mCig Inc (OTCMKTS:MCIG) a diversified firm servicing the legal cannabis, CBD and hemp markets submitted its second quarter fiscal report with the SEC after the financial markets closed yesterday. The company’s assets have surged 300% during the fiscal year. Operations are completely self-funded and will continue to as company considers convertible debt is harmful to shareholders. The company now boasts a balance sheet with no convertible debt.
Gross Profit surged 118% in the last quarter and 29% for the six-month period closing October 31, 2016 as against to the same periods in FY2015. mCig posted its first positive net income quarter and its second successive positive adjusted net income quarter. As per the update, each reporting operational division was profitable. The firm has gained more than $200,000 in surplus working capital for the year.
The management speaks
Mike Hawkins, the Chief Financial Officer, reported that mCig continues to surpass internal anticipations while gaining considerable market share with their segment’s multiple verticals. Management’s projection of profitability for the reported quarter was identified in the second quarter and the balance sheet continues to expand while profits are actualized.
They are extremely delighted with the performance and direction of mCig in advance of internal estimates. They will be hosting next quarterly update call on December 19 to discuss company’s historic quarterly results, momentum they are witnessing in the now entirely legalized cannabis market of Nevada and recent growth and developments plans for the future.
Paul Rosenberg, the CEO of mCig, stated that the rapid business growth and development has necessitated their need to communicate well their shareholder base. They understand the significance of sharing recent events with their shareholders to confirm they have an exhaustive understanding of their growth and vision opportunities they have positioned company and its shareholders.
With new markets across the U.S. and abroad that have come up the company feel they have a reasonable advantage within the market and they intend to communicate this with their shareholders.
