KushCo Holdings, a California-based cannabis packaging company, said it is restating its results from both fiscal 2018 and 2017 to reflect accounting errors stemming from previous acquisitions.
The result is an increased net loss in fiscal 2018 from $10.2 million to $24.3 million while net income in fiscal 2018 is to rise from $100,000 to $1.7 million.
The discrepancies arose from what the company says are inadvertent errors after three acquisitions in 2017 and 2018.
There will be no impact on KushCo’s gross profit or net revenue for those years, KushCo said.
In addition, the Santa Ana company – which trades on the over-the-counter markets as KSHB – said it will report its second-quarter fiscal 2019 results after market close April 11.
For more details on KushCo’s restated losses, click here.