Cansortium Inc. is a cannabis company focused on producing premium cannabis products in the United States. On July 1, 2018, Cansortium, Inc. announced its financial results for the three and six months ended June 30, 2018.
Canopy Growth Corporation (CGC) announced today its first quarter fiscal 2018 (Q1 2018) financial results, reporting a 49% revenue increase from the same period a year ago. First quarter revenue was $15.1 million, up from $9.2 million in Q1 2017. This is the first time Canopy has reported revenue, but Canopy’s first quarter revenue was included in the company’s Q3 2017 results.
Cansortium, a cannabis company with operations in Canada and Mexico, has reported that the company’s revenues increased to $15.1 million in the first quarter. This is up 49% from the first quarter of the previous year. Cansortium’s total revenues were approximately $10.4 million for the quarter. The increase in revenue occurred as a result of a 45% increase in gross profit from the prior year quarter.
Cansortium announces financial results for first quarter of 2021
- First quarter revenues increased 49% year-over-year to $15.1 million; adjusted EBITDA increased significantly to $4.4 million.
- Management will hold a conference call today at 4:30 p.m.
MIAMI, Florida, 28. May 2021. /PRNewswire/ – Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) (Cansortium or the Company), a vertically integrated cannabis company operating under the Fluent™ brand name, today announced its financial results for the first quarter ended March 31, 2021 and its most recent operating results. All results are expressed in US dollars unless otherwise stated. Last year’s momentum continued into 2021, with another record quarter in terms of revenue and adjusted EBITDA¹. We have left the adjustment phase far behind and have returned to consistent growth and profitability. In fact, after the first quarter, we achieved a new revenue record in April and we expect growth to continue in the second half of the year with the commissioning of new clinics and culture facilities.
Chief Executive Officer Robert Beasley
Our expansion initiatives in Florida and Pennsylvania were fully funded with approximately $90 million of recent debt and equity financing. By the end of 2021, we plan to build a total of 30 dispensaries and more than 150,000 square feet of cultivation capacity, allowing us to make even more progress in 2022. Key financial indicators for the first quarter of 2021 (compared to the first quarter of 2020)
- Revenue increased 49% to $15.1 million from $10.2 million.
- Florida revenues increased 41.4% from $9.3 million to $13.1 million.
- Adjusted gross profit2 increased 49% to $9.7 million or 64.2% of sales from $6.5 million or 64.0% of sales.
- Net loss was $(5.1) million, or $(0.03) per share, compared to a net loss of $(13.9) million, or $(0.07) per share.
- Adjusted EBITDA increased significantly from $0.7 million to $4.4 million.
___________________________ 1 Adjusted EBITDA is a non-IFRS measure that is not a standard IFRS measure and may not be comparable to similar measures used by other companies. The Company calculates Adjusted EBITDA as EBITDA plus (minus) the unrealized loss (gain) on embedded derivatives, plus (minus) certain non-recurring non-operating expenses as determined by management. A reconciliation of adjusted EBITDA to net loss is included in the accompanying financial tables. 2 Adjusted gross margin is a financial measure that is not a standard IFRS measure and may not be comparable to similar measures used by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) changes in fair value of biological assets as reported in the consolidated statements of income. Recent operational development
- Florida’s record sales in April are marked by record cannabis holiday sales on 4/20
- Launch of 21 new floral varieties in Florida and several new products, including three new Moods fragrances and Jane West tubes.
- In April, the company completed a $17 million private loan and a $71 million secured term loan. These funds and working capital are needed to support the growth and expansion of the Cansortium.
- In May, the company paid off about $43 million in old debt and repaid $5 million in convertible bonds.
- On the 28th. As of May 2021, the Company had approximately $30 million of cash and cash equivalents, $71 million of debt and a $5 million convertible promissory note, and approximately 267 million fully diluted shares outstanding (based on the treasury stock method and the share price as of May 27, 2021).
Outlook for 2021 The company reaffirms its previously published full-year revenue forecast of $90-100 million and adjusted EBITDA of $30-35 million. In Florida, Cansortium still plans to operate a total of 27 dispensaries by the end of 2021 (up from 24 currently in the state), with another four expected to open by the end of the year. The company still expects about $70 million to $80 million of its revenue in 2021 to come from its Florida operations. In Pennsylvania, the company continues to have plans to open another clinic in the third quarter of 2021 and a third clinic in the fourth quarter of 2021. In Michigan, the company has about 2,600 pounds of biomass in stock and 900 pounds of flowers ready for sale. The company expects to sell them all in the next 30 to 60 days, which based on current market prices will generate about $3 million in sales. The Company’s unaudited consolidated financial statements and notes thereto, as well as management’s discussion and analysis, are available on the Company’s SEDAR profile at www.sedar.com and can also be found in the Investor Relations section of the Company’s website at www.getfluent.com. Conference call The company will host a conference call and live audio webcast at 4:30 p.m. today. Eastern Time to discuss financial results and operational highlights. The number of the free kit : 1-800-319-4610 International Number : (604) 638-5340 Conference ID: 10014932 Reference: Cansortium Webcast Q1 2021 Call the conference phone number 5-10 minutes before the start time. The operator will register your name and organization. If you are having trouble connecting to the conference call, please contact Elevate IR at (949) 200-4603. A replay of the conference call will also be available on the News & Events section of the Investor Relations website at https://investors.getfluent.com/. About Cansortium Inc. Cansortium is a vertically integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The company operates under the Fluent™ brand name and strives to be one of the highest quality cannabis companies for the communities it serves. This is due to Cansortium’s relentless pursuit of operational excellence in cultivation, production, distribution and retail. The company is headquartered in Miami, Florida. Cansortium Inc. common stock trades on the CSE under the symbol TIUM.U and on the OTCQB Venture Market under the symbol CNTMF. For more information about the company, see www.getfluent.com. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.