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Earnings Preview: KUSHCO HOLDINGS, INC. (KSHB) Q2 Earnings Expected to Decline
Posted on Thursday April 02, 2020
KUSHCO HOLDINGS, INC. (KSHB) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
KushCo Holdings to Report Fiscal Second Quarter 2020 Financial Results on Wednesday, April 8, 2020
Posted on Wednesday April 01, 2020
CYPRESS, CA / ACCESSWIRE / April 1, 2020 / KushCo Holdings, Inc. (OTCQX:KSHB) (''KushCo'' or the ''Company''), the premier producer of ancillary products and services to the legal cannabis and CBD industries, ...
KushCo CFO to depart amid restructuring plan
Posted on Thursday March 26, 2020
KushCo Holdings Inc. said late Thursday that the company's chief financial officer was departing as the company restructures amid the COVID-19 pandemic. KushCo said that it is further working to expand its customer base of larger cannabis companies in Canada and the U.S. because small and mid-size companies have been struggling financially following the vape illness crisis. KushCo said it was reducing its warehouse footprint, reducing its inventory and offering a "simplified" batch of products. KushCo also said it had laid off 49 employees, which combined with other staff cuts beginning in September will result in an overall workforce reduction of 50%. The company said it expected the restructuring to take several months. Current CFO Christopher Tedford will leave KushCo April 10, and will be replaced by current executive vice president of corporate development, Stephen Christoffersen, who has been in that role since 2018. KushCo said it would report financial results for the fiscal second quarter in April. KushCo stock gained 15.7% during the regular session Thursday, as the Cannabis ETF rose 11.1%.
CYPRESS, CA / ACCESSWIRE / March 26, 2020 / KushCo Holdings, Inc. (KSHB) (''KushCo'' or the ''Company''), the premier producer of ancillary products and services to the legal cannabis and CBD industries, today announced the unveiling of its new strategic plan for achieving positive adjusted EBITDA, including recent changes to its leadership team and significant cost-cutting efforts to right-size the business. "After more than doubling sales in each of the last five years, we entered fiscal 2020 embarking on a new strategy to rationalize all aspects of our operations, align ourselves deeper with the best and promising cannabis and CBD operators, and pave an achievable pathway toward near-term profitability," said Nick Kovacevich, KushCo's Co-founder, Chairman and Chief Executive Officer. As a result, we have taken quick and decisive steps these past six months, and especially these past few weeks, to significantly reduce our overhead, streamline our warehouses, reduce our inventory, and drastically alter our sales strategy and resources to rely even less on the smaller operators, while doubling down on our efforts to solidify and strengthen our core base of large MSOs, LPs, and leading brands.