Still up over 1,900% since we first alerted on it, the penny stock of mCig, Inc. (MCIG) has taken control of the OTC Markets top position for most traded today. Shares of the marijuana eCig company have been peaking all morning, topping out at 0.818, on the heels of a week full of news which all started with a feature on CNBC. Reporting daily of new record sales on each day this week and preparing to launch 2 new eCigs to market in the coming days, to think MCIG stock will break $1 before April 20th is like thinking the sun is going to come up tomorrow morning.
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MCIG Stock Quote
Market Cap: 210.71M
Last: 0.7831▲ +0.0731 (+10.30%)
Dollar Volume: $6,427,726
Issued and Outstanding: 270,090,000
14-Day Rel Strength: 59.72%
1st Resistance Point: 0.843
1st Support Level: 0.735
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Reportedly, revenues have been banging down the door of mCig for he past few days since Jane Wells of CNBC did a piece on the hybrid between an e-cig and a joint that let’s one put “dry herb” in it and heat it to the edge of combustion. Since the streaming of the piece, mCig has reportedly broken their 24-hour sales record for 3 straight days.
The original record fr sales in a 24-hour period was $3,541.12 achieved on January 29, 2014. On Monday, mCig reportedly sold $28,400 worth of products via their mCig.org website and then $45,800 yesterday. To put it into perspective: The total revenues for the 6 months ended October 31, 2013 were only$25,680.
A lot of eyes are waiting to see the Q filing for the 3 month period ended January 31, 2014. If mCig can produce that report with little to no increase (or even better, a decrease) to the mere $81,114 worth of total liabilities at the end of that period, investors, not traders may be emptying their pockets to grab shares of MCIG stock.
The problem is that mCig is commonly a late filer when it comes to getting things to the SEC on time. Be that as it may, even if traders have to wait an extra 10 days in order to get a glimpse of what’s happened behind the curtain, MCIG stock is going to continue to be a short-sellers target to try to take down.
After losing almost -25% of its market value after being beaten like a red-headed stepchild last week and Monday to close at 0.599, MCIG stock has recovered better than nicely and looks like it will end the session above 0.80 – a 33% increase from Monday’s close.
About MCIG Stock
mCig, Inc. is a development stage company that is focused on two long-term secular trends sweeping the globe: (1) The decriminalization and legalization of marijuana for medicinal or recreational purposes (2) The adoption of electronic vaporizing cigarettes (commonly known as “eCigs”) by the world’s 1.2 Billion smokers.
Click here to view the SEC filings for MCIG.
Click here to view the website for mCig.
Last 5 Trading Sessions:
We know penny stocks and this is why we said to buy MCIG stock when it was just 0.0405 prior to changing their name and ticker symbol from Lifetech Industries, Inc. (LTCH). The re-bullish sentiment on MCIG should be more than enough to propel it past its 52Wk high of 0.922 and to test $1, assuming their Q filing shows nothing to discredit their growth.
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