LAS VEGAS, NV–(Marketwired – Aug 28, 2017) – mCig Inc., ( OTCQB : MCIG ), announced today that it has filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended April 30, 2017. The report is available on MCIG’s website atwww.mciggroup.com.
MCIG recorded a record-breaking year. MCIG saw tremendous growth in its revenue, net earnings, cash position, and balance sheet. Highlights of the Annual Report include:
- Our revenue from continuing operations for FY2017 was $4,777,072 compared to $1,723,421 from the previous year, an increase of $3,053,651 or approximately 277%
- Our gross profit for FY2017 was $1,896,029 compared to $290,773 from the previous year
- Our operating expenses decreased by $732,688 to $967,040 for FY2017, from $1,699,728 for the previous year
- Our net operating income increased by $2,337,944 to $929,989 for FY2017 from a net loss of $1,408,955 for the previous year.
- MCIG recorded a $1,527,352 net profit, $1,539,233 EBITDA, and a $32,685 adjusted net income.
- MCIG completed 7 acquisitions throughout the year and sold one asset.
“This has been a record year for mCig and its shareholders. MCIG has seen tremendous improvements in revenue, gross profits, net profits, cash position, CAGR, and shareholder value. MCIG has done this with no toxic debt. With our new and innovative solutions that are projected to have a significant impact on our future financial statements rolling out shortly, the MCIG story will continue to be exciting,” says Paul Rosenberg, the company’s Chief Executive Officer. He went on to say, “We expect to continue to see organic and acquisition revenues to grow, strengthening the MCIG name in the cannabis industry. I encourage all our shareholders to download our Annual Report to review where we came from and see where we are headed.”
About MCIG Group ( OTCQB : MCIG )
Headquartered in Henderson, Nevada, with offices in 6 continents, mCig, Inc. ( OTCQB : MCIG ) a diversified holdings company servicing the legal Cannabis, Hemp, and CBD markets, is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to an industry leading, large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding the Nevada market.
Beyond this endeavor, mCig has recently entered the techspace to satisfy its evolving role in technology and increased growth. Its technology division employs a world renowned tech team specializing in core product development areas ranging from enterprise infrastructure to low-level system applications, delivering cutting-edge solutions that leverage years of experience into robust end products with high availability and scalability.
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.
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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.