mCig, Inc., (OTCQB:$MCIG) — a holdings company with a focus on the various technologies, products, and services for the legal hemp and cannabis markets — has recently expanded from being a vaporizer manufacturer to cultivating cannabis. The company provides shareholders with updates on its development, highlights, successes, and expansions. 

Key Highlights of FY2017 (Fiscal Year 2017)

• Net Sales have increased to $4.5 million. In a year-to-year comparison, sales have increased by 158%. Compared to the 4th quarter of last fiscal year, the increase is 1,294%.
• Net income is $1.5 million, a great improvement compared to the $1.4 million loss from the previous year. Net earnings have increased by $2.9 million.
• Compared to $0.1 million from the previous year, cash and cash equivalents are now $1.6 million; a 1,369% increase. This means mCig has generated $2.1 million in cash from operating activities.
• mCig assets have increased to $6.8 million as a result of having 6 times more assets than liabilities.

4 targets have been set by mCig in order to continue and further improve its performance for FY2018:

• Taking more assertive measures in order to increase revenue and profit.
• Reach a total of 1 million active customers across all mCig segments.
• Turn at least one subsidiary company into a publicly traded company, allowing a share dividend to all mCig shareholders.
• Allow mCig to strategically continue to conduct business in diverse sectors both in and out of the cannabis industry.

Grow Contractors

In FY2017, Grow Contractors (GC) was mCig’s biggest and fastest sector, generating more than $1.1 million in working capital for mCig.

GC aims to aid those who wish to grow cannabis in the states that have legalized the plant. It has already completed its first two contracts with Sin City and Green Leaf Farms after completing a variety of small projects in Washington and Oregon. Thanks to the ability of the GCs, both partners have obtained their official State Certificate of Occupancy successfully, allowing them to start the process of growing cannabis. GC is continuing its consult for both Sin City and Green Leaf Farms, as well as hiring and building new partnership opportunities. Projects by Solaris and Forest Grove are currently under development with GC, with the expectation to complete Phase I by September.

Although operations by GC has moved outside of Nevada, the state will still remain as the main focus of GC; with recreational cannabis sales starting in Las Vegas on July 1, 2017, GC has received more grow consultation requests in the last two months than it has in the last two years. Additionally, Nevada is expected to top Colorado cannabis revenues, with 45 million tourists annually, higher discretionary spending, and the only requirement to purchase cannabis being that you must be 21 years old or above. As demand grows with the emerging recreational cannabis market in Nevada, GC’s focus on the state will definitely be rewarding in the near future. mCig believes that GC has a high growth potential and an advantage as an early adopter of the industry.

mCig plans to update market and shareholders of the progress of GC through social media and its websites.

Cannabiz Supply

Cannabiz Supply is mCig’s cannabis supply segment; its revenue has been doubling month after month (mCig holding 80% ownership). It has diversified with business in a number of different areas — from selling state mandated and custom packaging of cannabis to providing dispensary supplies and vape products. Cannabiz Supply has distributed its products to almost every dispensary, major grower, and production facility in Nevada.

Once established and fully developed in Nevada with the help of mCig, the company has plans to expand its presence nationally as a cannabis supply and distribution company.

Gigesoft

In April 2017, mCig launched 420Cloud, a mobile application aimed to keep cannabis enthusiasts updated about the latest news and to easily obtain cannabis with a simple click of a button. A desktop browser of the application is expected to be released in the next three months. The application is still currently in its very beginning stages and is planning on expanding on user connectivity, user experience, premium features, microtransactions, payment wallet, advertising network, additional websites connected to the app, and expanding user shopping experience with the 420 Tienda marketplace.

With both the growth of tech and cannabis, mCig believes that having this tech platform will allow for more opportunities in the future.

Featured Image: Twitter