mCig Updates on Financial Results
BEVERLY HILLS, CA–(Marketwired – Sep 1, 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, updates investors on financial results.
For the year ended April 30, 2015, the Company reported revenue of $509,957. This represents the unconsolidated revenue of mCig without the VitaCig consolidated revenue. As previously reported, VitaCig was spun-off from the Company on November 28, 2014. The unconsolidated revenue for mCig for the nine months ended January 31, 2015 was approximately $256 thousand. The unconsolidated revenue for mCig for the three months ended April 30, 2015 was approximately $254 thousand, which represents a 334% increase over the unconsolidated revenue for the three months ended January 31, 2015 of approximately $76 thousand.
The Company anticipates revenue for the first quarter of fiscal 2016 to show an increase of over 180% compared to the reported consolidated revenue of the same period last year. The first quarter’s anticipated revenue represents an increase of 138% over the fourth quarter of fiscal 2015.
The Company’s expense reductions are expected to improve significantly going forward as the company has transitioned from R&D to full sales in most all their product lines since the second quarter of this fiscal year. Vapolution, a wholly owned subsidiary of mCig, will also start sales in the upcoming third quarter.
“With back to back record quarters and most of our product lines in sales mode, we are gaining strong momentum and traction in the market,” said Paul Rosenberg. “Investors and customers will be hearing ‘powered by mCig’ all over the media in the next few months.”
mCig reports first quarter 2015 in a few weeks and will be conducting many interviews to increase transparency. mCig will be updating the public regularly on their new image through www.mcig.org
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.
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.