Proactiveinvestors USA & Canada Kush Supply Co https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Kush Supply Co RSS feed en Mon, 20 May 2019 05:36:55 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - KushCo sees 1Q revenue almost triple but bottom line turns negative ]]> https://www.proactiveinvestors.com/companies/news/212191/kushco-sees-1q-revenue-almost-triple-but-bottom-line-turns-negative-212191.html Cannabis packaging company KushCo Holdings Inc (OTCQB:KSHB) reported earnings late Tuesday, nearly tripling its revenue year over year to US$25.3 million.

Despite the surge in revenue, its bottom line turned negative.

The California-based company said its net loss was $8.2 million compared to net income of $100,00 in the first quarter of fiscal 2018. The company said the loss per share was $0.10 versus a flat EPS in the first quarter of fiscal 2018.

The maker of packaging, containers and other products for the cannabis industry said short-term supply chain capacity issues and vendor control quality control initiatives affected results. 

WATCH: KushCo Holdings Inc moves into sustainable cannabis packaging

"This strong performance reflects the strength of our business model, which leverages our ecosystem of diverse business units and product categories to cross-sell product classes, reinforce the sticky nature of our business and support stable revenue growth," said Chairman and CEO Nick Kovacevich in a release.

KushCo is the parent company of industry leaders such as Kush Supply Co., Kush Energy, The Hybrid Creative, and Koleto Packaging Solutions, which provide a range of services and products for a variety of industries including the regulated cannabis and CBD industries.

“New opportunities continue to rapidly emerge in the industry. With the recent signing of the 2018 Farm Bill into law on December 20 to legalize industrial hemp, we expect to see more large-scale production and sale of CBD oil and related products, fueling demand for our packaging, supplies and labeling solutions, as well as for our solvents and marketing and branding services,” said Kovacevich.

“We also expect to see an increase in adult vaping of CBD, which is a major component of our business and a key driver behind our expanding customer base as vape sales attract new customers onto our sales platform,” he added.

Shares of KushCo closed at up 5.5% at $6.34 on Tuesday.



Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter @kelewis

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Tue, 08 Jan 2019 19:06:00 -0500 https://www.proactiveinvestors.com/companies/news/212191/kushco-sees-1q-revenue-almost-triple-but-bottom-line-turns-negative-212191.html
<![CDATA[News - KushCo Holdings reports quarterly revenue at $20 million; revenue rises 177% ]]> https://www.proactiveinvestors.com/companies/news/209996/kushco-holdings-reports-quarterly-revenue-at-20-million-revenue-rises-177-209996.html Cannabis packaging company KushCo Holdings Inc (OTCQB:KSHB) reported its earnings Monday, boosting its revenue 177% year-over-year to $52.1 million.

The California-based company said its net loss, including $1.0 million in depreciation expense, was $23.9 million in selling, general and administrative expenses, and $1.6 million in provisions for income tax, was approximately $10.2 million compared to net income of $69,000 in fiscal 2017.

KushCo sells packaging, containers, and other ancillary products for the cannabis industry.

READ: Kush Supply Co appoints new chief financial officer as it scales up operations

"We are exceptionally pleased with the financial results we achieved during the fiscal year with revenues of $52.1 million, representing 177% growth compared to approximately $18.8 million in fiscal 2017," said chairman and chief executive officer, Nick Kovacevich.

KushCo is the parent company of industry leaders such as Kush Supply Co., Kush Energy, The Hybrid Creative, and Koleto Packaging Solutions, which provide a range of services and products for a variety of industries including the regulated cannabis and CBD industries.

"Our strong revenue growth was the result of dramatic growth in our most critical markets, with growing customer numbers, an increasingly diversified offering and expanded facility capabilities."

The company said gross margins were 24.2%, compared with 35.2% in the prior year period, and primarily related to the year-end inventory adjustments of C$2.8 million.

“As the industry continues to develop, we have transformed our business model, now operating a diverse group of business units that are transformative leaders across several categories. Our dramatic expansion of services has enabled us to enter new markets and reach a wider customer base. This drove a number of positive trends within the business in 2018, including strong growth in customer numbers, increased spending per customer, increased product consumption and the continued investment in geographic expansion and broader product offerings," said Kovacevich.

