mCig Inc. (MCIG) delivered its fiscal 2018 first quarter results on Tuesday with revenue increasing 1,249%. Total sales for the quarter ending July 31 were $3.1 million and net sales were $400,000, six times greater than the same quarter a year ago.
While the company posted a press release of its results, there was no formal filing of documents on either the OTC Market Homepage or the company’s website.
Paul Rosenberg, MCIG’s Chief Executive Officer said, “We will continue to evolve and grow. We are exploring licensing opportunities in Nevada, California, Oregon, Florida, and Massachusetts. MCIG’s past performance has become a disruptive force in the cannabis markets in which we serve. It is our goal to be the trendsetters for the future.”
In the press release, MCIG said it posted its fifth consecutive quarter of bottom line profitability and noted that last year the company recorded a net loss of $170,736, while this year it posted net income of $77,953. The company went on to say it is experiencing profitability in each operating segment and continues to develop its 420Cloud social network platform.
mCig recently released its annual audited report for the fiscal year 2017 at the end of August. The company reported that its gross profit for the year was $1.8 million, a nice jump over the previous year’s $290,773. Revenue for the year was $4.7 million, also topping last year’s $1.7 million. During the year, mCig acquired seven companies and sold one asset.
At the time, Rosenberg said, “This has been a record year for mCig and its shareholders. MCIG has seen tremendous improvements in revenue, gross profits, net profits, cash position, CAGR, and shareholder value. MCIG has done this with no toxic debt. With our new and innovative solutions that are projected to have a significant impact on our future financial statements rolling out shortly, the MCIG story will continue to be exciting.”
The stock was lately trading at 19 cents and got a lift from the earnings announcement, however, it is still lower than its 52-week high of 50 cents.