The prime pick and shovel play in the roaring cannabis patch continues to be KushCo Holdings Inc (OTCMKTS:KSHB). To further flesh out the narrative, the company just announced that it has appointed a new President, Mr. Steve Hwang, to lead Koleto Packaging Solutions (Koleto) and its team of project managers and engineers.
According to the release, “Koleto, a division of KushCo that launched earlier this year, is focused on building valuable proprietary intellectual property and designing unique FDA-compliant products that will be licensed for both cannabis and non-cannabis industries. Establishing itself as the cornerstone of research and development for the KushCo Holdings brands, Koleto will both create and acquire intellectual property and work towards building a portfolio of products and brands that will be leaders in child resistance packaging in and outside the cannabis industry.”
KushCo Holdings Inc (OTCMKTS:KSHB) is the parent company to a diverse group of business units that are transformative leaders in the cannabis, CBD and other related industries. KushCo Holdings’ subsidiaries and brands provide exceptional customer service, product quality, compliance knowledge and a local presence in serving its diverse customer base.
KushCo Holdings’ brands include Kush Bottles, a dynamic sales platform that is the nation’s largest and most respected distributor of packaging, supplies, and accessories, Kush Energy, which provides ultra-pure hydrocarbon gases and solvents to the cannabis and CBD sector, Hybrid Creative, a premier creative design agency for cannabis and non-cannabis ventures, and Koleto Packaging Solutions, the research and development arm driving intellectual property development and acquisitions.
Founded in 2010, KushCo Holdings has now sold more than 1 billion units and regularly services more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. KushCo Holdings subsidiaries maintain facilities in the five largest U.S. cannabis markets as well as having a local sales presence in every major U.S. cannabis market.
According to its materials, “KushCo Holdings, strives to be the industry leader for responsible and compliant products and services in the legal cannabis and CBD industry. The Company has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, Entrepreneur, and business magazine Inc. While KushCo Holdings services all facets of the cannabis and CBD industries, it has no direct involvement with the cannabis plant or any products that contain THC or CBD.”
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As noted above, KSHB just announced that it has appointed a new President, Mr. Steve Hwang, to lead Koleto Packaging Solutions (Koleto) and its team of project managers and engineers. In all, we’ve witnessed -6% stripped out of share values of the stock over the past month of action.
In addition, the listing has seen interest climb, with an increase in recent trading volume of 7% above the average volume levels in play in this stock over the longer term.
“We are pleased to welcome Steve as the new President of Koleto Packaging Solutions,” said Chief Executive Officer Nick Kovacevich. “Since transitioning to a holding company and diversifying our business model to offer a broad range of products to the cannabis industry, it has been a priority to recruit dedicated executives that can lead each business unit, but more importantly, be the driving force to push the boundaries for what people in this industry think of when product innovation comes to mind. Koleto is focused on building out its portfolio of proprietary intellectual property and designing unique products that can then in turn, be sold through our Kush Supply Co. distribution platform. Steve’s background in design and innovation, as well as his extensive leadership experience, uniquely positions him to drive forward Koleto’s strategy. We look forward to his future contributions.”
Currently trading at a market capitalization of $431.1M, KSHB has a significant war chest ($3.6M) of cash on the books, which stands against about $10.9M in total current liabilities. One should also note that debt has been growing over recent quarters. KSHB is pulling in trailing 12-month revenues of $40.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 173.4%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $KSHB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $KSHB, either long or short, and we have not been compensated for this article.