; security services; software and information technology; consulting services; financing and more. mCig maintains its roots by offering top selling CBD Vape lines and CBD products. The company is headquartered in Beverly Hills, California. Follow mCig, Inc. on Twitter at @mCigs.
For more information, please visit: www.mcig.org
Safe Harbor Statement Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.