Company Overview of mCig, Inc.
mCig, Inc. operates as a cannabis cultivation construction company in the United States. The company serves the legal cannabis, hemp, and CBD markets via its lifestyle brands. It designs, develops, engineers, and constructs modular buildings with unique and proprietary elements that assist cannabis growers in the market. The company also distributes and sells electronic cigarettes, vaporizers, and Rollies marijuana cigarettes. In addition, it offers electronic cigarettes and related products through its online store mcig.org, as well as through the company’s wholesale, distributor, and retail programs. The company was formerly known as Lifetech Industries, Inc. and changed its name to mCig, ...
2831 St. Rose Parkway
Henderson, NV 89052
Founded in 2010
Key Executives for mCig, Inc.
Chairman, Chief Executive Officer, President, Treasurer and Secretary
Chief Financial Officer, Chief Operating Officer and Director
Total Annual Compensation: $3.0K
Compensation as of Fiscal Year 2016.
mCig, Inc. Key Developments
mCig Inc. Secures Three Year Distribution Agreement
Nov 28 16
mCig Inc. announced its VitaCig Division continuing its international expansion by securing a three year distribution agreement for Europe with a minimum purchase of $2 million over the next three years. Fresh off the heels of closing a $1.3 million three-year contract for Japan, the VitaCig Division has closed yet again another lucrative international contract, this time for the European Union, including Russia. With this contract, mCig continues to add to its IP and asset portfolio with VitaCig mark now protected in Europe and Russia. Lastly mCig/VitaCig announced the launch of its VitaCig Excalibur Rechargeable Capsule System. Delivering the next generation of VitaCig inhalation science and technology, the VitaCig Excalibur features a unique, advanced twist on pre-filled capsule design. Producing an even smoother, rich, dense vapor than its disposable counterpart, along with its sleek, classy design, the VitaCig Excalibur is the perfect extended pleasure at home, on the go, or with some friends. The VitaCig Excalibur kit comes with the battery bottom, two pre-filled capsules, one Marvelous Mint, one Boisterous Berry, and an innovative chargeable USB Adapter. The pre-filled flavor capsule liquid is enriched with all the vitamins, essential oils, and natural plant extracts associated with the VitaCig disposable device. The VitaCig Excalibur advanced capsule system was created to appeal not just to the beginner vape/e-cig user, as with VitaCig disposable product, but also to the moderate user who prefers more of the open tank vaporizers. Keeping with innovation and convenience, tank capsule system are pre-filled, so there is no mess or waste.
mCig, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 31, 2016
Nov 14 16
mCig, Inc. reported earnings results for the second quarter and six months ended October 31, 2016. For the quarter, the company reported net income of $10,469 compared to net loss of $663,148 a year ago. EBITDA was $22,055 compared to LBITDA of $661,078 a year ago. Adjusted net income was $124,334 compared to adjusted net loss of $320,577 a year ago. The company generated $620,015 in revenue, a 126% increase from the previous quarter.
For the six months, the company reported net loss of $142,706 compared to $1,083,797 a year ago. LBITDA was $124,160 compared to $1,079,733 a year ago. Adjusted net income was $145,780 compared to adjusted net loss of $393,267 a year ago.
mCig, Inc. Provides Update on Sin City Phase 1 Project
Oct 4 16
mCig, Inc. provided update on Sin City Phase 1 Project. The project is underway, materials have been ordered, construction has begun, and the project is currently 45% complete. Sin City has grown from an original $200,000 budget to a $500,000 approved
and funded project with current add-ons that could see the project grow even higher. Current improvements were upgraded to accommodate a four tier grow system which has been designed, approved, and permitted. These upgrade improvements are in line with management's previous announcements that construction projects will typically increase in value over the course of construction.
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