Marijuana company KushCo reports higher revenues, wider losses

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(This story has been updated with comments from KushCo CEO Nick Kovacevich.)

KushCo Holdings, a California-based provider of ancillary products and services for the cannabis industry, on Tuesday reported revenues of $41.5 million for its fiscal third quarter, a 221.5% jump from $12.9 million in the same period a year ago.

Net losses for the quarter, which ended May 31, were $10.6 million compared with $9.2 million in the third quarter of 2018.

For the first nine months of fiscal 2019, sales soared 217.5% to $101.9 million from $32.1 million in the same period a year ago. Net losses in the period totaled $28.1 million compared with $21.2 million in 2018.

KushCo, which said this week it applied to list on the Nasdaq, currently trades on the U.S. over-the-counter exchanges under the ticker symbol KSHB.

Regrading the planned Nasdaq listing, KushCo CEO Nick Kovacevich referred to successful listings by U.S. ancillary companies Greenlane and Akerna.

“In light of these listings, we remain confident our company will be listed in the near future,” he said during a conference call.

He also gave revenue guidance of $145 million-$150 million for all of fiscal 2019.

More details on the third-quarter results can be found in this news release.