Cansortium Archives - Green Market Report

StaffNovember 30, 2022
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4min8850

The Daily Hit is a recap of cannabis business news for Nov. 30, 2022.

ON THE SITE

International Cannabis Reform Ramps Up in Europe, South America

Global cannabis reform is gaining momentum. What started as a ripple in three countries has become a global policy movement. While many countries, primarily in Africa and Asia, continue to ban cannabis, a hotbed of reform activity is transpiring everywhere else. Read more here.

Cannabis Company Finds Novel Solution to Real Estate Woes

After struggling to find a downtown office landlord willing or able to house its headquarters, one of Chicago’s publicly traded marijuana companies has found a different solution: moving to a massive apartment complex. Verano Holdings (OTC: VRNOF) (CSE: VRNO) signed a 12-year lease for roughly 25,000 square feet in the office portion of Three Old Town Park. Read more here.

Eleventh-Hour Lobbying Push for SAFE Banking Under Way

The clock is ticking on the current Congressional session, with the 535-member body set to adjourn for the two-year cycle on Jan. 3. With that, the fate of the SAFE Banking Act is still very much up in the air, with no solid intel about exactly what will happen to the measure. Read more here.

SpringBig to Cut Nearly One-Quarter of Staff

SpringBig Holdings Inc. (Nasdaq: SBIG) will cut 23% of its staff in an effort to “right-size its expense structure,” the company announced Wednesday. The staff cuts, which total 37 positions, will be undertaken through layoffs and attrition. Read more here.

Latest cannabis earnings:

IN OTHER NEWS

Icanic Brands Co.

Icanic Brands Co. (CSE: ICAN) (OTCQB: ICNAF), a multistate operator of premium cannabis brands in California, reported sales of $7 million for the quarter ended Sept. 30, a year-over-year increase of 180%. The company reported a net income for the period of $10.6 million. Read more here.

TerrAscend Corp.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator, announced that its subsidiary, WDB Holding MI Inc. (DE), and all subsidiaries of TerrAscend refinanced an existing senior secured term loan of $55 million. The amendment provides for a senior secured term loan with a principal amount of $25 million, plus incremental term loans of $30 million at the option of TerrAscend. Read more here.

Franchise Global Health

Franchise Global Health Inc. (TSXV: FGH) (FRA: WV4A) reported revenue of $11.9 million for the third quarter of 2022, a year-over-year increase of $11.7 million. The company noted that during the quarter, it entered into an agreement to acquire Flora Growth Corp. (Nasdaq: FLGC).


Adam JacksonNovember 30, 2022
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7min7760

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) stock rose more than 8% in trading early Wednesday after the company posted a much-improved balance sheet despite Hurricane Ian affecting sales in Florida toward the end of the period.

The U.S.-based cannabis company, which operates under the Fluent brand with locations in Florida, Pennsylvania, and Texas, released its financial and operating results for the third quarter ending Sept. 30.

Revenue rose 42% to $22.1 million versus $15.6 million in the same time period last year. Net loss was $5.5 million versus a net income of $7.3 million last year’s third quarter.

“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.

The CEO added that the company would have generated its eleventh consecutive quarter of revenue growth, “had it not been for Hurricane Ian driving store closures in late September.”

“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,” he said. “We also have plans to begin building out our footprint in Texas and look forward to growing our presence in the state in 2023.”

In a statement, the company said that its newest dispensary in Annville, Pennsylvania, is “ramping and achieved a record month of sales in October 2022.”

Adjusted gross profit rose 71% to $16.7 million, or 75.5% of revenue, versus $9.8 million or 62.7% of revenue last year.

Adjusted EBITDA shot up 140% to a record $11.7 million or 53.1% of revenue, versus $4.9 million or 31.3% of revenue in 2021’s third quarter.

The company has also been maintaining its sheet, with cash from operations rising to $5.4 million versus a negative cash burn of $4.2 million during the same time last year.

Cansortium had around $9.1 million of cash and cash equivalents and $69.4 million of total debt by the end of the third quarter, with around 252.3 million fully diluted shares outstanding.

