mCig Inc (OTCMKTS:MCIG) continues to move higher after a brief dip below $0.10 a share earlier this month. MCIG moved big with the rest of the sector topping $0.20 a share in November.
MCIG operates in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8. Medical MJ products in the U.S. alone are projected to generate up to $35 Billion by 2020.
mCig Inc (OTCMKTS:MCIG) is a leading provider of advanced technologies and solutions to the global cannabis industry. mCig manufactures and markets best-selling portable and home vaporizers, extraction related equipment, CBD Rich Hemp Oil-derived products, and related nutraceuticals based on natural compounds found in Cannabis and Hemp plants.mCig Inc (OTCMKTS:MCIG) owns the mCig and Vapolution brands, and has a 47% stake in VitaCig (VTCQ), makers of the VitaStik, a disposable vitamin vaporizer. The company believes that a well-regulated marijuana industry is emerging as more states follow the lead of Alaska, Colorado, Oregon, and Washington in legalizing marijuana. A similar trend is developing within the CBD and Hemp industries following overwhelming consumer demand.
The press release continues ”mCig is also in the final stages of bringing the exciting, innovative, brand-new organic em-j product to market. em-j, which is infused with Cannabidiol (CBD), is one of the many products that the mCig pharma division has developed using CBD (a list which already includes a successful line of oils, tanks, and waxes). The highly anticipated em-j product will be available to customers in a few weeks, after a delay to further refine the formula used in the new product. mCig made the decision to delay the product release to ensure that the final em-j product brought to the market met the standard applied to all products in the mCig line, and mCig now has the capacity to be able to bring similar products to market much more quickly.
The mCig construction division has its first project entering into contract, an exciting milestone for the division which should prove to be a launching board to capitalize on the multitude of opportunities found in this rapidly growing space.
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The mCig extraction division has begun production of our first Supercritical CO2 extraction unit, which will provide a high-performance, commercial-grade product for customers. This effort is being led by the mCig Chief Research and Development Officer Mike Snody, who has extensive experience in this space through his 25 years with Exxon Co. USA, building offshore platforms, pressure vessels, pipelines, and refineries throughout the US, Russia, Mexico, and Japan.
In other exciting innovation news, the mCig technology division has finally finished the Ultrasonic which is currently being priced for production, mCig is close to finalizing our first software partnership, and is working to find solutions to solve payment and financing issues for legal growers and dispensaries through an innovative exchange using bitcoin.
On December 12 MCIG announced that it will be filing its second quarter financial report with SEC after the close of financial markets on Monday, December 12, 2016.
MCIG assets have increased 300% during the fiscal year.
Company operations are completely self funded and will continue to as MCIG believes Convertible debt is detrimental to shareholders.
Convertible debt free balance sheet.
Gross Profit increased by 118% for the quarter and 29% for the six month period ending October 31, 2016 as compared to the same periods in 2015.
MCIG reported its first net income profitable quarter and its second consecutive profitable adjusted net income quarter.
Each reporting operational segment was profitable.
The company has gained over $200K in excess working capital for the fiscal year.
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Currently trading at a $44.96 million market valuation MCIG does have a decent looking balance sheet and virtually no debt with small but growing revenues. MCIG is one of the original pot stocks with a long history of making spectacular moves when the sector heats up. MCIG operates out of California and is well positioned to cash in on the booming pot market. Investors are looking for the Company to diversify and expand their footprint into the legal cannabis, hemp and CBD markets. We will be updating on MCIG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MCIG.
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Disclosure: we hold no position in MCIG either long or short and we have not been compensated for this article.