The marijuana industry is booming, and there are many related industries who have capitalized on the growth. KushCo Holdings (OTCMKTS: KSHB), who provide packaging supplies to marijuana product vendors and also help customize marketing and branding for the companies, recently released revenue reports.
KushCo’s fourth quarter revenue totalled $19.9 million, while the year was a resounding success with $52 million banked.
The company receives the bulk of its business from California, although growth in other areas has helped boost revenue for the year. Michigan’s move to legalize marijuana will mean big things for KushCo in the coming years.
Meanwhile, KushCo’s movement on the U.S. Market is favourable, with trades of company stock recorded 800 times. The high for the stock for Dec. 18 was $5.73, while the low was $5.41. Various marijuana investment experts suggest investing in this stock, as it is expected to see continued growth with recreational legalization continuing to grow throughout states and likely federally within coming years.
KushCo’s customer base has been growing rapidly in 2018, compared to client rosters for previous years. For 2018, KushCo reported serving 171 customers, compared to only 54 in 2017 and 13 in 2016.
KushCo’s primary product lines involve rolling papers, vaping products, and packaging for marijuana and related products. Vaping products currently account for more than half of the company’s reported revenue, although packaging and supplies account for a significant portion of the revenue as well, with steady growth continuing as technology is put to use and products are improved.
One big announcement that helped the company in 2018 was the introduction of new tanks to hold gases for the extraction process related to cannabis products. The tanks help businesses provide pure product while increasing efficiency.
Meanwhile, the company operates in five of the largest markets in the U.S. and continues to expand as legalization moves to new states. It is considered one of the top marijuana stocks to invest in for the U.S., which is notable at a time when a lot of marijuana investment experts are focused on the Canadian markets rather than U.S. markets.