KushCo – Earnings Up Losses Up

Business-to-business cannabis company KushCo Holdings, Inc. (OTCQX: KSHB) today released fiscal 2019 financial results showing significantly increased revenue but also much higher losses than the previous year.  The company cited a net loss for the year ending Aug. 30 of $45 million — compared to $26 million in the same period for fiscal 2018 — with incoming revenue during fiscal 2019 of $148.9 million.   KushCo also announced holding a combined $159 million in assets for the fiscal year, with $3.9 million of that amount in cash and $52 million in goodwill.   After the numbers were released, CEO and board chairman Nick Kovacevich announced the company will focus on ramping up higher margin initiatives and enacting cost saving restructuring in the near future in an attempt to hit profitability.   Kovacevich also discussed the impact that a recent vaping health scare crisis has had on operations, issuing this statement:  There will be some topline softness in the first half of fiscal 2020 related to vape, as our customers have been cautious with their spending and slowing down vape purchasing activity to limit any potential inventory or regulatory risk should there be additional temporary state bans. Looking out to the second half of fiscal 2020, we expect orders for vape products to pick up again. Washington state enacted…

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Source : CANNANNEW REPORT
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