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KushCo Holdings Inc (OTCMKTS:KSHB) Breaks Above Key Levels

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It shouldn’t escape notice that KushCo Holdings Inc (OTCMKTS:KSHB) just announced the appointment of Pete Kadens, former CEO of Green Thumb Industries (GTII) (GTBIF) a leading national cannabis consumer packaged goods company and retailer-to the Company’s board of directors, effective June 1, 2020.

According to the release, “Kadens served on KushCo’s advisory board since August 2019, and will now play a more active role in guiding the Company’s strategic vision and direction, especially in strengthening its relationships with premier multi-state operators (MSOs), licensed producers (LPs), and leading brands while positioning the Company to achieve near-term positive adjusted EBITDA and long-term profitable growth. Having run one of the most successful MSOs to date, Kadens will leverage his cannabis industry experience and relationships to help drive the execution of the Company’s go-forward strategy.”

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 the appointment of Pete Kadens, former CEO of Green Thumb Industries (GTII) (GTBIF) a leading national cannabis consumer packaged goods company and retailer-to the Company’s board of directors, effective June 1, 2020.

We’ve witnessed 71% tacked on to share pricing for the company in the past month. Furthermore, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 85% above its longer-run average levels.

“On behalf of everyone at the Company, I could not be more excited to welcome Pete to our board of directors, especially at this pivotal time in our organization, where we have made significant strides in aligning deeper with our Core customers, have substantially cut costs, and are moving closer to our near-term goal of achieving positive adjusted EBITDA,” said Nick Kovacevich, KushCo’s Co-founder, Chairman and Chief Executive Officer. “We recognized Pete’s unparalleled talent, experience, and passion for the industry early on, which led to our decision to appoint him to our advisory board in September 2019. However, given how quickly and drastically the industry landscape has changed since then-and just as importantly, how we expect it to change going forward-we recognized that Pete could provide a much greater value as an actual Board member, especially as we look to strengthen our relationships with many of the premier MSOs, LPs, and leading brands who look more poised than ever to dominate this dynamic and consolidating industry. Having a true industry pioneer and successful MSO executive like Pete in our corner gives us an edge when learning more about what our customers want and how we can align our business with their future growth plans. Overall, I look forward to having Pete join what is already a diverse and talented team of directors, as we look to become the provider of choice for ancillary products and services for the legal cannabis and CBD industries.”

At this time, carrying a capital value in the market of $142M, KSHB has a significant war chest ($11.4M) of cash on the books, which is balanced by about $20.5M in total current liabilities. KSHB is pulling in trailing 12-month revenues of $153.6M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -14.3%. This may be a very interesting story and we will look forward to updating it again soon. 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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