KushCo CFO to depart amid restructuring plan

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KushCo Holdings Inc. said late Thursday that the company’s chief financial officer was departing as the company restructures amid the COVID-19 pandemic. KushCo said that it is further working to expand its customer base of larger cannabis companies in Canada and the U.S. because small and mid-size companies have been struggling financially following the vape illness crisis. KushCo said it was reducing its warehouse footprint, reducing its inventory and offering a “simplified” batch of products. KushCo also said it had laid off 49 employees, which combined with other staff cuts beginning in September will result in an overall workforce reduction of 50%. The company said it expected the restructuring to take several months. Current CFO Christopher Tedford will leave KushCo April 10, and will be replaced by current executive vice president of corporate development, Stephen Christoffersen, who has been in that role since 2018. KushCo said it would report financial results for the fiscal second quarter in April. KushCo stock gained 15.7% during the regular session Thursday, as the Cannabis ETF rose 11.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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