mCig Inc (OTCMKTS:MCIG) released corporate update to its future and current shareholders pertaining to the operations of its company. The CEO first appreciated the investors for sending emails over the last few mails. These mails were more of inquiries from the investors related to company’s Nevada operations and product lines.
The elections and cannabis linked ballots across the U.S. are remarkably vital to the sustained expansion of the industry. mCig CEO added that they feel that as company they are well placed at different market verticals, most prominent the Nevada cultivation industry. Company segments are fundamentally strong and they anticipate to witness revenues continues to rise as overall businesses expand and they are scaled to fulfill various forms of demand.
Presently, 3 of mCig’s 4 segments are profitable as they focus on this profitability through cost cutting measures that continue to enhance margins. Also, the cash position has considerably improved while the expenses continue to stay at all-time lows enabling for a strong base for future advancement.
MCIG continues to expand its shareholders position within the growing Cannabis industry and they have become geographically diverse after the inclusion of new customers, new products launch, and continued market penetration through expanded distribution agreements and existing product lines.
In an attempt to keep company’s shareholders updated, the company intends to offer this update for each of its portfolio firms and investments as they prepare to start with the third quarter.
Commenting on scalable solutions, mCig CEO said that after being started earlier this year, Scalable Solutions has turned into a pioneer when it comes to pot cultivation construction. Presently, the company have 5 assignments under construction and also a backlog of over $6 million. Scalable Solutions aims to become a key driver of company’s revenues as the legal cannabis market continues to develop within its Nevada. Legal cannabis market is projected to cross over $629 million by 2020.
mCig is working on smaller assignments in Oregon and Washington in different capacities while increasing its operation base in Nevada.