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Kush Bottles Inc (OTCMKTS:KSHB) FY2017 Revenue Surges 129% YoY

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Kush Bottles Inc (

Kush Bottles Inc (OTCMKTS:KSHB) issued financial report for its fiscal year closed August 31, 2017. Revenue surged 129% YoY to $18.8 million; revenues comprised four months of revenue from CMP Wellness which was bought in May. Gross margins kept steady at 33%, at par with the previous year period.

The details

Net income, counting $301,000 in amortization expense and depreciation, $4.6 million in SG&A and $943,000 in non-cash stock compensation, came at $69,000 while it was $72,000 in FY2016; the jump in operating expenses can be attributed to costs related with CMP Wellness acquisition, and higher SG&A costs to expand an outside sales program. Kush Bottles reported that working capital stood at $3.45 million as against $2.03 million as of the close of August 31, 2016.

Kush Bottles CEO Nick Kovacevich expressed that FY2017 marks as a pivotal year for the firm as they commenced a new and thrilling chapter. They implemented a series of development measures planned to strengthen supply chain, expand their product portfolio, grow their sales force and position company as the key provider of ancillary solutions and products to the fast growing cannabis market.

As an outcome of these efforts, their sales growth steadily recorded momentum throughout the year, leading in revenue of $18.8 million in FY2017, representing a jump of 129% over fiscal year 2016. The strong performance in fourth quarter was largely led by the acquisition of CMP Wellness, which propelled firm into the fast-growing vaporizer industry.

The acquisition offers significant growth and revenue opportunities in the vapor segment, as well as synergies which increase Kush Bottles’ ability to grow the supplies, services and core packaging business. This deal was the latest of numerous measures implemented throughout 2017 to diversify their product offerings to seize additional market share in the cannabis segment.

In the last trading session, the stock price of Kush Bottles declined more than 18% to close the day at $3.74.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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