"To support this growth, we have implemented several initiatives designed to improve efficiencies and to establish, build and refine stronger, scalable and sustainable processes. These steps are expected to set us up to continue to effectively capitalize on the continued growth of the industry, and we hope to achieve between $110 million and $120 million in topline revenue during fiscal year 2019,” concluded Kovacevich.

Shares of KushCo closed at $5.20 on Monday.

 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter @kelewis

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Mon, 26 Nov 2018 18:59:00 -0500 https://www.proactiveinvestors.com/companies/news/209996/kushco-holdings-reports-quarterly-revenue-at-20-million-revenue-rises-177-209996.html
<![CDATA[News - Kush Supply Co appoints new chief financial officer as it scales up operations ]]> https://www.proactiveinvestors.com/companies/news/209601/kush-supply-co-appoints-new-chief-financial-officer-as-it-scales-up-operations-209601.html Cannabis packaging company Kush Supply Co (OTCQB:KSHB), formerly known as Kush Bottles, has appointed a new chief financial officer.

Christopher Tedford, a Certified Public Accountant and a merger and acquisition veteran, will fill the role starting November 26.

WATCH: KushCo Holdings Inc moves into sustainable cannabis packaging

Tedford will be tasked with accounting, financial reporting, treasury management, strategic financial planning, risk management as well as deal analysis and negotiations.

“Chris’s dynamic experience in financial and risk management, along with his proven leadership skills, will provide stability to the Company as we scale our operations to meet the demands of the rapidly expanding cannabis market,” said CEO Nick Kovacevich in the company’s press release.

He will take the reins as the company looks to establish Sarbanes-Oxley Act compliance.

Also known as Corporate Responsibility Act of 2002, the legislation calls for strict reform to financial reports to protect investors from accounting fraud following the Enron scandal and other high-profile cases.

Current CFO Jim McCormick will transition into the role of chief operating officer as the company works to bolster its operational capacity.

Shares of KushCo dipped about 7% to US$4.80 in Tuesday morning trading.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

 

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Tue, 20 Nov 2018 09:56:00 -0500 https://www.proactiveinvestors.com/companies/news/209601/kush-supply-co-appoints-new-chief-financial-officer-as-it-scales-up-operations-209601.html
<![CDATA[Media files - KushCo Holdings Inc moves into sustainable cannabis packaging ]]> https://www.proactiveinvestors.com/companies/stocktube/10957/kushco-holdings-inc-moves-into-sustainable-cannabis-packaging-10957.html Tue, 23 Oct 2018 12:35:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10957/kushco-holdings-inc-moves-into-sustainable-cannabis-packaging-10957.html <![CDATA[News - Cannabis packaging group Kush Bottles changes name to Kush Supply Co ]]> https://www.proactiveinvestors.com/companies/news/206227/cannabis-packaging-group-kush-bottles-changes-name-to-kush-supply-co-206227.html Kush Bottles (OTCMKTS:KSHB), the cannabis-related packaging company, has shaken things up by changing its name to Kush Supply Co.

The new name reflects the transition of the company, which is part of KushCo Holdings, to a more expansive business model from its roots designing bottles and child-resistant packaging.

Kush Supply will be led by Jason Vegotsky, who will take the helm as the division’s president after serving a stint as its vice-president of sales.

Indeed, the company now supplies a far broader range of products and services than it once did and serves as a one-stop supplier of core ancillary products for the cannabis industry, according to KushCo’s CEO Nick Kovacevich.

Read: KushCo Holdings reports fiscal 2018 revenue up more than 170%

“While our bottles and packaging offering remains a large piece of our business, growing demand for supplies like concentrate packaging and vape hardware, along with new innovative custom solutions for brand building in retail, ultra-pure gas and solvents, and a more holistic approach to the cannabis supply chain resulted in a shift of what we offer to support the burgeoning cannabis market,” noted Kovacevich in a statement.

Kush Supply Co is a subsidiary of KushCo Holdings. Its parent company’s other brands include Kush Energy, which provides hydrocarbon gases and solvents to the cannabis and CBD sector, as well as Hybrid Creative, a creative design agency for cannabis and non-cannabis ventures.

