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Tuesday, December 6, 2022

Is KushCo Holdings Inc (OTCMKTS:KSHB) Growing Into a Breakout?

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One of the more interesting constructive setups and patterns in the cannabis patch right now appears on the chart of KushCo Holdings Inc (OTCMKTS:KSHB). The stock has been trading in a lateral consolidation over the past 14 months, holding onto a larger timeframe upward trend, and trading above both the 50-day and 200-day major moving averages. A breakout above the $7/share level could be a significant bullish step at this point. In addition, to further bolster the narrative, the company just announced several changes to its executive leadership team.

According to the release, “Effective March 1, 2019, Jim McCormick will step down from his role as Chief Operating Officer of KushCo to pursue other opportunities. Rodrigo de Oliveira will be promoted from his current role as Vice President of Operations of Kush Supply Co., to take over as Interim COO of the Company. Jason Vegotsky, currently President of Kush Supply Co., will be promoted to Chief Revenue Officer of the Company, and Carmen Lam, currently Regional Sales Director of Kush Supply Co., will be promoted to Senior Vice President of Kush Supply Co.”

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 several changes to its executive leadership team. Recent action has seen 6% tacked on to share pricing for the stock in the past month. Moreover, the stock has benefitted from a jump in recent trading volume to the tune of 28% over the long run average.

Nick Kovacevich, Chief Executive Officer at KushCo, commented, “I would like to thank Jim for his strong leadership, hard work and dedication over the past couple of years. With the help of Jim’s oversight, the Company has successfully transformed into a rapidly expanding business with a diverse product offering providing solutions critical to the evolving regulated cannabis industry. This is a great accomplishment that offers us a competitive advantage for driving revenue and customer growth. We’re excited to promote Rodrigo to the role of Interim COO. With over 18 years of professional experience in global supply chain management at Fortune 100 companies, Rodrigo brings an exceptional level of operational excellence critical for executing on the Company’s larger hyper revenue growth and margin expansion initiatives.”

At this time, carrying a capital value in the market of $510.67M, KSHB has a significant war chest ($3M) of cash on the books, which must be weighed relative to about $19.5M 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 $68.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 186.2%. As more color becomes clear on the name, we will review the situation and update our take. 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.

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