BEVERLY HILLS, CA - (NewMediaWire) - December 17, 2015 - mCig, Inc. (the "Company") (OTCQB: MCIG), a leading distributor of innovative products, technologies, and services for the global medical and legal recreational cannabis industry, updates investors on financial results.
Here is Quarter Two Highlights:
- Revenue increased 1200% to $885,556 for the three months ended October 31, 2015 compared to $73,814 for the three months ended October 31, 2014.
- Gross profit increased 266% to $101,676 for the three months ended October 31, 2015 compared to $38,205 for the three months ended October 31, 2014.
- Expenses decreased 36% to $522,325 for the three months ended October 31, 2015 compared to $818,833 for the three months ended October 31, 2014.
- Net loss decreased 46% to $420,649 for the three months ended October 31, 2015 compared to $780,628 for the three months ended October 31, 2014.
For the three months ended October 31, 2015 compared to the three months ended July 31, 2015
- Revenue increased 240% to $885,556 for the three months ended October 31, 2015 compared to $369,093 for the three months ended July 31, 2015.
- Expenses decreased 34% to $522,325 for the three months ended October 31, 2015 compared to $790,092 for the three months ended July 31, 2015.
- Net loss decreased 37% to $420,649 for the three months ended October 31, 2015 compared to $663,148 for the three months ended July 31, 2015.
"Over the course of the past few months, I have spent ample time speaking and listening to our shareholders, as they expressed their concerns over mCig's future, direction of the company, and ability to execute on our business plan. I hope the results of this Quarterly report adequately demonstrates our commitment toward business execution, driving revenues, fiscal responsibility, and building shareholder value," said mCig CEO Paul Rosenberg.
"With three straight Quarters of revenue growth our new business model is indeed working. Our new employee compensation model is now results driven. The Company's expense reductions continue to improve as the company has transitioned from R&D to full sales. As a result, we continue to drive revenues and reduce expenses," said Rosenberg.
"It is important to understand, we truly stand out among our peers in the space, in that we prioritize our shareholders, both for mCig, and VitaCig. We will not surrender to toxic financing, or highly dilutive agreements. And will continue to serve the interests of our shareholders. I ask that you continue to allow me to earn your trust, and strengthen shareholder confidence as we enter the New Year.
"I see the model of mCig - VitaCig relationships, very clear:
mCig -- centered on our expert Grow Division and our new THC product Division, which will be directly involved with marijuana related products, as well as offering cannabis consulting and technology services.
"VitaCig -- which we recently re-launched, will center around its world famous VitaCig product line, as well as its new CBD Division, developing and introducing world class, premium CBD products to market. mCig will continue to provide management and financial support to VitaCig in the near term.
"Vapolution, a wholly owned subsidiary of mCig, will also start sales in the upcoming third quarter.
"In addition: As you well know, last year, mCig announced the development of a new brand, that the company called EM-J. We were successful in launching our EM-J, CBD version. But after many days spent consulting with our legal team, we decided to postpone a launch of the THC based EM-J product.
"In late August, mCig signed a collaborative agreement with NY-based Blanks Inc., a maker of sophisticated and convenient roll-your-own accessories (www.blanksprerolled.com).
"We are now proud to announce that, mCig, in partnership with Blanks Inc., will together establish a brand new THC mCig Division, which will be run by CEO of Blanks, Alex Levitsky. Together, we will bring a new line of THC based products to the markets in Oregon, California, Washington State and Nevada, including a high end Marijuana cigarette line, branded oils, smokable concentrates, and THC infused drinkable supplements. Several of these products are complete, ready to market and start generating significant revenues into the company.
"We are very excited to officially be crossing the green line. For a long time, we promised our existing shareholders an entrance into the THC market, and with a strong team of cannabis experts now in place, that time is now," said Paul Rosenberg, CEO of mCig.
Our vision is laser focused for 2016: develop and market industry leading products, partner with industry experts, drive revenues, clean up our balance sheet, and continue to build shareholder value. Stay tuned for future updates!
About mCig, Inc.
Headquartered in Beverly Hills, CA, mCig, Inc. (OTCQB: 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. The company 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.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.