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Kush Bottles Inc (OTCMKTS:KSHB)’ Q1 Results For Fiscal Year 2018 Released

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Leading supplier and service provider to the cannabis sector, Kush Bottles Inc (OTCMKTS:KSHB), has released financial results for 2018’s first fiscal quarter for the period that ended on November 30 last year. During that quarter revenues grew year-over-year by 258% to reach a figure of $8.85 million.

Gross margins fell year-over-year to 30% from 34% and this was attributed to the fact that the company entered the vaporizer product segment which normally has lower margins. Net income for the period was $94,615 and this was a huge improvement considering that in the previous quarter the company had recorded a net loss amounting to $161,000. Net income include SG&A amounts of $1.9 million, $202,000 in amortization and depreciation expenses and non-cash stock compensation amounting to $383,000.

Cash balance

As of the last day of November last year the cash balance was approximately $5.5 million. This was a quarter-over-quarter increase since in the previous quarter the cash balance was $900,000. The quarter under review ended with $8.6 million in working capital and this was an increase as the working capital in the previous quarter which had ended on August 31, 2017, was $3.4 million.

“We entered fiscal 2018 with excellent momentum as we saw the impact of the strategic initiatives implemented throughout 2017 start to take hold … we plan to invest [our cash balance] towards inventory purchasing, development of proprietary products, and other strategic initiatives,” said the chairman and chief executive officer of Kush Bottles, Nick Kovacevich.

Adult use of cannabis

According to Kovacevich, the new regulations allow cannabis sales for adult use in California will present a big opportunity for Kush Bottles to grow the business this year and beyond. In the United States California is the biggest market for cannabis products. It is also the homes market for Kush Bottles.

The release of the quarterly report by Kush Bottles comes in the wake of the leading supplier and service provider to the cannabis sector making changes to its senior leadership team. This will see Jim McCormick appointed to the role of chief operating officer after Ben Wu left the position he had served in since 2014. McCormick will also continue serving in his current role of chief financial officer.

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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