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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. (OTCQX: CNTMF) has partnered with Origins TK Selects to enhance its cannabis genetic offerings in Florida. The collaboration will initially provide patients with Origins OG Kush and Origins Triangle Kush, launched at 29 Fluent dispensaries starting February 25, 2023. This partnership aims to broaden access to high-quality cannabis strains through Fluent's legacy growers, Freedom Town Holdings. Additionally, select Fluent locations will showcase TK's artwork, enriching the consumer experience in the Sunshine State. Cansortium operates in multiple states, focusing on operational excellence in cannabis cultivation and retail.
Cansortium, operating under the Fluent brand, announces the grand opening of its 29th medical cannabis dispensary in Pensacola, Florida, on January 20, 2023. This location expands the company's retail presence to 32 outlets nationwide and enhances patient access to medical cannabis products. The new dispensary will offer a 50% discount on products during its opening weekend, featuring a range of cannabis products including edibles, tinctures, and more. Fluent plans to open three additional locations in Florida in the first half of 2023, further strengthening its market position while creating over 540 jobs.
Cansortium Inc. reported Q3 2022 revenue of $22.1 million, a 42% increase YoY, and an Adjusted EBITDA of $11.7 million, more than double from a year ago. The company achieved a 71% growth in adjusted gross profit, totaling $16.7 million. Despite store closures due to Hurricane Ian, Cansortium anticipates continued expansion in Florida and Pennsylvania, with plans to enter Texas. However, revenue guidance for 2022 has been revised down to $85-$90 million from $90-$95 million. As of September 30, 2022, total debt stood at $69.4 million.
Cansortium Inc. (OTCQX: CNTMF) will host a conference call on November 29, 2022, at 4:30 p.m. ET to discuss its Q3 2022 financial results ending September 30, 2022. A press release with these results will be issued prior to the call. Interested parties can join via toll-free and international dial-in numbers or through the provided conference link. The call will include a Q&A session post-presentation. Cansortium operates under the Fluent™ brand, focusing on delivering high-quality cannabis products in Florida, Pennsylvania, and Texas.
Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) announced the issuance of 1,048,386 common shares to directors, converting US$162,500 in director fees into Debt Shares. The shares are priced at US$0.155 based on the closing market value as of September 30, 2022. Additionally, directors will receive fees for Q4 2022 in common shares at the closing market price on December 31, 2022. This transaction constitutes a related party transaction and is exempt from certain CSE requirements, as the debt does not exceed 25% of the company's market capitalization.
Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) announced the resignation of Chief Financial Officer Patricia Fonseca, effective November 21, 2022. Fonseca, who joined in March 2021, will assist in the transition process for the next month. The company has engaged an executive search firm to find a successor. CEO Robert Beasley expressed gratitude for Fonseca's contributions to the company's growth and financial discipline during her tenure. Cansortium is a vertically-integrated cannabis company with operations across Florida, Pennsylvania, and Texas, under the Fluent brand.
Cansortium Inc. (OTCQX: CNTMF) reported updates on its Florida operations following Hurricane Ian. All 28 dispensaries have reopened, with some closures due to evacuations. The Cape Coral and Fort Myers locations faced significant impacts, remaining closed for six days but sustaining minimal damage. The Sweetwater cultivation facility experienced moderate damage but managed to salvage most harvests. Cansortium anticipates a 12-week timeline to return to pre-hurricane production levels. CEO Robert Beasley acknowledged the modest impact and praised the team’s efforts.
Cansortium Inc. reported a strong Q2 2022, with revenues up 14% QoQ and 36% YoY to a record $22.4 million. Adjusted EBITDA soared 64% QoQ and 95% YoY, reaching $10.2 million. The company reaffirms its 2022 revenue guidance of $90-$95 million and adjusted EBITDA of $25-$28 million. The Florida market drove growth, evidenced by a 16% revenue increase without new store openings. The company plans to open 4-5 stores in Florida by year-end and expects productivity gains from its ongoing cultivation expansion.
Cansortium Inc. (OTCQX: CNTMF) announced a conference call to review its financial and operational results for Q2 2022, ending June 30. The call is scheduled for August 29, 2022, at 4:30 p.m. Eastern time. Management will discuss results and answer questions. Interested participants can join via toll-free or international dial-in numbers, with a conference ID of 10020139. The call will be available for replay on the investor relations website. Cansortium operates the Fluent™ brand in Florida, Pennsylvania, and Texas, focusing on high-quality cannabis.
Cansortium Inc. announced the filing of its 2021 audited and Q1 2022 unaudited financial statements on SEDAR. For FY 2021, revenue rose 25% to $65.4 million, with adjusted EBITDA increasing 90% to $19.6 million. In Q1 2022, revenue grew 30% to $19.7 million, and adjusted EBITDA increased 42% to $6.2 million. The company forecasts 2022 revenue between $90-$95 million, reflecting a projected 40% increase. Cansortium, operating under the Fluent™ brand, is focused on expanding its market share in Florida.