mCig Inc (OTCMKTS:MCIG) has been on the comeback trail of sorts over the past 6 weeks. There’s no doubt that the majority of the cannabis patch has been on the move over that period. And this is likely connected to the fact that the California recreational market comes online on January 1, 2018, which is obviously quickly approaching. That said, MCIG shares have also clearly been powered by company execution on the top line.

To wit: the company just announced its second quarter financial results. The company was delayed in filing its Form 10Q due to the audit of one of its subsidiaries, OBITX, Inc., in preparation for the filing of an S-1 Spin-Off Registration Statement.  MCIG has completed the audit of OBITX and expects to file the S-1 prior to the end of the 2017 calendar year. The most important part of the story for the company is the increase in revenues by 595% compared to the prior year.

mCig Inc (OTCMKTS:MCIG) offers electronic cigarettes and related products through its online store mcig.org, 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.”

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As covered in the company’s most recent release, “MCIG recorded $2.0 million in revenue for the current quarter ending October 31, 2017, bringing the six month total to $5.2M.   For the fiscal year ending October 31, 2016, MCIG recorded $620K for the quarter and $874K for the six month total.  In a year to year comparison, MCIG revenue increased 595% in 2017, exceeding its entire prior fiscal year revenue of $4.5M in just the first 6 months of this fiscal year. MCIG continues to shatter all expectations in revenue generation and continues to be on pace with achieving  its 2018 goal of reaching over $10M in revenue.”

In addition to the company’s growth in revenue, it’s interesting to note that it ended up recording its highest profit of any quarter in its history with $782K net profit and $845K adjusted net profit, bringing its year to date net profit to $842K and adjusted net profit to $958K, as compared to a net loss of $151K, and adjusted net profit of $137K from the previous year’s six month total.

Paul Rosenberg, MCIG’s Chief Executive Officer, stated, “MCIG’s endeavors in cryptocurrency have had an immediate impact on MCIG’s bottom line and fundamentals with the recent boom in the crypto market.  MCIG continues to work on its blockchain solutions platform as it provides fintech consulting services through its new division.  With such efforts, we expect continued growth in revenue and in our bottom line profit.”

Currently trading at a market capitalization of $96.5M, MCIG has a chunk ($980K) of cash on the books, which is balanced by virtually no total current liabilities. MCIG is pulling in trailing 12-month revenues of $9.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 227.6%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.