Via its subsidiaries, KushCo Holdings services more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. 

KushCo Holdings shares slipped by 3% in Tuesday’s afternoon trading session to $5.84.

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Tue, 02 Oct 2018 13:57:00 -0400 https://www.proactiveinvestors.com/companies/news/206227/cannabis-packaging-group-kush-bottles-changes-name-to-kush-supply-co-206227.html
<![CDATA[News - Get ‘em while they’re pot: eight of the most overused cannabis puns and why we need to rise above ]]> https://www.proactiveinvestors.com/companies/news/206030/get-em-while-theyre-pot-eight-of-the-most-overused-cannabis-puns-and-why-we-need-to-rise-above-206030.html A few years back, it was rare to even see the word “cannabis” used in stories penned by reporters. But as industry changes and matures, vocabulary is changing too.

The one thing media outlets can’t seem to shake? Pot puns. In fact, it appears they could be getting worse.

They are absolutely everywhere: in the majority of all news stories, on billboards, even in company names themselves: from Maricann Inc. to Good Buds Company Inc to Green Relief Inc (all of whom are licensed producers of cannabis for medical purposes in Canada). 

From an NBC news headline, such as "Weed the people? Companies relax drug-testing policies in bid to attract more workers -- Drug testing policies have gone to pot as more employers choose not to navigate the hazy issue" to a Toronto Star headline, proclaiming: "Marijuana marketing expected to be more low-key than blunt," the puns are running rampant. 

Some say that it is necessary to lose the pot puns if we want to not only de-stigmatize cannabis use but also give companies credibility in the rapidly shifting industry. Some feel they reinforce a negative stereotype. Some believe when used by the media, they turn hard-news stories into puff pieces. 

Others argue they’re all in good fun, in an industry that built its foundation on having alternative views.

While the latest release of the AP Stylebook, a journalist’s bible, don’t reference cannabis puns specifically, it surprisingly gives the nod to cannabis slang, stating: “Slang terms such as weed, reefer, ganja or 420 are acceptable in limited, colloquial cases or in quotations."

Here are Proactive’s top eight list of the most overused pot puns (admittedly, many have been used by us: we are not immune to the draw of the pot pun but are trying to correct our ways).

Eight pot puns to drop

1. High times: a classic, and almost boring by this point.

2. Pot of gold: a nod to the leprechaun, along with some lucky charms. 

3. Up in smoke: not terrible, but incredibly overused to describe any negative situation. 

4. Budding industry: yes, we know the industry is growing. Yes, we know buds are involved.

5. Highs and lows: the gold standard of cannabis puns. An oh-so-obvious one to pull out on a moment’s notice, when your brain is foggy and it’s five minutes before the end of your shift.

6. Ready to roll: begrudgingly, this can be used in certain situations somewhat successfully, such as in this previous release by the Alberta government, stating "Alberta will be ready to roll come October 17." 

7. Blazes new trail: yeah, yeah, we know your "joint" taskforce is blazing a new trail. 

8. Let's be blunt: just slightly cringeworthy. Also, there is a difference between a joint and a blunt (blunts are rolled with tobacco paper).

 

In conclusion, is there any way to stem the budding growth of cannabis puns?

For now, weed better wait and see. 

(Note: clearly, we still have a ways to go when it comes to extinguishing the cannabis puns). 

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Sat, 29 Sep 2018 22:17:00 -0400 https://www.proactiveinvestors.com/companies/news/206030/get-em-while-theyre-pot-eight-of-the-most-overused-cannabis-puns-and-why-we-need-to-rise-above-206030.html
<![CDATA[News - Three hidden gems stashed away in a cannabis market that just keeps rolling higher ]]> https://www.proactiveinvestors.com/companies/news/204380/three-hidden-gems-stashed-away-in-a-cannabis-market-that-just-keeps-rolling-higher-204380.html Multibillion-dollar marijuana companies at the top of the market-cap rankings like Tilray Inc (NASDAQ:TLRY) and Ontario-based Canopy Growth Corp (NYSE:CGC, TSX:WEED) are, by definition, those that are riding a wave of popularity among cannabis investors. Therefore, there's a good chance that they are overvalued.

