MCIG Provides Shareholder Update on Corporate Developments
HENDERSON, NV–(Marketwired – Jun 5, 2017) – mCig, Inc., ( OTCQB : MCIG ), a leading distributor of innovative products, technologies, and services for the global medical cannabis industry provides shareholders with a recap of FY2017 highlights, successes and FY2018 outlook and expansion.
Key Highlights of FY2017:
- Net Sales increased to $4.5 million, a 158% increase year to year comparison, and a 1,294% increase for the 4th quarter compared to same period last fiscal year
- Net income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings
- Cash and cash equivalents of $1.6 million compared to $0.1 million from the previous year (a 1,369% increase), and a 400% increase from last quarter. mCig generated $2.1 million in cash from operating activities
- mCig assets increased to $6.8 million, having 6 times more assets than it does liabilities
MCIG has established 4 targets for FY2018 in which to measure its performance. Our collective strategy aims to:
- Take Aggressive steps to increase revenues and profits.
- Reach 1 million active combined customers across all MCIG segments.
- Spin-off one subsidiary into a publicly traded company, offering a share dividend to all MCIG shareholders.
- Strategically enable company to conduct business in diversified sectors, both inside and out of the cannabis industry.
Grow Contractors (GC) was MCIG’s fastest and largest growing segment in FY2017. GC generated more than $1.1 million in working capital for MCIG in FY2017.
GC has successfully completed its first two contracts, Sin City and Green Leaf Farms. GC’s talent and ability to consult and construct, has made our partners capable of meeting deadlines for “fast-track” recreational licenses. Both partners have received their official State Certificate of Occupancy to allow them to begin growing cannabis. GC continues to consult for both groups and is working on hiring and building added partnership opportunities in addition to construction. Solaris and Oregon Project projects are full steam ahead and expected to finish Phase I by September. GC also completed various smaller projects in Washington and Oregon in FY2017.
While GC has expanded operations outside of Nevada, Nevada continues to remain its focal point state, and will continue to be in FY2018. With recreational cannabis sales starting in Las Vegas on July 1, 2017, the entire market is abuzz with energy. GC has received more requests for grow consultations in the last 2 months than it has in the past two years. Projects continue to line up as demand remains increasingly strong. With 45 million tourists, higher discretionary spending, and being able to purchase cannabis with the simple requirement of being 21 years of age, Nevada is expected to top Colorado revenues and historical growth patterns. With the growth potential of the recreational cannabis market emerging in Nevada, GC is well positioned for construction and consulting services in the state of Nevada for many years to come.
MCIG will continue to update the market and shareholders of GC ‘s progress through social media (Instagram, Facebook), and our websites (growcontractors.com, mciggroup.com). We believe GC has an early adopter advantage and large growth potential in Nevada, which positions the company for facility management opportunities and owning our own profitable grow in future.
MCIG continues to develop and strengthen its cannabis supply venture, Cannabiz Supply. The revenue for this division (100% owned by MCIG), continues to double month over month. The business has grown in various areas — selling state mandated and custom packaging, office, dispensary supplies, and vape products. The company has gained multiple accounts with distribution to every dispensary, major grower, and production facility in the state of Nevada.
MCIG will continue to foster and grow this division, and once established and perfected in Nevada, the company plans to expand into a national cannabis supply and distribution company. “The growth of the cannabis industry is unparalleled to anything I have seen in my 45 years in business,” states Cannabis Supply, CEO, Charles Fox, “and Cannabiz Supply is poised to be a major player in the packaging and supply side every step of the way.”
In April 2017 MCIG launched 420cloud.com, a mobile application available on both Android and Apple devices. A web browsable version of 420 Cloud is planned for release in the next 3 months. During the forecasted period, new areas of the application will be released and will expand on user connectivity, user experience, premium features, microtransactions, payment wallet, advertising network, additional websites connected through the app menu and expansion to user shopping through the 420 Tienda marketplace.
MCIG considers this project to be long term and ongoing, that will produce strong intellectual property and assets, while continuing to build and enhance our cannabis job listings, weedistry 420 news, cannabis social media, and more. Owning our own tech platform opens many opportunities for future growth.