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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. (OTCQB: CNTMF) is launching KNACK, a new cannabis flower brand, exclusively at Etain Health dispensaries in New York starting December 18, 2024. Operating under the FLUENT™ brand, the company will offer premium cannabis products including whole flower (3.5-28 grams) and pre-roll varieties.
The products are cultivated in the Adirondacks using indoor growing techniques, featuring strains like Poddy Mouth, Burnt Orange, Mimosa EVO, Secret Meetings #6, Stay Puft, Ruby Violet, and Strawberry Lemonade. FLUENT plans to expand the KNACK brand into Florida in Q1 2025.
Cansortium (OTCQB: CNTMF), operating under the FLUENT brand, has become Florida's first dispensary to introduce Freedom Town Holdings' innovative flower window bags. The new packaging features a 'peekaboo' window that allows patients to visually inspect cannabis products before purchase, enhancing transparency in the buying process.
The bags are made from mylar, a lightweight, recyclable material that offers superior product protection by blocking light and moisture while reducing environmental impact. The packaging maintains child-resistant features and detailed labeling requirements while improving the overall dispensary experience through product visibility.
Cansortium has expanded its MOODS vaporizer line with two premium extensions: MOODS Black in New York and MOODS Winter in Florida. MOODS Black, available at Etain Health locations, features three strains (Bruce Banner, Egyptian Gold, and Cream Cheese Zushi) in various formats including Mini All-in-One ($65), Dash All-in-One ($40), and 510 Cartridge ($60). The Florida-exclusive MOODS Winter line introduces two holiday-inspired flavors: Reindeer Reefer and Festivus Frost, available in 1G 510 Cartridge ($65) and 1G MOODS Mini All-in-One ($70).
Cansortium reported Q3 2024 results with revenue increasing 3.5% year-over-year to $26.1 million. The company achieved $7.5 million in Adjusted EBITDA (29% margin) and generated $9.6 million in positive cash flow from operations. Florida revenue grew 3.6% to $22.0 million. Gross profit before fair value adjustments was $14.3 million (54.6% of revenue). The company operates 35 stores in Florida and plans to open 4 new stores by end of 2025. Cansortium completed a new senior secured credit agreement of up to $96.5 million and expects to complete its business combination with RIV Capital in December 2024.
RIV Capital reported record quarterly revenue of $4.9 million for Q3 2024, a 186% year-over-year increase. The company operates three co-located adult-use and medical retail dispensaries, plus one medical-only location. Despite revenue growth, the company recorded a net loss of $63.4 million, primarily due to a $67.4 million non-cash pre-tax impairment charge on intangible assets. The company ended the quarter with $50.7 million in cash and expects to close its Business Combination with Cansortium in the coming weeks. Wholesale revenue reached $1.6 million from sales of cannabis products in New York, with a growing pipeline of approximately 60 retailers.
Cansortium has secured a new senior secured credit agreement worth up to $96.5 million with Chicago Atlantic, featuring a 12% cash interest rate and 1% PIK interest, maturing November 26, 2028. The agreement refinances the existing $71 million loan and provides access to two additional credit lines: $10 million for real estate acquisitions and $15 million for potential Buffalo facility acquisition. The deal includes a single financial covenant requiring minimum unrestricted cash of $4.5 million quarterly. The company expects to close its business combination with RIV Capital in early December 2024, having obtained all necessary regulatory approvals.
Cansortium (OTCQB: CNTMF) has launched Hyer Kind, a new premium cannabis concentrates line, exclusively available at FLUENT dispensaries across Florida. The product line includes cured badder, crumble, and cured resin cartridges, crafted using advanced extraction techniques like live ice-water extraction. Pricing is set at $50 for cured badder and cured resin cartridges (0.5g), and $45 for crumble. The company plans to expand the brand into additional markets, including New York, and will add more concentrate options to the portfolio.
RIV Capital and Cansortium have successfully launched the MOODS cannabis brand in New York. The brand is now available at Etain dispensaries and in the wholesale market. MOODS offers four core strains and various consumption formats, including Mini All-in-One devices, 0.5g Dash All-in-One devices, and 1g Cartridges.
The launch has been met with great success, with MOODS becoming the top-selling vape brand in RIV Capital's New York retail stores during September. This success has contributed to record-breaking monthly vape sales for the company. The products are formulated using genetics grown at RIV Capital's Upstate New York facility.
To celebrate the launch, RIV Capital and Cansortium will participate in the upcoming Revelry Cannabis Festival in NYC on October 4-5, 2024. This event will showcase the new MOODS product line and celebrate its entry into the New York market.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, has announced a change in its auditor. The company's board of directors has appointed PKF O'Connor Davies LLP as the new auditor, effective September 23, 2024, replacing Baker Tilly US, LLP, which resigned at the company's request on the same date.
The Former Auditor did not express any modified opinions in their reports on Cansortium's financial statements for the relevant period, as defined by National Instrument 51-102. Additionally, there were no reportable events involving the company and the Former Auditor. Cansortium has filed the required notice of change of auditor and accompanying letters from both auditors on SEDAR+, in compliance with regulatory requirements.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, has issued 865,382 common shares to its directors in exchange for canceling US$112,500 of director fees for Q2 2024. The shares were issued at US$0.13 per share, based on the CSE closing price on June 30, 2024. Directors have also agreed to receive Q4 2024 fees in shares at the December 31, 2024 closing price. This shares-for-debt transaction is considered a related party transaction under MI 61-101, but the company is relying on exemptions from valuation and minority shareholder approval requirements. The issued shares will have a four-month hold period.