KushCo Holdings (OTCQX:KSHB) announced Monday (July 8) that it has filed to list its common shares on the NASDAQ Global Select Market.
The California-based cannabis company will continue to be traded on the OTCQX until its application to list on the NASDAQ has been approved. The move is an important step for the company as it establishes itself in the growing US cannabis market. KushCo became qualified to trade on OTC Market Group’s Best Market earlier this year after trading on the OTCQB Venture Market since 2016.
In a press release, KushCo Chairman and CEO Nick Kovacevich said that getting listed on the NASDAQ would raise the company’s profile by diversifying its shareholder base and “enhancing share liquidity” to support the company’s goals in the long term.
“If anybody can uplist, we certainly have a good opportunity to do so,” said KushCo CFO Jason Vegotsky in a previous interview with the Investing News Network.
The move comes after the company reported a new partnership with C.A. Fortune, a product sales and marketing agency that focuses on lifestyle brands, earlier this month. C.A. Fortune’s reach into retail channels will provide KushCo with increased access as it expands into the cannabidiol (CBD) retail space.
KushCo also announced a new 40,000 square foot distribution facility in Taylor, Michigan, last month that will support operations in the Midwest with the recent legalization of recreational cannabis use in both Michigan and Illinois.
The company’s subsidiaries and brands manufacture cannabis vaporizer products, supplies and accessories, and provide the larger cannabis sector with hydrocarbon gases and solvents. Since its founding in 2010, KushCo has offered its services to over 6,000 cannabis producers and processors across North and South America and Europe.
KushCo’s Q2 results hit a company record for quarterly revenue. Net revenue increased 240 percent year-over-year to US$35.2 million compared to US$10.4 million in the same quarter last year.
KushCo’s status as an ancillary company in the cannabis industry allowed it to apply for the move onto the NASDAQ. While there are several states in the US that have legalized cannabis for either medical or recreational use, the substance’s federal status as a Schedule I drug prevents the NASDAQ and the NYSE from listing companies that deal directly with cannabis plants and do business in the US.
KushCo’s share price increased about 3.5 percent after Monday’s announcement, ending the day at US$5.22. The company opened at US$5.30 on Tuesday (July 9) and closed at US$5.11.
TipRanks has a price target for the company of US$7.90, representing upside of over 50 percent.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.