Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced interim unaudited financial results for the first quarter ending March 31, 2022. Cansortium said that revenue increased 30% to $19.7 million compared to $15.1 million last year and it was higher than the fourth quarter’s revenue of $14.7 million. The company did not release any income or loss figures.
The company did note that it continues to expect revenue in 2022 to range between $90–$95 million, reflecting an approximate 45% increase from 2021 at the midpoint. Cansortium also continues to expect adjusted EBITDA in 2022 to range between $25–$28 million, reflecting an approximate 35% increase from 2021. In Florida, the company said it anticipates opening 4-6 new stores in 2022. Four of these locations are already under contract and under construction.
“As highlighted on our last quarterly report on May 2, the first quarter reflected continued growth to record levels across our business,” said CEO Robert Beasley. “Our recent cultivation improvements and added capacity have supplied us with the product we need to successfully optimize our store productivity. With revenue and adjusted EBITDA hitting record highs and our biomass harvest levels doubling compared to 2021, we are excited to carry this momentum through the rest of the year as we add new stores, grow new patient count, ramp cultivation and continue to optimize the quality of our flower.”
Cansortium said it expects to file both its 2021 audited annual financial statements and first quarter 2022 unaudited interim financial statements by June 8, 2022. Cansortium expects to host a conference call for shareholders and prospective investors shortly thereafter.