MCIG Inc Financial Highlights
mCig, Inc. (MCIG) continued to show strong growth on a quarter-over-quarter basis...
mCig, Inc. (MCIG) continued to show strong growth on a quarter-over-quarter basis after the company reported preliminary results for the third quarter which ended on January 31st.
mCig has shown incremental growth following the company’s transition from a pure-play vaporizer company to a diversified holding company focused on the legal cannabis, hemp, and CBD markets as well as the picks & shovels approach with Greenhouse & other cultivation construction projects via their Scalable Solutions division.
Highlights from the company’s third quarter include:
● Generated $1.3 million in revenue (200% higher than the prior quarter) through its construction, CBD, and e-Cig divisions
● Reported $845,000 in net income (adjusted net income of $118,00), a company record
● Generated $341,000 in cash from operations and increased its cash, and cash equivalents to $420,000
● Reported to have more than $1.2 million in current assets with only $287,000 in current liabilities. This provides mCig with an acid test ratio of 4.3:1, its highest rating in company history.
The company’s success in the third quarter has brought total revenue for this fiscal year to $2.2 million. The revenue generated represents a 546% increase from the same period last year, and a 204% increase from last quarter.
MCIG’s net income during the quarter increased its total net income for the fiscal year to $716,000 (32% net profit margin).
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