Fiscal 2020 was arguably the most pivotal time in KushCo’s entire 10-year history, as we executed on our strategic plan and achieved our first quarter of positive adjusted EBITDA in more than three years.Â
On behalf of the entire leadership team, I could not be more proud of our KushCo family, who embraced our spirit and track record of overcoming significant challenges, and who came together in a time of immense difficulty to turn around the business and get us to the much healthier and promising position we believe we are in today. From right-sizing our cost structure, streamlining our inventory and consolidating our warehouses to refocusing on our core customers, tightening our credit standards and improving our collections activity, we are thrilled to have delivered on the initiatives we said we were going to deliver, giving us a solid foundation to continue growing our business profitably moving forward.Â
We realize there is still a lot of work to be done, but we are encouraged with the substantial progress we have made, especially when considering the challenging, but constructive, journey we underwent in fiscal 2020, starting with the illicit market vape crisis and culminating with the ongoing COVID-19 pandemic. Looking ahead, we will continue to focus on aligning deeper with-and cross-selling more to-the large and creditworthy MSOs, LPs, and leading brands, who appear more poised than ever to reap the lion’s share of the benefits from the industry’s next stage of expansion.