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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 (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.
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