Las Vegas Nevada-based diversified cannabis, hemp and CBD company, mCig, Inc. (OTCQB:MCIG) projects it subsidiary NYAcres will generate revenue of $10 million next year. It recorded $2.0 million in revenue for the quarter ending October 31, 2017, bringing the six-month total to $5.2M. MCIG revenue for the period increased 595% versus 2016.
The stock was up 1.35% today to $0.22. It has risen 29% in 3 months.
mCig has transitioned from a vaporizer manufacturer into a large scale, cannabis cultivation construction company. Its Grow Contractors division currently operates in the rapidly expanding Nevada market.
The company also announced it is expanding its cryptocurrency portfolio, creating ICOMethod, LLC. This consulting division will help companies interested in integrating blockchain technology into their business by directing them through the Initial Coin Offering (ICO) process, as well as business model consulting, smart contract code review, compliance, deployment procedures, exchange referrals, mobile walleting, branding solutions and marketing support.
mCig recently expanded its role in fintech and cryptocurrency markets with an investment in multi-cryptocurrency ATMs.
mCig earned $1.25 million during the previous quarter providing cryptocurrency services and expects to see this quadruple by its fiscal year end.
mCig is currently working on a transparent blockchain solution for the cannabis and hemp sector. It is incorporating aspects of each industry to expand competitiveness in these markets.