This morning, Kush Bottles Inc. (OTC:KSHB) released and filed its third quarter 2017 financial results. There are a few highlights of the financials worth looking at:
Revenues for Q3 2017 were $4,719,477 compared to $2,322,638 for Q3 2016. Approximately $1,250,000 of the increase can be attributed to revenues generated by CMP Wellness (a company Kush Bottles recently acquired) from May 1, 2017 to May 31, 2017. The remainder of the growth is attributable to growth in number of customers, average order size and order volume.
Cost of goods sold for Q3'17 was $3,1556,290 compared to $1,588,302 for Q3'16.
Gross profit in the third quarter of 2017 was $1,563,187 compared to $734,336 in the year ago quarter.
Operating expenses increased 120% from the year-ago quarter to $1,554,448. This increase is attributable to increase in stock compensation, payroll, professional fees (related to the CMP Wellness acquisition) and rent.
Other expenses decreased by 49% or $2,525 due to lower interest expense on vehicle loans.
Net income in Q3 2017 was $6,119 , compared to $23,284 in the third quarter a year ago.
Basic weighted average common shares outstanding were 51,805,930 as of May 31st, 2017 compared to 50,458,416 at the conclusion of the third quarter of 2016.
Diluted weighted average common shares outstanding were 53,334,232 as of May 31st, 2017 compared to 50,458,416 as of May 31st, 2016.
In addition to the financial highlights noted above, there were a few other notable points in the filing and release.
Through their acquisition of CMP Wellness, a California-based distributor of vaporizers and accessories and their acquisition of Roll-Uh-Bowl.com's online distribution platform the company is expanding its reach beyond cannabis packaging.
Kush Bottles has also added two new distribution partners in Hawaii and Puerto Rico, expanded their Nevada sales team and appointed Kevin Nguyen to lead the Supply Chain & Logistics team.
Learn more about Kush Bottles by checking out the company's marijuana stock profile in The Daily Marijuana Observer's cannabis stock database.
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