Almost on cue, Northland Capital analyst Mike Grondahl, downgraded Tilray Wednesday to market perform from outperform. He said that following Tilray's big stretch higher, "we believe the risk/reward is far more balanced at this time."

In other words: bigger isn’t always better.

Uncovering hidden gems

“I would be more inclined to look at the mid-tier or select junior names at this time, since the Tier-1's are currently expensive," said Ben Smith, a research analyst and capital markets professional with Midas Letter, a business channel in the cannabis and cryptocurrency space. "In the mid-tier space, CannTrust Holdings Inc. (TSE:TRST) is a solid, profitable company with great management, brand, and growing medical enrollment patient base.”

Smith believes the company could easily trade much higher if it uplists to an American exchange and captures US inflows.

CannTrust Holdings Inc is also a strong candidate to partner-up with Big Pharma, thus increasing shareholder value, he added.

READ: Are marijuana stocks too high for an investor tempted to join the party, or do they have room to run?

CannTrust, which booked revenue of C$20.7mln in the last fiscal year, is the only pharmacist-controlled-and-operated producer of medical cannabis in Canada. Its products are sold online and delivered to registered patients.

Its 450,000 square feet Niagara facility has a projected production of 100,000 kgs a year by 2019. The company’s innovative CANNCUP medical cannabis beverage pods use a patent-pending method to produce single-serve coffee, tea and hot chocolate containing high-quality cannabis.

“A name I like on the small-cap side is Khiron Life Sciences Corp (CVE:KHRN, OTCMKTS:KHRNF). I actually view them as a strong acquisition candidate, as their Latin America focused-execution and cheap valuation should make them [an acquisition] target,” Smith told Proactive Investors.

Along with additional licenses from the Ministry of Justice in Colombia secured in October 2017, Khiron is fully approved to cultivate, produce, distribute domestically and export both tetrahydrocannabinol and cannabidiol medicinal cannabis. Smith said that aside from Khiron’s ready-to-go licensing capabilities, its “growing patient portfolio” should be an attractive asset to acquirer companies.

Bullish on cannabis  

Wall Street analysts, like Cowen’s Vivien Azer, say Big Brewers are worried about losing market share to cannabis companies and they also do not want to miss out on the next big thing.

Companies like Anheuser-Busch and Diageo plc (NYSE:DEO) have all been meeting with Canadian cannabis producers over the past few months to discuss bringing their respective cannabis beverages to market.

Azer, a beverage, tobacco and cannabis analyst, expects Canopy Growth and Kush Bottles Inc (OTCMKTS:KSHB), a medical-cannabis packaging company, to outperform. This week she reiterated an Outperform rating on Canopy, raising the price target to C$74 from C$56. She expects the record US$4bn cash infusion from Constellation Brands (NYSE:STZ) to give Canopy a head start in international markets.

Read: Kush Bottles Inc reports third-quarter revenue up 173% to US$12.9mln

The maker of Corona beer said the global cannabis market is evolving rapidly and would grow to greater than US$200bn in revenue within 15 years.

"Fundamentally, we believe cannabis is going to be a big business worldwide … not going to be limited to Canada. This will be undoubtedly a market that develops in the United States, it's already done so on a state-by-state basis here,” Constellation COO William Newlands told the Barclays Global Consumer Staples Conference in Boston. “It's developing around the world, in places like Germany and Australia and other markets. The whole combination of things is shaping up in a way that this is going to be a big business."

According to Forbes, some of the latest data shows that THC-infused beverages could be worth in upwards of US$15bn in the US if the federal government would legalize nationwide. Other reports show that the introduction of cannabis drinks to the Canadian market could drive annual sales from US$5bn to somewhere in upwards of US$22bn.

Venture fund inhales

Rapper and business mogul, Snoop Dogg’s venture firm, Casa Verde Capital, just closed its debut fund with $45mln and is eyeing marijuana stocks.

“We’re writing seed-stage to Series A-size checks, so US$1mln plus, with roughly half our fund reserved for follow-on investments, where we can write another US$3mln to US$5mln [to a limited number of breakout companies]," Casa Verde Capital managing partner Karan Wadhera recently told TechCrunch. "And we’re only focused on the ancillary part of the cannabis industry, so we won’t invest in companies that touch the plants. No dispensaries or cultivators or manufacturers. We’re investing in the picks and shovels.”

