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KushCo Holdings, Inc. (OTCQX:KSHB) announced that over 97% of its stockholders voted in favor of the merger with Greenlane Holdings, Inc. (NASDAQ:GNLN) during a special meeting. This all-stock, tax-free transaction will make KushCo a wholly-owned subsidiary of Greenlane. Co-founder and CEO Nick Kovacevich expressed gratitude for the strong support from shareholders and emphasized the merger's potential to create a leading ancillary company in the cannabis industry. Greenlane's stockholders also approved the merger on the same day.
KushCo Holdings reported fiscal Q3 2021 revenue of $28.3 million, reflecting a 27% year-over-year growth, driven by increased sales to top customers, including MSOs and LPs. The gross profit margin improved to 15%, despite challenges in shipping and material costs. SG&A expenses decreased to $9.1 million, contributing to a reduced net loss of $8 million. The company is moving forward with a merger with Greenlane Holdings, aimed at enhancing financial scale and operational synergies. A special shareholder meeting is scheduled for August 26, 2021.
Greenlane and KushCo have initiated proxy solicitations for their proposed merger, with shareholder meetings set for August 26, 2021. Greenlane's meeting is at 10:00 AM ET, followed by KushCo's virtual meeting at 12:00 PM ET. If approved, this merger will create a major ancillary cannabis company, projected to close in Q3 2021. Both companies' boards have unanimously endorsed the merger, highlighting its potential to serve top multi-state operators and enhance shareholder value. Investors are urged to read the joint proxy statement filed with the SEC.
KushCo Holdings (OTCQX:KSHB) announced a scheduled conference call on July 8, 2021, at 4:30 p.m. ET to discuss its fiscal Q3 results ending May 31, 2021. A record date of July 1, 2021 was set for stockholders to vote on a proposed merger with Greenlane Holdings. Financial results will be disclosed on the same date, and the company invites all interested parties to listen via telephone or webcast. Investors are encouraged to review the necessary filings with the SEC regarding the merger and offered services in the cannabis industry.
KushCo Holdings projects a revenue increase of 21% to 26% year-over-year for fiscal Q3 2021, estimating between $27.5 million and $28 million, compared to $22.3 million last year. This growth stems from a projected 60%+ increase in revenue from its top 25 customers, expected to reach $20.5 million. The company remains focused on retaining and expanding its elite customer base, emphasizing potential revenue and cost synergies from its merger with Greenlane. Full results will be reported in early July 2021.
KushCo Holdings (OTCQX:KSHB) announces its participation in three financial conferences throughout June 2021. The lineup includes the Benzinga Cannabis Capital Conference on June 4 at 12:30 p.m. ET, the Stifel 2021 Virtual Cross Sector Insight Conference on June 8 at 4:40 p.m. ET, and the LD Micro Invitational XI on June 10 at 11:00 a.m. PT. Executives Nick Kovacevich and Stephen Christoffersen will represent the company at these events. Interested parties can schedule one-on-one meetings with the company through their investor relations contact.
Greenlane Holdings (NASDAQ:GNLN) and KushCo Holdings (OTCQX:KSHB) announced the expiration of the 30-day waiting period under the HSR Act, a significant milestone towards their proposed merger. The transaction is expected to close in Q3 2021, pending necessary approvals. KushCo's CEO expressed optimism regarding the merger's potential to unlock synergies and capitalize on market opportunities. The companies plan to provide detailed information to stockholders through a joint proxy statement.
Greenlane Holdings and KushCo Holdings announced their leadership team following the planned merger, aimed at enhancing profitability and shareholder value. Nick Kovacevich will serve as CEO, with Bill Mote as CFO and Aaron LoCascio as President. The team also includes notable executives such as William Bine (COO) and Rhiana Barr (CPO). The merger is anticipated to conclude by late Q2 or early Q3 2021, pending regulatory approvals. This strategic move is positioned to create a leading ancillary cannabis company.
KushCo Holdings reported fiscal Q2 2021 revenue of $32.9 million, marking a 23% sequential increase, driven by sales to top MSOs and LPs. The company raised $40 million in equity capital, significantly reducing its net loss to $5.0 million from $44.4 million in the previous year. Gross profit margins improved to 20% on a GAAP basis. However, due to a pending merger with Greenlane, KushCo retracted its previous revenue guidance for fiscal 2021, originally set between $130 million to $160 million.
KushCo Holdings (OTCQX: KSHB) will host a conference call on April 8, 2021, at 4:30 p.m. ET to discuss its fiscal second quarter results ending February 28, 2021. The financial results will be available on the company's investor relations website and released in a press release after market close. Investors can participate in the call via toll-free dial-in or webcast.
KushCo has established itself as a leading provider of ancillary products for the legal cannabis and CBD industries, boasting over 1 billion units sold globally.
