It should be noted that KushCo Holdings Inc (OTCMKTS:KSHB) just announced that Jason Vegotsky has advised the Company of his decision to resign from the position of President and Chief Revenue Officer, effective July 1, 2020, to pursue other ventures in the cannabis industry.
According to the release, the Company and Vegotsky have agreed to mutually and amicably part ways to allow Vegotsky to better apply his skills, network, and entrepreneurial drive toward scaling start-up organizations in the cannabis and other CPG-related industries. He remains committed to KushCo’s continued success, and will serve on the Company’s Advisory Board, effective July 1, 2020.
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 Jason Vegotsky has advised the Company of his decision to resign from the position of President and Chief Revenue Officer, effective July 1, 2020, to pursue other ventures in the cannabis industry.
Traders will note 54% added to share values of the stock over the past month of action. In addition, the stock has seen interest climb, with an increase in recent trading volume of 9% over the long run average.
“It is with a heavy heart that I step down from my role as KushCo’s President and Chief Revenue Officer,” said Vegotsky. “I consider myself fortunate to have worked with such an incredible team of professionals, especially Nick and the entire management and sales teams. This decision to step down was not easy, but I am comforted by the fact that KushCo has a leading sales organization in place, run by some of the most talented managers who understand how to win and build lasting customer relationships. As an advisor to the Company and one of its proudest long-term shareholders, I am going to do everything in my power to ensure a smooth transition and continued success for KushCo.”
Currently trading at a market capitalization of $123M, KSHB has a significant war chest ($11.4M) of cash on the books, which must be weighed relative to 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%. 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.