The action has heated up in shares of KushCo Holdings Inc (OTCMKTS:KSHB)following the launch of some class action lawsuits related to the company’s restatement of prior financials. To make matters far more interesting, amid that tension, the company just put out its second fiscal quarter of 2019, for the period ended February 28, 2019.
To wit: the company reported that net revenue increased 240% year-over-year to $35.2 million compared to the same quarter a year ago, net revenue rose by 39% sequentially over quarterly high of $25.3 million reported during the first fiscal quarter of 2019, and GAAP basis gross profit was 12.9%, compared to 28.1% during the prior year period.
KushCo Holdings Inc (OTCMKTS:KSHB) is the parent company to a diverse group of business units that are transformative leaders in the cannabis, CBD and other related industries. KushCo Holdings’ subsidiaries and brands provide exceptional customer service, product quality, compliance knowledge and a local presence in serving its diverse customer base.
KushCo Holdings’ brands include Kush Bottles, a dynamic sales platform that is the nation’s largest and most respected distributor of packaging, supplies, and accessories, Kush Energy, which provides ultra-pure hydrocarbon gases and solvents to the cannabis and CBD sector, Hybrid Creative, a premier creative design agency for cannabis and non-cannabis ventures, and Koleto Packaging Solutions, the research and development arm driving intellectual property development and acquisitions.
Founded in 2010, KushCo Holdings has now sold more than 1 billion units and regularly services more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. KushCo Holdings subsidiaries maintain facilities in the five largest U.S. cannabis markets as well as having a local sales presence in every major U.S. cannabis market.
According to its materials, “KushCo Holdings, strives to be the industry leader for responsible and compliant products and services in the legal cannabis and CBD industry. The Company has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, Entrepreneur, and business magazine Inc. While KushCo Holdings services all facets of the cannabis and CBD industries, it has no direct involvement with the cannabis plant or any products that contain THC or CBD.”
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As noted above, KSHB just put out its second fiscal quarter of 2019, for the period ended February 28, 2019, reporting that net revenue increased 240% year-over-year to $35.2 million compared to the same quarter a year ago.
We’ve witnessed sideways action in share pricing for the listing in the past month. What’s more, the name has benefitted from a jump in recent trading volume to the tune of 34% over what the stock has registered over the longer term.
Published: April 12, 2019
Founder & Interim Editor of L.A. Cannabis News