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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. announced the results of its annual general and special meeting held on June 30, 2021. Shareholders approved all proposals, including the election of six nominees to the board of directors, the adoption of a restricted share unit award plan, and the re-appointment of MNP LLP as the Company’s auditor. Following the meeting, William Smith was appointed Executive Chairman. Cansortium is a vertically-integrated cannabis company operating under the Fluent brand, with licenses in Florida, Pennsylvania, Michigan, and Texas, trading under the symbols TIUM.U and CNTMF.
Cansortium Inc. (CSE:TIUM.U, OTCQB: CNTMF) announced the conversion of $5 million in convertible promissory notes into common shares, fulfilling its obligations. The conversion resulted in the issuance of 8,426,574 shares at $0.60 per share, following a sustained share price above $0.96. CEO Robert Beasley emphasized the simplification of the capital structure and improvement of the balance sheet. Furthermore, Cansortium has partnered with Elevate IR to enhance its investor relations strategy.
Cansortium Inc. (CSE: TIUM.U, OTCQB: CNTMF) has agreed to issue 143,678 common shares, valued at U.S. $0.87 each, to an independent director in exchange for canceling $125,000 in director fees. This transaction is classified as a related party transaction under MI 61-101, as it does not exceed 25% of the company's market capitalization. The company intends to expedite the transaction to reduce accrued liabilities. Debt Shares issued to Canadian residents will be subject to a four-month hold period, emphasizing Cansortium's commitment to financial efficiency.
Cansortium Inc. announced a rescheduled annual general and special meeting for shareholders on June 30, 2021, at 10:00 a.m. Toronto Time. This change follows shareholder feedback and adds two nominees for the board election, John McKimm and Alex Spiro, increasing the total nominees to six. The company also confirmed that two current directors, Neal Hochberg and David Abrams, will not seek re-election. Shareholders must disregard previous voting instructions and submit new ones using updated proxy forms. Further details will be available in a Supplement posted on SEDAR.
Cansortium Inc. (OTCQB: CNTMF) reported a 49% YoY increase in Q1 revenue, totaling $15.1 million, accompanied by a significant rise in adjusted EBITDA to $4.4 million. Florida revenue surged by 41.4% to $13.1 million. Despite a net loss of $5.1 million, a notable improvement from a prior loss of $13.9 million was recorded. The company anticipates expansion to 30 dispensaries and 150,000 ft² cultivation capacity by year-end, aiming for 2021 revenues of $90 million to $100 million.
Cansortium Inc. will hold a conference call on May 28, 2021, at 4:30 p.m. Eastern time to discuss its financial results for Q1 2021, ended March 31.
Details for participation include a toll-free number at 1-800-319-4610 and an international dial-in at (604) 638-5340. The call is an opportunity for management to address questions post-discussion.
Cansortium, operating under the Fluent™ brand, focuses on quality cannabis production and has licenses in Florida, Pennsylvania, Michigan, and Texas.
Cansortium Inc. (OTCQB: CNTMF) has redeemed up to US$5 million of its convertible promissory notes, reducing the total outstanding amount to US$5 million. These notes were initially issued for a total of US$10 million in February 2019. The remaining notes are due on December 1, 2022, unless converted at a price of US$0.60 per share. CEO Robert Beasley noted that this move represents an improvement in the company's balance sheet and its ongoing partnership with noteholders as Cansortium expands its operations in Florida and other markets.
Cansortium Inc. has announced it has satisfied its obligations under a US$12.9 million promissory note, originally due on December 1, 2022, owed to Can Endeavour LLC. The principal was converted into 21,555,483 common shares at a conversion price of US$0.60 per share. All accrued interest has been paid in cash. This note was tied to the acquisition of Fluent Servicing, LLC in August 2018. The common shares are unregistered under U.S. securities laws. Cansortium is focused on operational excellence in the cannabis sector, primarily in Florida.
Cansortium reports a Q4 revenue increase of 54% to $14.7 million and an adjusted EBITDA of $3.3 million. For the full year 2020, revenue surged by 84% to $52.4 million, with Florida revenue also up 84% to $46.4 million. The company anticipates 2021 revenue between $90 million and $100 million, driven by expansion in Florida and Pennsylvania. They achieved record sales of approximately $5 million in Florida in April 2021.
Cansortium Inc. announced the completion of a US$71 million Senior Secured Term Loan due April 2025, enhancing the company's liquidity and extending debt maturities. The loan, with an interest rate of 13%, will allow Cansortium to repay existing debts, including $27.1 million in convertible debentures, and significantly improve its balance sheet by adding over $40 million in cash. The funds will support expansion in Florida, Pennsylvania, and Michigan, where the company aims to capitalize on growth opportunities.