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FLUENT Corp. reports developments for a vertically integrated, multi-state cannabis consumer packaged goods and retail business. Company news centers on cultivation, production, distribution and dispensary operations; branded cannabis products including MOODS, Knack, Wandr, Bag-O and Hyer Kind; and wholesale activity through ENTOURAGE in New York. Updates also cover Florida retail openings, product launches tied to indoor cultivation and manufacturing facilities, operating results, debt reduction, credit-agreement amendments and completed portfolio actions such as the sale of Pennsylvania operations. FLUENT disclosures regularly address the state-legal cannabis framework and federal Controlled Substances Act risks that affect U.S. cannabis operators.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) has issued a bi-weekly default status report concerning a management cease trade order (MCTO) following a delay in filing its audited financial statements for 2021. The MCTO restricts trading for the CEO and CFO until all required filings are received by the Ontario Securities Commission. Cansortium anticipates filing these documents by May 27, 2022, and confirms no material changes since the original announcement. The company aims to comply with NP 12-203 guidelines as it resolves this matter.
Cansortium Inc. reported a 22% year-over-year revenue increase for FY 2021, reaching $63.7 million, with adjusted EBITDA up 90% to $19.6 million. Q4 2021 revenue rose 13% to $16.5 million, and preliminary Q1 2022 revenue jumped 33% to $20.1 million. Despite these strong results, the company has delayed its audited financial statement filing due to additional time needed by auditors. Cansortium expects revenue for 2022 to be between $90-$95 million and aims for adjusted EBITDA between $25-$28 million.
Cansortium Inc. announced the closing of a non-brokered private placement, securing US$4.7 million in gross proceeds. This includes a 10% unsecured convertible debenture of US$3.5 million and 3,076,923 pre-funded common share purchase warrants priced at US$0.39 each. The debenture is convertible into common shares at US$0.79 per share by 2032. Proceeds will be used to reduce outstanding debt and for working capital, including $3.25 million designated as an equity cure under a previous April 2021 Credit Agreement.
Cansortium Inc. (OTCQX: CNTMF) will release its financial results for Q4 2021 and preliminary figures for Q1 2022 on May 2, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET the same day, allowing investors to discuss the results in detail. The call can be accessed via (800) 319-4610 for domestic participants and (604) 638-5340 for international callers. Cansortium operates under the Fluent™ brand, with licenses across Florida, Pennsylvania, Michigan, and Texas.
Cansortium Inc. (OTCQX: CNTMF) announced the exercise of its first equity cure right under a $71 million credit agreement. The company will utilize proceeds from a recent $2.5 million equity private placement, completed on December 6, 2021, to enhance its EBITDA calculation for the Consolidated Interest Coverage Ratio, which must meet the threshold of 2.00:1.00. This equity cure right can be exercised for up to two consecutive quarters. Cansortium operates under the Fluent™ brand across multiple U.S. states, including Florida and Texas.
Cansortium Inc. announced the closing of a non-brokered equity private placement, issuing 3,571,428 common shares at $0.70 per share, raising approximately $2.5 million. The funds will be used for working capital, including potentially exercising an equity cure right under its $71 million Credit Agreement should amendments not be reached with lenders. The securities are not registered under U.S. laws and cannot be offered or sold in the U.S. without proper registration or exemptions.
Cansortium Inc. reported Q3 2021 revenue of $15.6 million, a 9% increase year-over-year, with Florida revenue climbing 4.3% to $13.1 million. Adjusted EBITDA rose 34% to $4.9 million, representing 31.4% of revenue. The company opened new dispensaries, expanding its retail footprint to 29 stores. However, due to market disruptions from a merger among MSOs in Florida, Cansortium revised its 2021 revenue guidance to $63-$66 million, maintaining its adjusted EBITDA forecast of $18-$26 million. Management remains optimistic about production capacity and market positioning moving forward.
Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) has announced its participation in two upcoming investor conferences in December 2021. The Cowen 4th Annual Cannabis Conference will take place virtually from November 29 to December 1, 2021, with one-on-one meetings on December 1. Additionally, the Benzinga Global Small Cap Conference is scheduled for December 8-9, 2021, where CEO Robert Beasley will present and join a panel discussion. For further details, contact the investor relations team.
Cansortium Inc. (OTCQX: CNTMF) will hold a conference call on November 30, 2021 at 5:00 p.m. ET to discuss its Q3 2021 financial results for the period ended September 30, 2021. The results will be reported before the call. Interested participants can join using the toll-free dial-in number (800) 319-4610 or the international dial-in (604) 638-5340. The conference will also include a Q&A session and will be available for replay on the Company's investor relations website.
Cansortium Inc. has announced a change of auditor, replacing MNP LLP with Baker Tilly US, LLP, effective October 1, 2021. The decision follows the Former Auditor's resignation and was approved by the board on October 15, 2021. Notably, there were no modified opinions in the Former Auditor's audit reports for the last two years, and no reportable events occurred between the Company and the Former Auditor. This change is in compliance with National Instrument 51-102 and has been duly filed on SEDAR.