TAMPA, Fla. – Cansortium Inc., a vertically-integrated, multi-state cannabis company operating under the FLUENT brand, today announced financial and operating results for the quarter ended June 30, 2024. Unless otherwise indicated, all financial results are presented in U.S. dollars.
“We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the second quarter as we continued to execute on our growth objectives,” said CEO Robert Beasley. “We continue to lay the foundation for growth and scalability while remaining excited about the opportunities ahead.”
“In Florida, we have focused on enhancing manufacturing efficiencies and cultivation yields, which has resulted in both an improvement of product quality and cost of goods sold. This has allowed us to retain high profit margins while price competition continues to heat up.”
“Looking ahead, we are excited about our upcoming business combination with RIV Capital and have already begun key integration steps. Our shared focus remains on driving growth and profitability by leveraging our core strengths in cultivation, operating expertise and inventory optimization to drive results for shareholders. We remain laser focused on our existing portfolio in Florida, Pennsylvania and Texas and look forward to closing the RIV Capital agreement in the fourth quarter.”
Q2 2024 Financial Highlights (vs. Q2 2023)
- Revenue increased 12% to $27.3 million compared to $24.4 million.
- Florida revenue increased 15% to $23.1 million compared to $20.1 million.
- Adjusted gross profit was $12.3 million or 48.6% of revenue, compared to $10.2 million or 46.4% of revenue.
- Adjusted EBITDA was $7.7 million compared to $6.8 million, with the increase primarily driven by higher revenues due to additional production and stores.
- Cash flow from operations for the three months ended June 30, 2024 was $2.8 million compared to $4.8 million in the prior year primarily due to settlement of tax payments that had been carried over from previous periods.
- On June 30, 2024, the Company had approximately $8.5 million of cash and cash equivalents and $67.5 million of total debt, with approximately 300 million shares outstanding.
Recent Operational Highlights
In Florida, Cansortium currently operates 35 stores and anticipates opening 4 new stores by Q2 2025.
In Pennsylvania, Cansortium completed renovations and expanded its Hanover store, refreshing its look and doubling its size. The store remained operational for the entirety of renovations.
The company has begun integration activities with RIV Capital sharing best operational practices and driving efficiencies in advance of the business combination expected to close in Q4 2024.
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania and Texas. The Company operates under the Fluent brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Tampa, Florida.
Cansortium Inc.’s Common Shares trade on the CSE under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF”.
