Fluent Corp Stock Price, News & Analysis

Cansortium Inc. (CNTMF) reported strong Q2 2024 results with revenue up 12% YoY to a record $27.3 million. Key highlights include:

- Florida revenue increased 15% to $23.1 million
- Adjusted gross profit was $12.3 million or 48.6% of revenue
- Adjusted EBITDA rose to $7.7 million
- Cash flow from operations was $2.8 million
- The company had $8.5 million in cash and $67.5 million in total debt as of June 30, 2024

Cansortium operates 35 stores in Florida and plans to open 4 new stores by Q2 2025. The company is also progressing with its business combination with RIV Capital, expected to close in Q4 2024.

RIV Capital (CSE: RIV) (OTC: CNPOF) and Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) have provided an update on their integration activities ahead of their planned merger. The companies are implementing best practices and SOPs, aligning strategic production planning, and expanding their brand portfolio. Key initiatives include introducing Fluent's brands to the New York market, launching new products, and enhancing in-store customer experiences. The merger aims to position the combined company as a leader in key growth markets, focusing on operational efficiency and profitability. RIV Capital urges shareholders to vote on the proposed business combination before the deadline of August 23, 2024, at 9:30 a.m. EDT.

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, has scheduled its second quarter 2024 conference call for Thursday, August 22 at 4:30 P.M. ET. The company will release its financial and operating results for the quarter ended June 30, 2024, prior to the call. Management will host the conference call, followed by a Q&A session.

Investors can join the call using the toll-free number 1-844-763-8274 or the international dial-in 1-647-484-8814. Participants should call 5-10 minutes before the start time. The call will also be available for replay via the company's investor relations website.

RIV Capital has appointed David Vautrin as Chief Retail Officer ahead of its anticipated merger with Cansortium Inc. Vautrin will initially oversee retail and wholesale operations in New York. Vautrin's experience includes leading cannabis ventures in New York and California, notably with Harbour Community and Origin House. The merger with Cansortium aims to expand RIV Capital's footprint across key U.S. states. RIV Capital has also launched its first co-located adult-use and medical retail store in White Plains and plans to open additional retail locations later this year.

Cansortium (CSE: TIUM.U, OTCQB: CNTMF) reported a 14% YoY increase in Q1 2024 revenue to $25.2 million, marking its 10th consecutive quarter of positive cash flow.

Florida revenue rose 16% to $21.1 million. Adjusted gross profit was $12.3 million, representing 48.6% of revenue, up from $10.2 million or 46.4% YoY. Adjusted EBITDA increased to $6.8 million from $5.8 million. Cash flow from operations was $4.1 million, down from $5.1 million a year ago.

The company holds $8.5 million in cash and $62.9 million in debt, with 300 million shares outstanding. Key developments include a new cultivation facility in Tampa, the anticipated opening of three more dispensaries in Florida by year-end, and a business combination with RIV Capital.

Cansortium (CSE: TIUM.U, OTCQB: CNTMF) and RIV Capital (CSE: RIV, OTC: CNPOF) announced a definitive agreement for a business combination. Under this Arrangement Agreement, Cansortium will acquire all outstanding shares of RIV Capital. Shareholders of Cansortium will own approximately 51.25% of the combined entity, while RIV Capital shareholders and The Hawthorne Collective will hold 48.75%. The merger will enhance the combined company's presence in Florida, New York, Texas, and Pennsylvania and aims to eliminate $175 million of debt. The combined entity will have a pro forma cash balance of $74 million, with anticipated annual cost synergies of $5-10 million. The transaction is expected to close in Q4 2024, subject to regulatory and shareholder approvals.

Cansortium, operating under the FLUENT brand, announced a change in its Chief Financial Officer (CFO) position. Jeffrey Batliner resigned as CFO effective May 13, 2024. Patricia Fonseca has been re-appointed as the CFO, effective immediately. Ms. Fonseca previously served as the company's CFO from March 9, 2021, to November 21, 2022.

The company and its board of directors expressed gratitude to Mr. Batliner for his contributions and extended best wishes for his future endeavors.

Cansortium Inc. reported strong financial results for Q4 and full year 2023, with record revenue, positive cash flow, and growth in key markets. Revenue increased 9% YoY to $25.5 million in Q4 and 11% to $97.3 million for the full year. Adjusted gross profit was $49.5 million, with $27.2 million in adjusted EBITDA for the year. The Company remains focused on operational improvements, expansion in Florida and Pennsylvania, and growth in Texas.