Kush Bottles Inc (OTCMKTS:KSHB) announced historical financial report for its subsidiary CMP Wellness, a distributor of cartridges, accessories and vaporizers bought by Kush on May 1, in an 8-K form filed with the SEC on July 6, 2017. The report comprised unaudited financial report for the interim period closed February 28, 2017.
It also covered audited report for the fiscal year closed August 2016 and August 2015. Also, covered in the results were pro forma financials that demonstrated the combined performance of CMP Wellness and Kush as if the combination had already happened in these aforementioned reporting periods.
CMP has been in the segment of selling customized and standard vaporizer offerings since 2013. Earlier in May, Kush Bottles bought CMP with the objective of diversifying its product offerings, starting new distribution channels and producing cross-selling opportunities for its current product lines. The financial report reflects CMP’s performance before it was acquired by Kush Bottles.
The pro-forma financial report that is comprised in the filing is based on the distinct historical financial statements of CMP and Kush, and have been condensed and combined to demonstrate the prospective financial impact had the deal taken place in preceding reporting periods. These statements are just for informational purposes, having no influence on Kush actual financial report for the reporting periods mentioned.
For the 6-month period closed February 28, 2017, CMP revenue came at $4.5 million versus revenue of $1.2 million in the comparable period in 2016. Pro forma combined and condensed revenues for CMP and Kush Bottles came at $9.9 million. CMP net income amounted to $0.7 million from $0.3 million in the comparable period in 2016.
In the last trading session, the stock price of Kush gained 0.98% to close the week at $2.06. The gains came at a share volume of 135,967 compared to average share volume of 66,777.
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