Cansortium Inc. (OTCQB: CNTMF) delivered revenue of $14.3 million for its third-quarter ending September 30, 2020. This was a 94% increase over last year’s $6.9 million for the same time period. The company also trimmed its net losses to $8.9 million or $(0.04) per diluted share versus a net loss of $(11.3) million, or $(0.06) per diluted share for the same period last year.
The company also delivered a cut in the consolidated losses from operations of $(1.9) million versus a loss from operations of $(8.1) million in the third quarter of 2019. The consolidated Adjusted EBITDA of $3.6 million was an improvement over the adjusted EBITDA (1) loss of $(2.1) million in the third quarter of 2019.
Cansortium has reiterated its full-year 2020 outlook for consolidated revenues in the range of $55 million to $60 million and Adjusted EBITDA of approximately $14 million. The forecast is based on projected revenues of at least $45 million for Cansortium’s Florida operations with additional revenue from the Michigan, Pennsylvania, and Texas markets.
During the third quarter of 2020, Cansortium opened its 21 st medical marijuana dispensary in Coral Springs, FL. It operated 16 dispensaries during the comparable period in 2019. In October and November of 2020, the company opened its 22 nd and 23 rd Florida dispensary in Coral Gables, FL, and Kendall, FL, respectively.
Cansortium said in a statement that it has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation. “In its home state of Florida, the company secured an additional cultivation and production facility during the second quarter of 2020 with minimum capital outlay, with operations anticipated to commence in the fourth quarter of 2020, and has opened five of the six dispensaries planned for 2020. In Pennsylvania, the company is actively pursuing two additional dispensary locations to augment the strong sales of its existing Hanover dispensary. In Michigan, the company enhanced the cultivation team on the ground with the engagement of Freedom Town. Finally, in Texas, the Company recently secured an extension of its convertible notes to allow the company to continue to seek longer-term solutions there.”