Wadhera said the firm's biggest investment to date is LeafLink, a marketplace for retailers and brands. "If you were Walmart and logging onto a platform to order from vendors, that’s what LeafLink has created for the cannabis space. A dispensary can log in and order from vendors on one consolidated platform.”

Leaflink, which runs the cannabis e-commerce website is currently private, but analysts say they wouldn’t be surprised if it goes public at some point.

October legalization rally

The upcoming October 17 legalization of marijuana in Canada is a positive catalyst to be sure, but the big-cap marijuana stocks are pricey.

“I believe most cannabis stocks are very steeply priced and forwardly discounted quite far in the future (2020). Especially after this latest sector run, with leaders such as Canopy Growth up 110% and Tilray 350% in just three weeks,” said Smith.

“On a valuation basis, the Canadian recreational market alone simply cannot justify such sky-high enterprise values. So on an overall valuation basis, it's hard to see much upside presently. But that said, it's still an early-stage growth market, and valuations are the primary driver of the market — as Tilray's move clearly demonstrates.”

Canadian cannabis stocks have already floated to a collective stock-market value above C$30bn. That’s already about half the market capitalization of Canada’s gold mining industry.

READ: CannaRoyalty’s focus beyond Canada is more than just California Dreamin’

However, the market may still have upside after a period of consolidation as the hype surrounding Big Alcohol/Big Tobacco partnerships continue to generate headlines.

“Although we're probably heading into a phase where an actual deal has to occur to move the needle higher,” said Smith. “While I'm not completely convinced the big October legalization rally is coming — especially if no big beverage or pharma deal occur by early October — another up leg into October 17 is also a distinct possibility.”

A Health Canada report disclosed this week that demand for pot will be much higher than anticipated. This could generate momentum after a “probable period of consolidation” or “backfilling plays out,” says Smith.

“Valuations are high, the trade is well telegraphed, legalization will be a tiered rollout. But never anticipate Fear of Missing Out (FOMO) investor mentalities and possible demand dynamics stoking further inflows into the market,” said Smith.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Fri, 07 Sep 2018 11:05:00 -0400 https://www.proactiveinvestors.com/companies/news/204380/three-hidden-gems-stashed-away-in-a-cannabis-market-that-just-keeps-rolling-higher-204380.html
<![CDATA[News - Kush Bottles Inc reports third quarter revenue up 173% to US$12.9mln ]]> https://www.proactiveinvestors.com/companies/news/200715/kush-bottles-inc-reports-third-quarter-revenue-up-173-to-us129mln-200715.html Cannabis packaging company Kush Bottles Inc. (OTCQB:KSHB) released third-quarter earnings today, boosting its revenue 173% year-over-year to US$12.9mln.

The California-based company said its net loss in the quarter (ended May 31, 2018) was approximately US$2.16 million compared to net income of US$6,119 in the fiscal third quarter of 2017. Kush sells packaging, containers, and other ancillary products for the cannabis industry.

“We reported strong revenue growth of 173%, reaching $12.9 million in the third fiscal quarter of 2018, up from approximately $4.7 million in the same period of last year," said chairman and chief executive officer, Nick Kovacevich. "This was driven by organic growth across all our major markets and product lines as well as the inclusion of our new operating company Summit Innovations.”

READ: Daily CryptoCann Report: William Shatner boldly goes to Bitcoin; Kush Bottles raises US$36mln

Kush said its cash balance was US$3.6mln as of May 31, 2018 compared to US$900,000 as of August 31, 2017. The firms said the increase was a result of a US$6.0mln equity investment by private equity fund Merida Capital Partners in February, 2018.

The company said its gross margins were 28.3%, compared with 35.5% in the prior year period. The change was attributed to increased business in the lower margin vaporizer and cartridge product segments. 

Working capital was $15.8 million as of May 31, 2018 compared to $3.4 million at August 31, 2017.

In a conference call on Thursday, Kovacevich spoke about the acquisition of Summit Innovations LLC, marking Kush Bottles’ entry into the hydrocarbon and solvent market. Kush has also launched a new division, Koleto Packaging Solutions, that will be the "innovation arm" of Kush Bottles.

