Jacksonville, FL, Dec. 21, 2017 (GLOBE NEWSWIRE) -- mCig Inc., (OTCQB:MCIG), a leading distributor of innovative products, technologies, and services for the global medical cannabis industry, is pleased to announce that it will be filing its second quarter financial results after the market close today. The company was delayed in filing its Form 10Q due to the audit of one of its subsidiaries, OBITX, Inc., in preparation for the filing of an S-1 Spin-Off Registration Statement. MCIG has completed the audit of OBITX and expects to file the S-1 prior to the end of the 2017 calendar year.
MCIG recorded $2.0 million in revenue for the current quarter ending October 31, 2017, bringing the six month total to $5.2M. For the fiscal year ending October 31, 2016, MCIG recorded $620K for the quarter and $874K for the six month total. In a year to year comparison, MCIG revenue increased 595% in 2017, exceeding its entire prior fiscal year revenue of $4.5M in just the first 6 months of this fiscal year.
MCIG continues to shatter all expectations in revenue generation and continues to be on pace with achieving its 2018 goal of reaching over $10M in revenue.
In addition to the company’s growth in revenue, MCIG has recorded its highest profit of any quarter in its history with $782K net profit and $845K adjusted net profit, bringing its year to date net profit to $842K and adjusted net profit to $958K, as compared to a net loss of $151K, and adjusted net profit of $137K from the previous year’s six month total.
Paul Rosenberg, MCIG’s Chief Executive Officer, stated, “MCIG’s endeavors in cryptocurrency have had an immediate impact on MCIG’s bottom line and fundamentals with the recent boom in the crypto market. MCIG continues to work on its blockchain solutions platform as it provides fintech consulting services through its new division. With such efforts, we expect continued growth in revenue and in our bottom line profit.”
Mr. Rosenberg went on to say, “We anticipate stronger traction and revenue from our Grow/Construction Division, with new projects underway in California, in addition to more business and revenue from MCIG’s Supply Division with California legalization in 2018.”
About MCIG Inc.
Headquartered in Jacksonville, Florida, mCig, Inc. ( OTCQB : MCIG ) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc.
mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping it’s growing following up to speed.
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. With over seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
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.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.