As it tries to carve out a sustainable bottom in a bearish trend defining the past 6 months of action, KushCo Holdings Inc (OTCMKTS:KSHB) just added a new dimension to the story as it announced that it has added Paul Penney, Managing Director and Chief Investment Officer of RiverForce Partners, a privately held investment and advisory firm focused on emerging growth industries in developed markets, to its Advisory Board.
According to the release, “Penney has more than two decades of investment, equity research, and institutional sales experience, serving in various roles at several leading buy- and sell-side institutions, including Lehman Brothers, Merrill Lynch, Trust Company of the West (TCW), and most recently, Northland Capital Markets, where he became one of the first U.S.-based sell-side analysts to cover the U.S. cannabis sector.”
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 added Paul Penney, Managing Director and Chief Investment Officer of RiverForce Partners, a privately held investment and advisory firm focused on emerging growth industries in developed markets, to its Advisory Board.
Traders will note 3% added to share values of the name over the past month of action. What’s more, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 55% over the long run average.
“Through his previous equity research coverage of KushCo while at Northland and his time following our story ever since, Paul has developed a truly intimate understanding of our business, strategy, and vision, making him an excellent addition to our advisory board,” said Nick Kovacevich, Co-founder, Chief Executive Officer and Chairman of KushCo.
“Since the advisory board was founded nearly a year ago, we have grown tremendously as a company, significantly expanding our suite of offerings, cross-selling our deep customer base further, scaling our revenue, and paving the pathway toward profitability. Now, more than ever, we are heavily focused on not only continuing this remarkable topline growth and operational success, but also converting it into sustainable profitability as we enter the next phase of the company’s evolution. We are pleased to have the support, guidance, and mentorship from industry veterans like Paul to help us achieve this objective, and more broadly, to help us realize our vision of powering the global cannabis ecosystem.”
Earning a current market cap value of $199.5M, KSHB has a significant war chest ($12.2M) of cash on the books, which stands against about $29.8M 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 $121.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 221.5%. You can bet we will update this one again as new information comes into view. 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.