mCig, Inc. (OTCMKTS:MCIG) Retraces Its Steps

[[tagnumber 0]][[tagnumber 1]]mCig, Inc. (OTCMKTS:MCIG) has been having a hard time holding its positions in the past several months and is constantly running up and down the charts, depending on the press releases coming from the company.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Considering the fact that [[tagnumber 6]]MCIG[[tagnumber 7]] already has several products and has announced a newer version of their vaporizer, namely the mCig 3.0, as well as a line created in collaboration with rapper [[tagnumber 6]]Rick Ross[[tagnumber 7]], called mCig 3.0 BO$S we reckon that their market cap of $59 million isn’t one of the biggest in the marijuana industry.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Furthermore, although the numbers contained in their financial report for the quarterly period ended July 31 weren’t that big, they were still quite impressive for a company listed in the OTC markets.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 17]] [[tagnumber 18]]cash: $226 thousand[[tagnumber 19]] [[tagnumber 18]]current assets: $2.1 million[[tagnumber 19]] [[tagnumber 18]]total liabilities: $6,943[[tagnumber 19]] [[tagnumber 18]]revenues: $195 thousand[[tagnumber 19]] [[tagnumber 18]]net loss: $1 million[[tagnumber 19]] [[tagnumber 28]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Although the company was still working at a net loss back then and the revenues weren’t that big, we can’t fail to acknowledge the fact that [[tagnumber 6]]MCIG[[tagnumber 7]] had incredibly low liabilities considering it is traded in the over–the–counter market.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Another good thing that has happened to the company more recently is that [[tagnumber 6]]MCIG[[tagnumber 7]] finally managed to spin–off its VitaCig, Inc. division and the awaited payment date for the 1:1 dividend with which each [[tagnumber 6]]MCIG[[tagnumber 7]] shareholder will receive 1 share of VitaCig for each [[tagnumber 6]]MCIG[[tagnumber 7]] share he or she owns is set for November 28.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This managed to boost the company stock in Wednesday’s trading and the ticker added 16.82% to its value and closed at $0.257, while the 4.1 million shares that changed their owners generated a little over $1 million in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, as we mentioned in our previous article, [[tagnumber 6]]MCIG’s[[tagnumber 7]] roller coaster run always reaches a moment of correction after the jumps that the ticker makes. This time it came a little too soon, as [[tagnumber 6]]MCIG[[tagnumber 7]] obliterated all the gains from Wednesday in yesterday’s session, dropping 14.40%, to a close at $0.22 at half the previous day’s volumes.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This just proves how volatile [[tagnumber 6]]MCIG[[tagnumber 7]] really is and highlights the need for doing your due diligence and weighing out the risks before putting any money on the line. [[tagnumber 2]]