On Jan. 6, 2016, the legal cannabis sector welcomed the introduction of Kush Bottles (OTC Pink: KSHB), a supplier of packaging solutions and accessories for the legal cannabis industry, to the OTC Markets.
“We are pleased to be a publicly traded company, and look forward to the responsibilities and opportunities this listing provides,” said Nicholas Kovacevich, Co-Founder and CEO of Kush Bottles Inc., in a press release. “As we head into 2016, we strive to continue to build a strong organization that is known and respected for its quality, service and innovation.”
KSHB opened at $2.00, and closed up 12.5% at $2.25, with volume slightly above 20,000.
According to Kush Bottles’ 10-k filed with the SEC on Nov. 30, 2015, revenues were up 135% over FY14, to $4.014 million; gross profits were up 97% over FY14, to $1.428 million; and consolidated net loss was down 14% over FY14, to $339,303, with the company also reporting approximately $1 million in total liabilities.
Within the 10-k, RBSM’s report, as Kush Bottle’s independent registered public accounting firm, explained, “The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate working capital to fund operations until it becomes profitable.”