Monday, June 27, 2022

Key Test Unfolds on mCig Inc (OTCMKTS:MCIG)

mCig Inc (OTCMKTS:MCIG) is now firmly on a search for key support in a pattern that could end up representing an interesting opportunity for traders and investors over time. The trend has been to the upside over the past 12 months, but that definition is at risk at this point as MCIG tests key shelf support in the neighborhood of $0.17-0.18/share. That action is being driven by recent financial data more than anything else.
Specifically, the company just released a summary of its unaudited financial results for the first quarter that ended July 31, 2017. According to the release, the total recognized sales for the quarter ending July 31, 2017 was $3.1 million. Net sales for the quarter were $400K, representing an increase in revenue of 1,249% and net sales approximately 6 times greater than the same period last year. Management also noted that MCIG continues to see profitability from each operating segment, while it continues to develop its 420Cloud social network and platform, and its financial services.
mCig Inc (OTCMKTS:MCIG) offers electronic cigarettes and related products through its online store, as well as through the company’s wholesale, distributor, and retail programs. It also constructs commercial and modular buildings which are aimed at the cannabis cultivation market.
According to company materials, “Headquartered in Henderson, Nevada, mCig Inc. A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large-scale, full-service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. 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.”
The company’s subsidiary, Grow Contractors, touts itself through the following messaging: “Using modular system technology, we create a variety of environmental enclosures ranging from basic temperature and humidity control to medical grade cleanroom environments designed to produce consistent results during any stage of cannabis cultivation. Our mission is to help our clients safeguard investments and find long-term success. This is why we take pride in our ISO compliant, state of the art building components to be the base of your business.”
Find out when $MCIG reaches critical levels. Subscribe to Right Now by entering your Email in the box below.

As covered above, MCIG is at a key moment of truth on the technical side as the stock tests very important shelf support where we have repeatedly seen accumulation come into play over the past few months. The company just released more financial data from operations, which will either inspire or repel more accumulation at the key level. Investors would be wise to be in wait and see mode, ready to take advantage of signals if the tape turns out to be supportive this week.
Michael Hawkins, Chief Financial Officer, stated, “All key indicators are positive and we continue to see improvements across the board. We will continue to leverage this growth into smart investments and acquisition growth.”
Paul Rosenberg, MCIG’s Chief Executive Officer, added, “We will continue to evolve and grow. We are exploring licensing opportunities in Nevada, California, Oregon, Florida, and Massachusetts. MCIG’s past performance has become a disruptive force in the cannabis markets in which we serve. It is our goal to be the trendsetters for the future.”
We’ve witnessed just shy of -10% melted out of share values during the trailing week. Volume has been rising at the same time, with an increase in recent trading volume of 10% beyond its prior sustained average level.
Earning a current market cap value of $68M, MCIG has virtually no cash on the books, which stands against virtually no total current liabilities. MCIG is pulling in trailing 12-month revenues of $7.6M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 939.3%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $MCIG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $MCIG, either long or short, and we have not been compensated for this article.

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles