mCig, Inc. (OTCBB:MCIG) Sways With the Marijuana Stocks
After suffering a massive crash right at the end of 2013 when it lost 41% in just a day the stock of mCig, Inc. (OTCBB:MCIG) managed to recover in just 6 sessions. Actually, it more than recovered. Yesterday it surged by 30% and returned to prices of 18 cents per share. The impressive result came on the back of record for the company traded volume of 18 million shares and a dollar volume of $3 million.
mCig just recently entered the market for electronic cigarettes but have managed to capture the attention of investors. They are far from being the only pennystock offering such devices but their vaporizers stand out from the rest due to the fact that can be used with various herbs. And more specifically the currently most talked about plant – marijuana.
As a result the company has taken the best of both worlds and while yesterday most of the pure-play marijuana stocks suffered harsh corrections mCig surged further up. In December they filed the financial report for the quarter ending October 31 that revealed the following results:
• $13, 809 cash and current assets
• $81,144 total current liabilities
• $13,180 revenues
• $19,873 net loss
• $81,144 total current liabilities
• $13,180 revenues
• $19,873 net loss
The company should be able to improve on its operations with the launch of the new version of their product the mCig 2.0. And less than an hour ago came the press article announcing just that – the official launch and rollout of the improved e-cigs. They are keeping their affordability being priced at just $10 each. Two new video commercials should come out next week.
In early trading today the marijuana sector is continuing to correct. Despite the positive PR mCig has dropped 5% down to $0.170 per share. After slashing half of its value GreenGro Technologies, Inc. (OTCMKTS:GRNH) are in a state of freefall with another 35% wiped in less than an hour. Cannabis Science, Inc. (OTCMKTS:CBIS) managed to survive yesterday but they too are now going straight for the bottom wiping 30% and stabilizing right above 10 cents.