Bellevue, Wash. / March 20, 2014 / Australian e-cigarette maker mCig, Inc.’s (OTCQB:MCIG) stock volume continued to soar Mar. 19 with 7,060,847 shares changing hands, significantly higher than its three-month average of 5,760,847 shares.
The surge in volume is being fueled in part the company’s Mar. 7 announcement that it has achieved its first profitable quarter in its history.
Here are the details:
Third-Quarter financial Results for the Quarter Ended Jan. 31, 2014
- First Profitable Quarter in Corporate History - Adjusted Non-GAAP Net Income of $30,256*
- Sales of $85,109 Reflect Only 24 Inventory Days Due to Chinese New Year and Overwhelming Demand
Significant Balance Sheet Improvement
- Shareholder Equity Increase to $1,321,736 compared to negative ($210,087) for the quarter ended January 31, 2013
- Debt, Financial Debt, and Interrelated Party Loans Reduced to Zero
Completion of Vapolution, Inc. Acquisitions Marking Entrance to Traditional Home-Use Vaporizers
mCig, Inc. (OTCQB:MCIG) is pleased to report the results of its first operational quarter since launching the mCig 1.0 in November 15, 2013 and the mCig 2.0 on January 14, 2014.
Due to a combination of factors including: Overwhelming demand for the mCig 1.0, the subsequent decision by management mid-quarter to halt 1.0 production in favor of fast-tracking production and launch of mCig 2.0, and the Chinese New Year affecting resupply of the mCig 2.0 following launch, management would like to qualify that all sales and income figures reported for the period ended January 31, 2014 reflect a total of just 24 inventory days:
- 10 Inventory Days for the mCig 1.0
- 14 Inventory Days for the mCig 2.0
Notwithstanding these supply issues, the company is pleased to report over $85,000 in revenue reflecting an increase of over 580% over the same quarter in 2013.
Gross Profit was $54,474 reflecting a gross profit margin of 64%. Due to disciplined cost controls the company is pleased to report US GAAP Net Income of $10,804 reflecting a net income margin of 12.7%. *Non-GAAP Adjusted Net Income calculated by excluding non-cash items such as share-based compensation and amortization was $30,256 or 35.6% of revenues.
Significant Balance Sheet Improvement
Total Shareholder Equity rose to $1,321,736 from a shareholder deficiency of ($210,087) during the same quarter in 2013. Total debt has been retired with mCig carrying zero debt as January 31, 2014 down from $196,000 during the same quarter last year.
On Mar. 19, MCIG’s share price closed at 86 cents, down 5 cents from the share price of 94 cents the previous day.
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Medbox Inc. Gives Shareholders a Detailed Update on Its Progress
In other news, Hollywood, Calif.-based Medbox Inc. (OTCPINK Markets: MDBX), a maker identity-verifying medical-marijuana dispensers, gave its shareholders a timely update on its plans, goals and strategies for the rest of 2014
Here’s an excerpt from the release:
- The Company's Form 10 registration statement filed with the SEC will be effective as of March 22, 2014. The Company expects to respond to SEC comments and file audited 2013 year-end financials on a Form 10-K by the end of March.
- The Board of Directors is seeking to list Medbox with the NASDAQ Capital Markets or another national exchange by the end of 2014.
- The company added public company experience with the additions of Thomas Iwanski at chief financial officer, Matt Feinstein at vice president, and also Mitch Lowe as the company's first independent director.
- To help facilitate a national listing, the board will work to identify and recruit additional independent directors with the goal of strengthening the company's corporate governance and facilitating strategic partnerships and health care industry connections.
- The board has commenced development of corporate governance charters and a 2014 equity incentive program to attract executive and board talent. Once finalized, the charters and equity incentive programs will be posted on the company's website.
- The company is in the process of retaining a top executive recruitment firm to assist in the search for an experienced president to lead Medbox in all phases of growth for the future.
- The company successfully resolved a trademark claim to its satisfaction and has been granted use of the domain http://www.medbox.com/ as of Mar. 12, 2014. The company's previous domain of www.medboxinc.com will be redirected to the new site.
- The company has successfully completed and submitted an application to Health Canada for a consulting client to commence cultivation and sale in that country's regulatory framework. Initial indications are that licensing is imminent for that client. The company stands to benefit from the license as consulting fees will be due from that client in perpetuity as a result of the company's assistance in procuring said license and ongoing consulting support as the client conducts operations.
- The company is in the process of expanding on current revenue streams as well as development of new revenue streams concerning additional support services to the medical marijuana industry including real estate applications as well as a focus on traditional prescriptions as it pertains to monitoring medications in hospice and methadone clinics.
“The last 90 days have been highly productive, and Medbox continues to lead this burgeoning new industry,” stated Vincent Mehdizadeh, board chairman at Medbox, Inc.
On Mar. 19, MDBX shares closed at $29.63, up down 32 cents from its closing price the previous day of $29.31.
Find out what could be the best investor’s move when it comes to MDBX by getting the complete report here, or by cutting and pasting the following link in your Web browser:
Growlife Inc. Share Volume Continues to Soar
Meanwhile, Growlife Inc.’s (OTCBB: PHOT) share volume also continued to soar Mar. 19, with 46,122,854 shares changing hands.
The Woodland Hills, Calif. holding company that supplies equipment for legal marijuana growers share volume continues to surge on the Mar. 17 news that it has entered into a joint venture with Vape Holdings, Inc. (OTCQB:VAPE) to fund the research and development of patentable technology to create pharmaceutical grade extractions from cannabis.
Under terms of the agreement, each company will bring its specific expertise to the joint venture.
Joint Venture with Vape
Growlife will provide equipment manufacturing while Vape Holdings provides guidance for the process technology and concentrate formulas. Cannabis extractions are a rapidly growing market segment of the legal cannabis market, and believed by many, including the partners, to be a significant part of the future of cannabis as consumers transition from the carcinogens often included with historical methods of drug delivery, to the more modern, safer, and efficient systems reliant on cannabis extracts.
To that end, the partners in the joint venture are intent on introducing medical, food and pharma grade practices into the cannabis industry; from cultivation to extraction to delivery, according to the press release.
This announcement comes only a week after Growlife completed its first GIFT transaction with CMMS, Inc., known better in the Colorado mountain ski communities as LEAF Aspen and Fat City Test Kitchen.
The Growlife Infrastructure Funding and Technology program (GIFT) allows fully-licensed and compliant growers and dispensaries in well-regulated cannabis markets to spread the cost of infrastructure builds over time. The GIFT program is intended to facilitate near term infrastructure needs paired with long term exclusive supply relationships for the expendables required by fully licensed growers and dispensaries.
On Mar. 19, PHOT shares closed at 60 cents down 8 cents from its closing price of 52 cents the previous day.
Find out what could be the best investor's move when it comes to PHOT by getting the complete report here, or by cutting and pasting the following link in your Web browser:
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