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Thursday, June 30, 2022

mCig Inc (OTCMKTS:MCIG) Riding A Wave of Momentum

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mCig Inc (OTCMKTS:MCIG) is in the midst of an aggressive turnaround over recent weeks. We suggested as much in our most recent piece on the name, pointing to a new tone being struck by the company in its communications, as well as a strong new wave of investment flows coming into the cannabis space in general. Shares of MCIG have been exploding higher in the interim, ripping over 100% to the upside in the past month of action as we move closer to recreational legalization in the whopping California marketplace.

The latest from the company is its announcement that, according to management, the firm has a “renewed and revitalized vision and direction for the company.” CEO, Paul Rosenberg explains: “In the last couple of months, we received many questions from our shareholders as to what direction the company is taking. In this shareholders update I will define the strategy going forward for the company.” Mr. Rosenburg had some interesting thoughts, and we point some of the most salient out below.

mCig Inc (OTCMKTS:MCIG) offers electronic cigarettes and related products through its online store, 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.

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.”

The company’s subsidiary, Grow Contractors, touts itself through the following messaging: “Using modular system technology, we create a variety of environmental enclosures ranging from basic temperature and humidity control to medical grade cleanroom environments designed to produce consistent results during any stage of cannabis cultivation. Our mission is to help our clients safeguard investments and find long-term success. This is why we take pride in our ISO compliant, state of the art building components to be the base of your business.”

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The company’s CEO continued on to note that MCIG’s involvement in the cannabis industry today primarily consists of a diversified portfolio of ownership in our construction, consulting, packaging and accessories businesses, with an immediate objective to own our own cannabis cultivation license and grow. According to the release, “We are focused on a vertically integrated business model, playing the roles of manufacturer, wholesaler and retailer. We understood the importance and need for the company to grow and distribute cannabis products, and this portion of our company is continuously evolving.   MCIG has given focus on land acquisitions (such as our California City cultivation project) and in obtaining cultivation licenses to grow, manufacture and distribute our own cannabis products.”

Looking at the stock’s recent action, this name has seen just shy of 130% tacked on to share pricing for the company in the past month. The situation may be worth watching. MCIG has a track record that includes a number of dramatic bounces. Moreover, the name has benefitted from a jump in recent trading volume to the tune of a bit over 290% over what the stock has registered over the longer term.

Currently trading at a market capitalization of $157.9M, MCIG has a bankroll ($980K) of cash on the books, which must be weighed relative to virtually no total current liabilities. MCIG is pulling in trailing 12-month revenues of $9.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 227.6%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $MCIG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $MCIG, either long or short, and we have not been compensated for this article.

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