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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 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.
RIV Capital (CSE: RIV) (OTC: CNPOF) and Cansortium (CSE: TIUM.U) (OTCQB: CNTMF) announced shareholder approval for their proposed business combination. Approximately 98.8% of eligible votes at the RIV Meeting favored the Arrangement Resolution, while 99.1% of eligible votes at the Cansortium Meeting supported the Amendment Proposal. The combined entity will operate under the Cansortium name, trading on the CSE as 'TIUM.U' and OTCQB as 'CNTMF'. The transaction is expected to close in Q4 2024, subject to final court approval and regulatory clearances. Both companies' leadership expressed enthusiasm about leveraging their joint capabilities to establish strong positions in key markets and drive shareholder value.
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.