Kush Bottles reported financial results for its wholly-owned subsidiary CMP Wellness (CMP), a distributor of vaporizers, cartridges and accessories acquired by Kush Bottles on May 1, 2017, in an 8-K filed with the Securities and Exchange Commission today, July 6, 2017.
The results include unaudited financial results for the interim periods ended February 28, 2017 and February 29, 2016, as well as audited results for the full fiscal years ended August 31, 2016 and August 31, 2015.
Also included in the report are pro forma financials that show the combined performance of Kush Bottles and CMP Wellness as if the business combination had already occurred in these aforementioned reporting periods.
CMP Wellness has been in the business of selling standard and customized vaporizer products since 2013. On May 1, 2017, Kush Bottles acquired CMP with the aim of diversifying its product range, opening new distribution channels and yielding cross-selling opportunities for its existing product lines. The financial results furnished today reflect CMP's performance prior to its acquisition by Kush Bottles.
The pro-forma financial statements that are included in the filing are based on the separate historical financial statements of Kush and CMP, and have been combined and condensed to show the potential financial impact had the acquisition taken place in previous reporting periods. These financial statements are purely for informational purposes, having no impact on Kush Bottles' actual financial results for the reporting periods referenced.
Mr. Nicholas Kovacevich, Chief Executive Officer of Kush Bottles, commented, "In the six months ended February 28, 2017, CMP revenues increased 277% compared with the prior year period to $4.5 million and its net income increased 149% to $0.7 million.”
Kush Bottles, Inc. is a dynamic sales platform that provides unique products and services for both businesses and consumers in the cannabis industry.
Founded in 2010 as a packaging and supplies company for dispensaries and growers, Kush Bottles has sold more than 100 million units and now regularly services more than 4,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe.
The company has facilities in the three largest U.S. cannabis markets and a local sales presence in every major U.S. cannabis market.
