mCig Inc. (OTCBB:MCIG) has been developing itself to become one of the leaders in the marijuana industry. The company is one that has no “toxic debts” and a CEO, Paul Rosenberg, who is committed to prevent dilution of the company. Since the legalization of marijuana in Oregon, the company has been making some moves to get it moving towards the top.
The company has since, been working on hemp and CBD products. mCig started by creating a new subsidiary Canna Pro Tech, in Oregon and immediately acquired deals with two large cannabis farms. This was a great start for the new subsidiary, which was aimed at obtaining medical grade marijuana and sells it in the retail market.
MCig moved a step closer, when it announced that it was going to market extraction equipment as well. This meant that the company was become entirely self-sufficient to manage all the processes involved in the cannabis business. The company even came up with a patented extraction method. These developments were soon followed by a new Technology Division, which produced the Electronic Medicated Joint.
Looking at the history does show that the company has been making slow, yet significant progress, which is usually neglected. One of the reasons for this is the financial health of the company. It seems as if MCig keeps making investments with its quarterly profits, which might be good for long-term investors, but not so encouraging for short term traders.
MCig has $200,000 in cash, $771,000 in assets and $88,000 in revenues, as of January 31. During the same period, net loss was $743,000 and $13,800 in liabilities. The important thing to note here is that, while MCig keeps generating revenues, the increase in size of the business has shrunk the revenues and increased the losses. MCig really needs to improve its financial health, if it wants to move up in the stock market.