Cansortium Q3 Revenue Slips 1% Sequentially to $22.1 Million
MIAMI, Nov. 29, 2022 /PRNewswire/ – Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced financial and operating results for the third quarter ended September 30, 2022. Unless otherwise indicated, all results are presented in U.S. dollars.
“We continued to execute on our profitability objectives during the third quarter, leading to another period of gross margin expansion and a record bottom line with strong cash flow generation,” said CEO Robert Beasley. “Had it not been for Hurricane Ian driving store closures in late September, we would have generated our 11th consecutive quarter of revenue growth, so I am very pleased with our team’s consistent effort to deliver on our goals.”
As we exit the year and look to 2023, we expect to continue opening new stores in Florida while driving organic growth in our three Pennsylvania dispensaries. We also have plans to begin building out our footprint in Texas and look forward to growing our presence in the state in 2023.
Q3 2022 Financial Highlights (vs. Q3 2021)
¹Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.
Operational Highlights
2022 Outlook
The Company has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation and is revising its previously issued revenue projection for 2022. Cansortium now expects revenue for 2022 to range between $85-$90 million (previously expected $90-$95 million). The Company also expects to close the year with Adjusted EBITDA exceeding its previously issued guidance of $25-$28 million for 2022.
Conference Call
The Company will host a conference call and live audio webcast today at 4:30 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.
Date: Tuesday, November 29, 2022 Time: 4:30 p.m. Eastern time Toll-free dial-in number: (800) 319-4610 International dial-in number: (604) 638-5340 Conference ID: 10020760 Link: Cansortium Conference Call
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (720) 330-2829.
The conference call will also be available for replay via the News & Events section of the Company’s 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 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 Miami, Florida.
Cansortium Inc.’s common shares trade on the CSE under the symbol “TIUM.U” and on the OTCQX Best Market under the symbol “CNTMF”. For more information about the Company, please visit www.getfluent.com.
Original press release