mCig Inc (OTCQB:MCIG) shares are in the news due to several key developments from its management that could have long-standing consequences on its future performance. The company decided to turn its focus towards the cannabis industry instead of concentrating on tech business.
The company recently announced it would spin-off it’s tech division and supply division so as to focus on development and growth in agriculture, extraction, and cannabis product development.
Market analysts have collectively applauded mCig’s decision to move into the cannabis markets. Thirteen out of 14 Wall Street analysts have now issued a ‘Buy’ rating for mCig stock.
Financials Numbers Support the Shift into Cannabis
The company’s financial numbers from cannabis business are impressive. The company generated a revenue of $780K in the past nine months. This represents an increase of 168% from the same period last year. The company has been expanding its market share in the hemp growing business in New York and California.
Paul Rosenberg, MCIG’s CEO, stated, “We continue to expand operations and 2018 looks to be an excellent year for MCIG. As we spin-off our tech division and supply division, we will focus on our development and growth into agriculture, extraction, and product development.”
CBD-Based Product Line for Pets
The company also plans to move its focus towards CBD-Based Product Line for Pets amid increasing demand from all over the world.
“CBD-based pet products are seeing heightened demand across the globe. Trial studies have shown that CBD oils can help reduce anxiety, inflammation, and chronic pain while boosting the pet’s immune system,” Says Arkady Uryash, MD, Ph.D. at Biomedical Research Institute.
mCig appears in a stable liquidity position to support its expansion strategies. It spent $2.3 million in the past nine months in advancing its cannabis operations. At the same time, the company has also lowered its liabilities by 34% while its total cash position improved 61% from the year-ago period.
Featured Image: Twitter