MC Global Holdings Reports Strong Q1 Revenue, Significant Net Income Growth, and Positive Cash Flow
LOS ANGELES– MC Global Holdings (MCG) has announced impressive financial results for the first quarter (Q1) of 2023, with strong revenue, substantial net income growth, and positive cash flow. The company exceeded expectations, surpassing both revenue and net income targets by 13% and 30% respectively. These positive figures were driven by the continued growth in European markets, which has played a pivotal role in the steady expansion of MCG and its subsidiary, MC Wellness International Ltd. Notably, Q1 2023 marked the tenth consecutive quarter of positive cash flow from operations, showcasing the company’s financial stability.
Following the conclusion of the quarter, the MCG finance team completed a forecast extending through calendar year 2024. The projections not only support the 2023 forecast but also anticipate exceeding the annual budgeted levels for both revenue and net income. Furthermore, the forecast predicts a remarkable 40% increase in revenue for 2024 compared to 2023, fueled by significant growth in both domestic and foreign markets.
Bret Worley, President of MC Global Holdings, expressed his satisfaction with the company’s performance and the continued growth in the European markets. Worley emphasized that this achievement reinforces MCG’s business model as the world’s largest provider of hemp-derived minor cannabinoids. He highlighted the combined factors contributing to MCG’s success, including the expanding market for hemp minor cannabinoids and the company’s increasing market share.
MC Global Holdings was founded with the aim of revolutionizing the hemp wellness industry through the professional promotion and distribution of responsibly-produced cannabinoids worldwide. The company’s recent financial results serve as a validation of its business model and provide a strong foundation for its ongoing expansion plans. With an optimistic outlook for 2023 and beyond, MCG is well-positioned to maintain its leadership position and continue driving growth in the hemp wellness industry.
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