KushCo Holdings Inc (OTCQB:KSHB) released its fiscal 2018 results today, and they are outstanding. Now we have a cannabis penny stocks company outgrowing the penny stocks spectrum as share price climbed over the $5 mark today.
Let’s see why it is doing so well.
Cannabis Penny Stocks: KushCo.
KushCo Holdings Inc is the parent company of popular cannabis packaging brands Kush Bottles and The Hybrid Creative. Today’s release showcases a revenue for 2018 of $51 million USD—an increase of 170% from the year previous.
The reason for the molecular growth has been strong organic sales and clever mergers and acquisitions throughout the year.
Acquisitions such as The Hybrid Creative: a brand strategy and marketing development firm that works with cannabis and non-cannabis organizations.
And new launches such as Kush Energy, which creates ultra-high purity solvents and hydrocarbons for the cannabis industry.
Of course, the industry as a whole is booming at the moment. Namaste Technologies is another cannabis penny stocks company soon to outgrow that smallcap market. It has reported a growth of 300% in the last year alone.
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KushCo’s Growth
KushCo’s CEO, Nick Kovacevich, had the following to say:
“As more and more states move towards legalization of medical and adult use cannabis programs, we expect the industry will continue to see rapid growth and a race amongst businesses to achieve the scale needed to serve this major industry.”
The company saw infrastructural growth too this year. It opened several new distribution centers in the US. And it spread its footprint internationally too with the opening of Kush Supply Co in Canada. It also launched Koleto Packaging Solutions, a company focused on creating innovative packaging products and developing Intellectual Property.
Not so Penny, Penny Stocks
KushCo Holdings provides products for over 5,000 legally operated medical and adult-use dispensaries, growers, and producers across the globe. The company is expecting to make similar revenue gains year-on-year as cannabis becomes more widespread, further legalized, and, as a result, more in demand.
Featured Image: Depositphotos/© feedough