"As we head toward the end of our fiscal year we look forward to driving continued organic and acquisitive growth, supported by our strong leadership team and expanded, diversified offering."

Looking for new opportunities

The company recently announced it was looking for new opportunities after raising US$36mln in a registered direct offering (US$32.9 before the end of the third fiscal quarter). The deal includes 7.5 million shares of its common stock and warrants to purchase 3.75 million shares at a combined price of US$4.80.

The company plans to use the proceeds for working capital, product development, acquisitions and other opportunities.

Shares of Kush closed down 0.19% at US$5.21 on Thursday. 

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Thu, 12 Jul 2018 17:29:00 -0400 https://www.proactiveinvestors.com/companies/news/200715/kush-bottles-inc-reports-third-quarter-revenue-up-173-to-us129mln-200715.html
<![CDATA[Media files - Daily CryptoCann Report: William Shatner boldly goes to Bitcoin; Kush Bottles raises US$36mln ]]> https://www.proactiveinvestors.com/companies/stocktube/9588/daily-cryptocann-report-william-shatner-boldly-goes-to-bitcoin-kush-bottles-raises-us36mln-9588.html Thu, 14 Jun 2018 16:21:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9588/daily-cryptocann-report-william-shatner-boldly-goes-to-bitcoin-kush-bottles-raises-us36mln-9588.html <![CDATA[News - Daily CryptoCann Report: William Shatner boldly goes to Bitcoin; Kush Bottles raises US$36mln ]]> https://www.proactiveinvestors.com/companies/news/198902/daily-cryptocann-report-william-shatner-boldly-goes-to-bitcoin-kush-bottles-raises-us36mln-198902.html The Crypto Report

It was a better day for cryptocurrency with all of the top 5 coins on the rise.

EOS (EOS-USD) was a top gainer, surging more than 10% to US$11.08. Bitcoin (BTC-USD) jumped more than 5% to US$6,640.96.

Star Trek star William Shatner is crossing the final frontier into cryptocurrency. Shatner will be the spokesman for Solar Alliance, an energy company looking to build a solar-powered Bitcoin mining facility, according to a report by the Chicago Tribune. The actor met with the company after having its solar panels installed in his home.

“The concept is so, I guess the word is bizarre,” said Shatner in the interview. “You have to blank your mind and say, ‘What is blockchain, again? How does mining operate, again?’ The concepts are really strange, and yet when you begin to grasp it, it makes sense.”

The mining operation will be housed in an abandoned label-making factory in Murphysboro, Illinois that has been vacant since 2004. Murphysboro Mayor Will Stephens welcomes the economic boost he hopes the facility will bring to the area.

The Western Union Company (NYSE:WU) has no plans to add a crypto transfer service, according to a MarketWatch report.  During a speech at the Economic Club of New York, CEO Hikmet Ersek said that the customers prefer fiat currency over digital currency.

“The consumers tell us what they want,” said Ersek. “People aren’t paying their hospital bills in cryptos.”

The Cann Report

Cannabis packing company Kush Bottles Inc (OTCQB:KSHB) is looking for new opportunities after raising US$36mln in a registered direct offering. The deal includes 7.5 million shares of its common stock and warrants to purchase 3.75 million shares at a combined price of US$4.80.

The company plans to use the proceeds for working capital, product development, acquisitions and other opportunities. Shares of the California-based company were down more than 2% to US$5.29.

Former House Speaker John Boehner was once an outspoken marijuana opponent but has recently changed his tune, speaking out about the benefits of medicinal marijuana. The Ohio Republican said that the federal government should let the states decide on recreational marijuana legalization, according to an interview with a WPCO Cincinnati reporter.

Boehner serves on the advisory board of Acreage Holdings, a company that cultivates cannabis and distributes it across 11 states.

