mCig Inc (OTCMKTS:MCIG) is a penny play that has grabbed hold of the attention of traders during the stock’s recent bounce. The key driver this week is the company’s announcement that it is on track to deliver the “best quarter on record” to its shareholders. In the recent shareholder conference call held December 19, 2016 the company covered many key points of the business operations culminating in the fact that MCIG has surpassed last quarter’s historical earnings statement, by exceeding the total revenue for the previous quarter half way through the current quarter.
Recent action has seen 8% tacked on to share pricing for the name in the past week. This is emblematic of the stock. MCIG has a track record that includes a number of dramatic bounces. Furthermore, the stock has seen interest climb, with an increase in recent trading volume of 58% over the long run average.
mCig Inc (OTCMKTS:MCIG) has billed itself in the past as a company that manufactures, markets, and distributes electronic cigarettes, vaporizers, and accessories under the mCig brand name in the United States. However, recently, it has attempted to remake itself into a far more diversified play in the cannabis patch.
The company offers electronic cigarettes and related products through its online store mcig.org, as well as through the company’s wholesale, distributor, and retail programs. It also constructs commercial and modular buildings which are aimed at the cannabis cultivation market.
The company was formerly known as Lifetech Industries, Inc. and changed its name to mCig, Inc. in August 2013. mCig, Inc. was founded in 2010 and is headquartered in Henderson, Nevada.
According to company materials, “Headquartered in Henderson, Nevada, mCig Inc. A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. The company looks forward to growing its core competencies to service the Ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change.”
Find out when $MCIG stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, the company is moving forward with its best operational success at hand at present. With January’s projected revenue numbers, MCIG is scheduled to deliver its best quarter in its history. Some of the key points made by management during the shareholder update call include: All three operating segments, construction, wholesale, and retail were profitable, self sustaining and projected to maintain upward trend; Construction/consulting division has become MCIG’s most profitable division, with expectations of a continued trend as Nevada Cultivators scale operations to meet recreational demand within the state; Our wholesale e-Cig and CBD segment is still robust, profitable and positioned exceptionally well in international & US markets.
In addition, management noted that it has established a new wholly owned subsidiary, Grow Contractors Inc., to oversee construction segment with Rob Kressa, a 10 year cannabis industry veteran appointed as the CEO of Grow Contractors Inc; MCIG in negotiations to acquire Medical Marijuana Establishment (“MME”) licenses in Nevada; MCIG currently has over $10 million in order/contract backlog; MCIG model considers acquiring, growing, incubating, operations in the cannabis space, with the ultimate intention to spin-off as it did with VitaCig, now Omni Health, Inc; OMHE investment is currently valued at over $1.5 million, which MCIG expects to be an appreciating asset over time or as a read to use reserve for the company mandates; and VitaCig e-Cig division continues its domination of the international e-Cig business. Its recently expanded operations in Europe with plans to penetrate South Africa, and South America.
At this time, carrying a capital value in the market of $47.7M, MCIG has a decent store ($285.81k) of cash on the books, which stands against an appreciable load ($155.58k) of total accumulated debt. MCIG is making real money, with trailing 12-month revenues coming in at 1.34M. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $MCIG stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!