Third-quarter revenue rose 173 percent year-over-year
Kush Bottles (OTC: KSHB) said third-quarter revenue rose 173 percent year-over-year as organic growth continued to remain strong and the company’s acquisition strategy is paying off.
Santa Ana, Calif.-based Kush Bottles, which sells everything from packaging to supplies to vaporizers and accessories for the cannabis industry, saw third-quarter revenue climb to $12.9 million, up from $4.7 million in the year-ago period. Gross margins took a hit, falling to 28.3 percent, down from 35.5 percent, as the vaporizer and cartridge segments continue to see increased competition.
Kush Bottle’s Chairman and CEO Nick Kovacevich said in a statement the results were driven by “organic growth across all our major markets and product lines as well as the inclusion of our new operating company Summit Innovations.”
During the quarter, which ended on May 31, Kush closed on its acquisition of Summit Innovations, which expands Kush’s offerings into the hydrocarbon and solvent market. The company also acquired a digital creative agency, The Hybrid Creative, which Kovacevich said has a big roster in both the cannabis and traditional industries.
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