SANTA ANA, CA – KUSH BOTTLES, INC. (OTCQB: KSHB) (“Kush Bottles” or the “Company”), a leading provider of packaging, supplies, vaporizers, hydrocarbon gases, solvents, accessories and branding solutions for the regulated cannabis industry, today announced it closed a registered direct offering of 7,500,000 shares of common stock and warrants to purchase 3,750,000 shares of common stock with a combined purchase price of $4.80 per share. The warrants have an exercise price of $5.28 per share, are immediately exercisable and will expire five years from the date of issuance. The gross proceeds of the offering are approximately $36,000,000 before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds for general corporate purposes, including, among other things, working capital, product development, acquisitions, capital expenditures, and other business opportunities.
A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.
Kush Bottles’ Chief Executive Officer, Nick Kovacevich, commented, “Kush Bottles has proven its ability to identify and monetize lucrative areas of the cannabis market. In doing so, Kush has established itself as the largest ancillary product provider to the industry, as demonstrated by its significant growth and the widespread adoption of its products. We believe this capital injection gives us additional resources to expand quickly into new markets, innovate rapidly, make strategic acquisitions and broaden our diversified suite of ancillary products and services for the global cannabis industry. We are pleased to secure this investment from institutional investors that share our vision for Kush Bottles and the cannabis industry.”