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Thu, 14 Jun 2018 14:43:00 -0400 https://www.proactiveinvestors.com/companies/news/198902/daily-cryptocann-report-william-shatner-boldly-goes-to-bitcoin-kush-bottles-raises-us36mln-198902.html
<![CDATA[Media files - Daily CryptoCann Report: John McAfee launches his own cryptocurrency; Kush Bottles signs lease on new warehouse facility ]]> https://www.proactiveinvestors.com/companies/stocktube/9421/daily-cryptocann-report-john-mcafee-launches-his-own-cryptocurrency-kush-bottles-signs-lease-on-new-warehouse-facility-9421.html Thu, 31 May 2018 15:55:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9421/daily-cryptocann-report-john-mcafee-launches-his-own-cryptocurrency-kush-bottles-signs-lease-on-new-warehouse-facility-9421.html <![CDATA[News - Daily CryptoCann Report: John McAfee launches his own cryptocurrency; Kush Bottles signs lease on new warehouse facility ]]> https://www.proactiveinvestors.com/companies/news/198047/daily-cryptocann-report-john-mcafee-launches-his-own-cryptocurrency-kush-bottles-signs-lease-on-new-warehouse-facility-198047.html It was a good day for cryptocurrency with all five of the top coins on the rise.

Ethereum (ETH-USD) was the top gainer of the day, rising more than 4% to US$580.55.

EOS (EOS-USD) was close behind, also rising more than 4% to US$12.37.

Ripple (XRP-USD) was up more than 2% to US$0.61 while Bitcoin (BTC-USD) rose also more than 2% to US$7,579.79.

Bitcoin Cash (BCH-USD) saw the smallest gains, rising more than 2% to US$1,004.96.

John McAfee, the man behind the namesake anti-virus software, has announced his own crypto-backed fiat currency. Known as the McAfee Redemption Unit (MRU), the fiat currency will be connected to blockchain technology by a token with a unique serial number.

No hoax. The "McAfee Redemption Unit" is real and coming in 26 days. The graphic is low res - don't want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7s pic.twitter.com/75xTje39X8

— John McAfee (@officialmcafee) May 29, 2018

On the back of each note will be instructions on how to redeem it. Notes can be redeemed for a private meeting with McAfee, but there are restrictions. Each 50-denomination note can be redeemed for a 50-minute meeting and meetings will have a maximum length of 100 minutes.

Noteholders must show up at an address in Mexico between the hours of one and three to hand over the note in exchange for a date, time and address anywhere in the world to meet with the computer pioneer.

READ: Daily CryptoCann Report: John McAfee welcomes newbies to crypto; marijuana may replace Tupperware in home-selling parties

“Redemption is purposely made very expensive. My followers are hugely loyal and I feel certain that many will go through time and huge expense for the opportunity to spend private time with me,” said McAfee in an interview with Crypto-News India.

There is a total of 341,000 notes of varying denominations printed and there will be no additional notes as the printing plates have been destroyed. Each MRU unit is US$9.95.

The Prague subway system, which serves around 1.2 million daily commuters, had 10 new Bitcoin ATMs installed throughout several stations. General Bytes, the manufacturer of the machines, created a map on its website showing the locations of the crypto-dispensing machines.

Prague isn’t the first to install the machines. The United States has the most Bitcoin ATMs at 1,960, including 120 in New York City and 170 in Chicago, according to Coin ATM Radar, which tracks the machines. Canada has the second-highest number with 540 machines.

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, saw a slight decline.

New Jersey’s top doctor is encouraging the state’s physicians to recommend medicinal marijuana to eligible patients.

State Health Commissioner Shereef Elnahal addressed doctors and medical students at a Rutgers University Medical School event about the benefits of cannabis, according to a High Times report.

“The Department of Health is pushing this because of its benefits on patients. Sometimes it really is, many times it really is, the best therapy you can give them,” said Elnahal during his speech.

New Jersey recently approved a measure to make medicinal cannabis more accessible to residents, updating the list of conditions that qualify for medicinal marijuana usage to include conditions ranging from cancer to anxiety. Physicians are now able to recommend the treatment to patients without having to enter into a public register, as was previously required.

The U.S. marijuana industry could bring around US$80bn to the economy by 2022, according to the newly released Marijuana Business Factbook.

READ: Legal marijuana sales expected to quadruple to US$80bn by 2022

Legal marijuana sales are expected to more than quadruple from the 2017 levels of between US$20bn and US$23bn to a range of US$63bn to US$77bn by 2022, according to the US Bureau of Economic Analysis.

