mCig & Pot Network: Cannabis companies are boosting their revenue base to capitalize on the increasing demand from Canadian and U.S. markets. mCig (OTCQB:MCIG) is among those cannabis companies that are aggressively expanding their footholds in cannabis markets.
It recently announced it would spin off its tech and other businesses to focus on cannabis product development. The company’s strategy is working considering the substantial growth in its revenues.
The company’s revenue of $780K in the first nine months of fiscal 2018 improved 168% over the same period last year. Mcig management has also been expanding their focus towards CBD-Based Product Line for Pets.
“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.
Pot Network (OTCPK:POTN), on the other hand, boosted its first-quarter revenue three-times in comparison to the year-ago period. The distribution of premium quality cannabis products was the main driver of its revenue growth. It has more than 10,000 distribution locations along with the strong presence on the internet.
“We believe that we are standing on the threshold of a revolution in this marketplace. We have pursued industry leadership and robust market penetration. Now that we have established a solid foundation, we are ready to step into a stronger and more advantageous financial arena,” stated Richard Goulding, PotNetwork Holdings CEO.
Its stock price currently trades around $0.33 per share – with the market capitalization of $31 million. The market analysts have set its stock price target in the range of $1.25 a share. Harbinger Research recently issued a “Strong Buy” rating for Pot Network stock.
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