KushCo Archives - Page 2 of 2 - Green Market Report

StaffStaffNovember 6, 2018
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3min7560

It’s time for your Daily Hit of cannabis financial news for November 6, 2018.

On The Site

Millions of Americans will head to the polls to cast their vote in the U.S. 2018 Midterm Elections. As is often said, many are calling this one of the most important elections in a generation; and for the cannabis industry, it might actually be true.

On the ballot in four U.S. states are measures that are measures that would legalize either adult-use or medical cannabis in some shape or fashion. Those four key states are Michigan, North Dakota, Utah, and Missouri. Here’s a quick look at each ballot initiative and their odds of successfully passing.

In Other News

Insys Therapeutics

Insys Therapeutics (INSY)  reported its earnings for the quarter ending September 2018 after the close of the market on Monday. The biotech firm delivered a quarterly loss of $0.37 per share missing the Zacks Consensus Estimate of a loss of $0.20. A year ago the company reported a loss of $0.21 for the same time period.

The company also delivered revenues of $18.35 million, which also fell short of Zack’s estimate by 18%. Last year, Insys reported revenues of $30.67 million for the same quarter. The company also said that it was reviewing its portfolio of opioid assets including Subsys.

“With a number of clinical and regulatory milestones to achieve over the next few quarters, including the completion of the CBD and epinephrine studies and filing the naloxone NDA, we believe this is the appropriate time to evaluate strategic alternatives for our opioid-related assets,” the company said.

KushCo Holdings

KushCo Holdings, Inc. (OTCQB: KSHB)  formed a new Advisory Board to provide strategic advice and expertise to help accelerate growth, manage risk and enhance operational performance. Its first three appointments are Matthew Morgan, an entrepreneur and business consultant with leadership experience in the cannabis and other CPG industries, Eric Smith, an industry veteran in the Liquefied Petroleum Gas industry, and Ali Jahangiri, a digital publishing pioneer who has established and grown several businesses.


StaffStaffSeptember 25, 2018
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5min9500

It’s time for your Daily Hit of cannabis financial news for September 25, 2018.

On The Site

Aurora Cannabis

Aurora Cannabis Inc. (ACBFF) released its fourth quarter and fiscal year-end financial results following the market close on Tuesday. For the fiscal year ending 2018, Aurora reported total revenue of C$55 million versus fiscal 2017’s total revenue of C$18 million. The net income for the year was C$69 million versus the previous year’s loss of C$12 million. Aurora also reported a gross profit of C$43 million for the year versus last year’s gross profit of C$16 million.

For the fourth quarter of 2018, the company reported that its revenue increased 223% to C$19.1 million from last year’s C$5.9 million for the same time period. Fourth quarter net income increased to C$79 million, versus a net loss of C$20 million for the previous year. It was 16% better than the previous quarter’s revenue of C$16.1 million. Gross margins improved to 74% from the third quarter’s gross margin of 59%.

High Times

Longtime cannabis publication High Times has acquired print magazine Dope Media in a deal valued at $11.2 million. The deal is a combination of stock and cash. High Times has been building a portfolio of cannabis titles including Green Rush Daily and Culture. High Times said that there would be no staff changes at this time. DOPE’s CEO, George Jage, founders Dave Tran, James Zachondi, and Evan Carter will all remain.

Scott McGovern, the founder of Green Rush Daily was named Executive Vice President at High Times when his company was acquired. However, McGovern is already out of the company and only worked at High Times for about a year. He is now the Co-founder of a blockchain news site call Blockler.

Separately GeekWire reported that cannabis review website Leafly ousted its CEO Chris Jeffrey, who wasn’t even in the position for a year. Privateer Holdings that owns Leafly issued this statement to Geekwire,” “This morning the Board of Directors of Leafly removed Chris Jeffrey from his role as Chief Executive Officer. The Board made the decision to replace Mr. Jeffrey as CEO after careful consideration due to concerns about his management of the company.”

In Other News

Green Thumb Industries Inc.

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a national cannabis consumer packaged goods company and owner-operator of the high growth national retail chain RISE™ dispensaries, today announced that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. to purchase, on a bought deal an aggregate of 3,250,000 subordinate voting shares  of the company at a price of CAD $20.00 per Offered Security for aggregate gross proceeds of CAD $65 million. The deal is expected to close on or about October 17.

KushCo Holdings

KushCo Holdings, Inc. (KSHB) has entered into a strategic transaction with Smoke Cartel (SMKC) to sell Roll-uh-Bowl, an online distribution platform for retail sales of collapsible and unbreakable medical-grade silicone water pipes. KushCo will transfer ownership of all Roll-uh-Bowl assets, including inventory, branding materials, the website, and social media, in exchange for shares of Smoke Cartel valued at $1,500,000 plus the value of inventory. KushCo will also build a referral landing page into the Kush Bottles website to direct customers to Smoke Cartel when searching for wholesale glass & smoking accessories.


Debra BorchardtDebra BorchardtSeptember 18, 2018
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3min13301

KushCo Holdings, Inc. (KSHB) formerly known as Kush Bottles said that it is expecting to report a 171% increase in annual revenue to over $51 million for the fiscal year ended August 31st, 2018. The stock popped over 8% to lately trade at $5.23 on the news.

“Our fiscal year 2018 revenue serves as a historic milestone, not just for KushCo Holdings, but for the entire cannabis industry,” said Nick Kovacevich, CEO, and Chairman of KushCo Holdings. “We believe that no U.S. based public cannabis-related company has ever before generated this level of annual sales revenue. Building on the Company’s year to date momentum, our expected fourth quarter achievement of approximate revenues in excess of $19 million is a testament to the highly innovative and strategic work by our team, completing and integrating key acquisitions, and the effectiveness of our sales model in meeting the evolving needs of the market. We are witnessing just how our scale allows us to leverage synergies which benefit both us and our great customers.”

The news wasn’t all good. KushCo gave the market a heads up on a balance sheet hit. The company said that it expects to take a $1.8 million inventory adjustment charge resulting largely from opening multiple new distribution centers and its lack of a global warehouse management system. KushCo said that the situation would be addressed with software solutions being evaluated for implementation in the first half of the 2019 fiscal year.

The company experienced significant growth and blamed the problems on “growing pains.” KushCo opened several new distribution centers including Worcester, Massachusetts and Las Vegas, Nevada.

It has been an incredibly busy year for the cannabis packaging pioneer. The company acquired Zack Darling Creative Associates and its wholly-owned subsidiary, The Hybrid Creative, in order to offer brand strategy, creative design and marketing, web application development, and e-commerce solutions to cannabis and non-cannabis clients. It also launched Kush Energy, a new division focused on supplying the cannabis industry with tested, ultra-high purity solvents and hydrocarbons and went global by launching Kush Supply Co. Canada headquartered in Toronto.

In addition to all of those efforts, the company also started Koleto Packaging Solutions, the research, and development arm focused on developing innovative packaging products and creating Intellectual Property.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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