Kush Bottles Reports Q1 Financial Results
Revenues up 177% and cash flow turns positive
SANTA ANA, Calif., Jan. 14, 2016 /PRNewswire/ -- Kush Bottles, Inc. (OTCQB: KSHB), a premier supplier of packaging solutions and accessories for the legal cannabis industry, reported its First Quarter Fiscal Year 2016 financial results for the three months ended November 30, 2015, which showed increases in revenues over the same period last year.
Total revenues for Q1 FY16 were $1,720,581, compared to $620,325 for Q1 FY15, an increase of $1,100,256 or 177%.
Positive cash flows from operations were $118,793.
The company also reported net income of $4,920 in Q1 FY16 compared to a net loss of $87,375 for Q1 FY15.
"We are pleased to continue to show strong financial performance, and are especially proud that we began our fiscal year by posting a profitable first quarter," Nicholas Kovacevich, Co-Founder and CEO of Kush Bottles, Inc. commented. "These results are a testament to the strong management team we have in place, and a validation of our business plan," he added. "As we move forward, our big focus will be on accelerated growth by putting our capital to use in developing new product lines, expanding to new territories, and continuing to strengthen our brand and market presence."
Kush Bottles fills a vital and on-going need in the rapidly growing legal cannabis industry, by providing a wide range of packaging solutions, including a full line of certified child-safe containers. Some states have mandated that all cannabis products must be sold only in child-resistant containers.
For more information, visit: www.kushbottles.com, or call: (888)-920-5874.
About Kush Bottles:
Kush Bottles is an industry leading packaging provider, offering certified child-resistant and custom-branded solutions in all states that permit adult-use or medical marijuana, and Canada. With over 100 million bottles sold, the company is respected for its premium quality products, exceptional customer service, fast deliveries, and innovative custom solutions.
For more information, visit www.kushbottles.com.
Forward Looking Statements:
This press release may include predictions or statements that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. We are not obligated to revise any forward-looking statements in light of new information. Words such as: "look forward," "believe," "continue," "building," or similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements are often discussed in our filings with the SEC, available at: www.sec.gov, and on our website, at: www.kushbottles.com.
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SOURCE Kush Bottles
Released January 14, 2016