mCig Inc (OTCMKTS:MCIG) showing jumped of 4.94% and closed at $0.255, after gaining total volume of 1.70M shares. Its earnings per share (EPS) is $0.00 and its beta value stands at -9.33 points and has total market capitalization of $84.69 million and a total of 348.39 million outstanding shares.
mCig Inc (MCIG) on February 6, 2017 announced its preliminary earnings and financial results for its third quarter for FY 2017, ending January 31, 2017.
MCIG generated $1.3M in revenue through its construction, CBD, and e-Cig divisions during the third quarter bringing its total revenue for the FY to $2.2M. The revenue generated represents a 546% increase from the same period last year, and a 204% increase from last quarter. MCIG’s net income for the quarter was $898K (with a $118K adjusted net income) bringing its total net income YTD to $716K ($227K adjusted net income), a 32% net margin. The company generated $341K in cash from operations and has increased its cash, and cash equivalents, position by 311% this fiscal year to $420K. MCIG reports $1.26M in current assets with only $287K in current liabilities giving it an acid test ratio of 4.3:1, its highest rating in company history.
Michael Hawkins, Chief Financial Officer, stated, “For the third straight quarter MCIG has recorded record numbers. With its current contracts and booked revenue the Company will continue to see quarter over quarter growth in revenue.” He went on to say, “During this quarter we will revamp our segment reporting; changing from construction, wholesale, and retail; to construction, CBD, and e-Cig operations. We feel reporting on the segments under these new categories will provide a greater in depth review of our operations to our shareholders and investors.”
Mr. Hawkins went on to explain the net income and adjusted net income by stating, “MCIG uses non-GAAP net income (Adjusted Net Income) to evaluate it business operations. Our adjusted net income excludes stock-based compensation, amortization of acquired intangible assets, impairment of intangible assets, costs from acquisitions, non-cash deferred tax provision, litigation, and settlement costs.” He went on to explain, “During this quarter the company recognized a reversal in stock based compensation and a settlement action that generated $727K in reportable net income. We adjusted our income by removing these required adjustments in order to demonstrate our operating profits of $118K, our adjusted net income.”
Earth Science Tech Inc (OTCMKTS:ETST) reported the plunge of -14.36% and closed at $1.61, with the total traded volume of 89,367.00 shares. During last trade its minimum price was $1.55 and it gained its highest price of $1.88 and has a total of 40.91 million outstanding shares.
On March 27, 2017 Earth Science Tech, Inc. (ETST), an innovative biotech company focused on cannabis (industrial hemp) and cannabinoid research and development, nutraceuticals, pharmaceuticals, and medical devices, and its two subsidiaries – Earth Science Pharmaceutical Inc. and Cannabis Therapeutics inc. – are proud to announce the projected timeline for the delivery of its MSN-2 medical device; the negotiation of a strategic partnership with Connexions Commerciales Internationales ct, Inc.; and the beginning of negotiations with partners in Africa and Japan.
The MSN-2 medical devicewasannouncedin November 2016, (https://globenewswire.com/news-release/2016/11/21/891699/0/en/ETST-Announces-60-Patient-Clinical-Prelaunch-Study-for-its-MSN-2-Medical-Device-for-the-Diagnosis-of-Chlamydia-Gonorrhea-ETST-Elects-Dr-Michel-Aubé-as-New-CEO-CSO-and-Nickolas-Tabr.html). The above mentioned medical device can be used by women to extract a cell sample from herself, which then is shipped to a proprietary lab for analysis of sexually transmitted infections. Our device is proven to sample for chlamydia and is currently undergoing testing to certify the device for gonorrhea sampling.
Vitality Biopharma Inc (OTCMKTS:VBIO) decreased -2.81% closed at $1.52 and traded with total volume of 65,268.00 shares, while the average trading remained 164,077.00 shares. During last trade its minimum price was $1.51 and it gained the highest price of $1.56. Its market capitalization was $29.20 million.
Vitality Biopharma Inc (VBIO) on March 7, 2017 announced the publication of an article discussing Vitality Biopharma’s (VBIO) recent announcement of the development of a tetrahydrocannabinol (THC) molecule that exhibits far less psychoactive effect than the molecules found in the cannabis plant.
The THC molecule has shown tremendous promise in recent clinical studies. For instance, GW Pharmaceuticals’ Sativex® (nabiximols) is a formulated extract of the cannabis plant that contains both THC and CBD to treat pain and muscle spasticity. The problem with THC-based therapeutics is that they are psychoactive in nature, since the molecule binds with cannabinoid receptors, changing levels of dopamine and norepinephrine neurotransmitters. This creates a “high”, and puts an upper limit on the dose of THC that can be administered for therapeutic uses.
Vitality Biopharma recently announced that it has created a library of proprietary glycosides of THC that enable targeted delivery that reduces or eliminates psychoactivity when used in oral drug formulations. The compounds are being developed as pharmaceuticals that enable site-specific targeting of THC in various tissues of the body where it can exert therapeutic effects for the treatment of pain and inflammation.
The removal of psychoactivity from the THC molecule could prove to be a breakthrough in cannabinoid science. After all, psychoactivity remains the primary side effect that is of concern to patients, physicians, as well as regulatory bodies like the DEA and FDA. The mitigation of the intoxicating effects could open the door to far more widespread medical use of THC — particularly in children and other sensitive groups where psychoactivity is of paramount concern.