Kush Bottles Inc (OTCQB:KSHB) announced that it signed a lease on a new Nevada warehouse facility. The California-based company provides packaging and other supplies to cannabis companies. The 13,000 square foot facility is expected to be operational by mid-June. In the first six months of legalization, state retailers sold US$200mln in cannabis, according to a report by the Marijuana Business Daily.

"The fluctuating demand from the tourism and organic growth in the cannabis market means that a lot of our partners are having a difficult time forecasting their packaging and supply needs. By having a local facility, we give our clients the added flexibility of faster delivery as well as offering on-site pick up if that's what their business dictates," said CEO Nick Kovacevich.

Shares of the packaging provider rose slightly to US$6.

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Thu, 31 May 2018 14:15:00 -0400 https://www.proactiveinvestors.com/companies/news/198047/daily-cryptocann-report-john-mcafee-launches-his-own-cryptocurrency-kush-bottles-signs-lease-on-new-warehouse-facility-198047.html
<![CDATA[News - Kush Bottles expands cannabis services offering as it closes US$15mln acquisition of Summit Innovations ]]> https://www.proactiveinvestors.com/companies/news/196355/kush-bottles-expands-cannabis-services-offering-as-it-closes-us15mln-acquisition-of-summit-innovations-196355.html Cannabis packaging specialist Kush Bottles Inc (OTCMKTS:KSHB) has completed the US$15mln acquisition of Denver-based Summit Innovations.

The deal was first announced at the start of April but only formally closed today (Thursday).

READ: Kush agrees to buy Summit

From its seven distribution centres across the US, Summit supplies hydrocarbon gases – high purity butane, propane, iso-butane and blends – to cannabis extractors which use them to turn cannabis plants into oils.

“We are pleased to close this acquisition and secure our entry into the hydrocarbon segment of the cannabis market,” said Nicholas Kovacevich, Chief Executive and Chairman of Kush Bottles.

“By bringing Summit Innovations under the Kush Bottles umbrella, we expect to leverage synergies in our distribution channels to grow sales at both Summit and our existing business lines.”

He added: “This is a major step forward in our strategy to position Kush Bottles as a one-stop shop for any business looking to operate responsibly within the legal cannabis market.”

As part of the deal, Kush has paid US$3.2mln in cash up front, while Summit’s former owners could also receive shares worth up to US$12mln if the business hits certain milestones over the next 12 months.

Kush shares were up 0.5% to US$5.62 in late-morning trade in New York.

--Updates for stock price--

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Thu, 03 May 2018 09:02:00 -0400 https://www.proactiveinvestors.com/companies/news/196355/kush-bottles-expands-cannabis-services-offering-as-it-closes-us15mln-acquisition-of-summit-innovations-196355.html
<![CDATA[News - Kush Bottles agrees to buy Summit Innovations to gain foothold in cannabis-extraction process ]]> https://www.proactiveinvestors.com/companies/news/194759/kush-bottles-agrees-to-buy-summit-innovations-to-gain-foothold-in-cannabis-extraction-process-194759.html Kush Bottles Inc. (OTCQB:KSHB), a provider of packaging and accessories for the regulated cannabis industry, said it agreed to buy Summit Innovations LLC, giving it an entry into the distribution of hydrocarbon gases used in the extraction of plant oils.

Summit Innovations will receive US$3.2mln in cash and 1.28mln shares of Kush Bottles’s common stock, Santa Ana, California-based Kush said in a statement.

“Integrating this broad gas portfolio into our large distribution platform will further diversity our business by offering another unique produce line that is highly complementary to Kush Bottles’s existing product inventory,” Kush Chief Executive Officer Nicholas Kovacevich said in the statement.

The transaction is expected to close by May 1, 2018, subject to confirmatory due diligence and certain closing conditions, including approval of the transaction by the equity holders of Summit Innovations, according to the statement.

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Wed, 11 Apr 2018 09:19:00 -0400 https://www.proactiveinvestors.com/companies/news/194759/kush-bottles-agrees-to-buy-summit-innovations-to-gain-foothold-in-cannabis-extraction-process-194759.html