PR Newswire
Q1 Revenue up 49% YoY to
$15.1 Million
; Adjusted EBITDA up Significantly to
$4.4 Million
Management to Host Conference Call Today at
4:30 P.M. Eastern Time
MIAMI, Fla.
,
May 28, 2021
/PRNewswire/ –
Cansortium Inc.
(CSE: TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced financial results for the first quarter ended
March 31, 2021
, as well as recent operational highlights. Unless otherwise indicated, all results are presented in U.S. dollars.
“The momentum from last year has carried into 2021 as we generated another quarter of record revenue and adjusted EBITDA
1
,” said Chief Executive Officer
Robert Beasley
. “We have moved well past our turnaround phase and have returned to consistent growth and profitability. In fact, we followed up Q1 with another record month of sales in April, and we continue to expect a step function in growth in the back half of the year as new dispensaries and cultivation capacity come online.
“Our expansion initiatives in both
Florida
and
Pennsylvania
have been fully funded by our recent debt and equity financings of nearly
$90 million
. By the end of 2021, we anticipate having a total of 30 dispensaries operational along with over 150,000 ft
2
of cultivation capacity, positioning us well for an even stronger 2022.”
Q1 2021 Financial Highlights (vs. Q1 2020)
-
Revenue increased 49% to
$15.1 million
compared to
$10.2 million
-
Florida
revenue increased 41.4% to
$13.1 million
compared to
$9.3 million
-
Adjusted gross profit
2
increased 49% to
$9.7 million
or 64.2% of revenue, compared to
$6.5 million
or 64.0% of revenue -
Net loss totaled
$(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 to
$4.4 million
compared to
$0.7 million
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Recent Operational Highlights
-
Generated record April sales
Florida
highlighted by record volumes on the 4/20 cannabis holiday -
Launched 21 new flower strains in
Florida
as well as several new products, including three new Moods flavors and
Jane West
pipes -
In April, the Company completed a
$17 million
private placement and
$71 million
secured term loan, which provides the resources and working capital needed to support Cansortium’s growth and expansion -
In May, the Company satisfied and cancelled approximately
$43 million
of legacy debt and redeemed
$5 million
of convertible notes -
As of
May 28, 2021
, the Company had approximately
$30 million
of cash and cash equivalents,
$71 million
of debt and a
$5 million
convertible note outstanding, as well as approximately 267 million fully diluted shares outstanding (based on treasury stock method and share price on
May 27, 2021
)
2021 Outlook
The Company is reiterating its previously issued annual guidance of revenue between approximately
$90 million
to
$100 million
, as well as adjusted EBITDA of approximately
$30 million
to
$35 million
.
In
Florida
, Cansortium continues to expect a total of 27 dispensaries to be operational by the end of 2021 (up from its current 24 locations in FL), with an additional four identified locations by year-end. The Company also continues to expect approximately
$70
-80 million of 2021 revenue to come from its operations in
Florida
.
In
Pennsylvania
, the Company continues to expect opening an additional dispensary in Q3 2021, with a third dispensary opening in Q4 2021.
In
Michigan
, the Company has approximately 2,600 lbs. of biomass in inventory and 900 lbs. of flower prepared for sale. The Company anticipates that all will be sold in the next 30-60 days and based on current market prices, will generate approximately
$3 million
of revenue.
The Company’s unaudited consolidated financial statements and accompanying notes, along with the Management Discussion and Analysis (MD&A), are available under the Company’s profile on SEDAR at
www.sedar.com
and are also accessible through 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 today at
4:30 p.m. Eastern time
to discuss its financial results and operational highlights.
Toll-free
dial-in number: 1-800-319-4610
International dial-in number: (604) 638-5340
Conference ID: 10014932
Link:
Cansortium Q1 2021 Webcast
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 (949) 200-4603.
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
,
Michigan
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 OTCQB Venture Market under the symbol “CNTMF.” For more information about the Company, please visit
www.getfluent.com
.
Forward-Looking Information
Certain information in this news release may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates, and projections regarding future events.
Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at
www.sedar.com
. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
For further information:
www.getfluent.com
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View original content to download multimedia:
http://www.prnewswire.com/news-releases/cansortium-reports-first-quarter-2021-financial-results-301301885.html
SOURCE Cansortium Inc
