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Kush Bottles Inc (OTCMKTS:KSHB) Revenue Jumps 258% YoY In Q1 2018

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Kush Bottles Inc (

Kush Bottles Inc (OTCMKTS:KSHB) issued financial report for its first quarter of FY2018, for the period closed November 30, 2017. Revenue jumped 258% YoY to $8.85 million. Gross margins came at 30% versus 34% in the same period, a year ago, which is attributed to improved business in the segment of lower margin vaporizer product.

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Kush Bottles reported that net income, counting non-cash stock compensation of $382,000, $202,000 in depreciation & amortization expense as well as SG&A of $1.9 million, stood at $94,615 versus net loss of $161,000 in same quarter of 2017. Cash balance stood at $5.5 million as of the close of November 30, 2017 versus $0.9 million as of the close of August 31, 2017. The company reported that working capital came at $8.6 million as of the close of November 30, 2017 versus $3.4 million as of the close of August 31, 2017.

Nick Kovacevich, the CEO and Chairman of Kush Bottles, expressed that the entered FY2018 with excellent momentum as they noted the impact of the strategic measures implemented throughout 2017 begin to materialize. Revenues for the first quarter of FY2018 reached around $8.85 million, exhibiting a 258% jump compared with the first quarter of FY2017. This strength in the operations led to net profit of $94,615 in the first quarter of FY2018. They also saw their cash balance surge to $5.5 million, which they intend to invest towards development of proprietary products, inventory purchasing and other strategic measures.

Kovacevich added that during the first quarter of FY2018, Kush Bottles noted the launch of California’s new temporary guidelines for adult-use and medical cannabis sales, effective January 1, 2018. California is the largest cannabis market in the United States. It is also company’s home market where they have already done extensive investment in sales, infrastructure and marketing. They consider the decriminalization of adult-use cannabis to be a major opportunity to advance the business throughout this year and beyond.

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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