Being cash flow positive “helps us now build our stores without the need for any type of capital raise or any kind of loan funds,” the CEO told investors on a call to discuss the latest earnings.

“Start low and go slow is kind of the industry model and I believe that’s the right answer for us as well. We already did the over-expansion in the over-horizontal-expansion game, and that was no fun,” he said. “Pulling back from that was a tremendous effort. So, let’s just grow in sequence and grow in balance. To grow in balance at that point (you don’t need more stores. You’ve got to feed more stores. So, you’ve got to go back to the other end of the stream.”

Florida

Cansortium plans on opening one new store in the Sunshine State by the end of 2022, in addition to three stores in the first half of 2023. All of these locations are currently under contract and going through construction, the company said.

Beasley noted that Hurricane Ian gave the chain some trouble during the quarter, too, as twelve of its dispensaries having to temporarily closed. While stores saw spiked sales ahead of closings and right after reopenings, the company said that all of the stores eventually reopened by the following month.

“It just goes to prove that clean water or drinking water, toilet paper, and cannabis are the three things that you need in front of a storm,” he said, “because the sales were tremendous.”

Florida also allows a crop loss purchase, which means if you have an approved loss of crop by the Department of Health, an operator can replace that crop through wholesale purchase.

“We expected it be completely flattened and it wasn’t,” Beasley said on Tuesday’s earnings call. “And so the DOH said to us, do a rough calculation of what your losses could be and you can go ahead and buy” wholesale from other operators in Florida.

“We had this extraordinary scenario where we had multiple competitors reach out and say, ‘Hey, if you need to buy from us, we will sell to you.’ And that’s unusual in Florida. We’re not wholesale oriented. And so the idea of selling to your competitors is just not something that is available here. For them to reach out, it was just a tremendous, generous move on their part.”

Florida revenue increased 39% to $18.2 million versus $13.1 million by the end of the same quarter last year.

Outlook

While Cansortium said it continued to make progress on its strategy for shareholders, the company lowered its previously issued revenue projection for 2022. The company now expects revenue for 2022 to run between $85 million-$90 million, down from last quarter’s expectations of $90 million-$95 million. The company also expects to close the fiscal year with adjusted EBITDA surpassing its previously issued guidance of $25 million-$28 million.

“So and again, go back to our Q3 expectations. I was asked this at the end of Q2, which is — our Q2 was so great, why am I not adjusting guidance? It’s because we anticipated Q3 to be flat. We were hoping for it to be flat or slightly up. I think we would have been slightly up, but for a Hurricane no one could predict that,” Beasley told investors.

“But you got to remember, we’re in Florida and our patients all leave town in the summer because it’s hot, so we traditionally see decreased sales in August in July. So, we knew that was coming and we were hoping to hold on to flat. We would have, but for the Hurricane.”


StaffMay 31, 2022
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3min1260

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.


Debra BorchardtMay 3, 2022
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7min1700

After the market closed on Monday, Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced preliminary unaudited financial results for the fourth quarter and full-year ended December 31, 2021. In addition to that, Cansortium forecasted that its expected revenue in 2022 would range between $90$95 million, reflecting an approximate 45% increase from 2021 at the midpoint. Cansortium said it also expects adjusted EBITDA in 2022 to range between $25$28 million, reflecting an approximate 35% increase from 2021.

Revenues Rise

Cansortium reported that revenue increased 13% in the fourth quarter to $16.5 million versus $14.7 million for the same time period a year ago. The expected operating loss decreased to $(1.6) million compared to $(9.7) million. The expected Adjusted EBITDA increased 55% to $5.1 million or 31.0% of revenue, compared to $3.3 million or 22.5% of revenue.

For the full year of 2021, revenue increased 22% to $63.7 million compared to $52.4 million in 2020. The expected operating loss decreased to $(2.4) million compared to $(8.4) million. The expected Adjusted EBITDA increased 90% to $19.6 million or 30.8% of revenue, compared to $10.3 million or 19.6% of revenue.

“We ended 2021 on a high note with record fourth-quarter results, and our momentum has carried into the first quarter of 2022,” said CEO Robert Beasley. “We have grown revenue sequentially every month between October 2021 and March 2022 due to both cultivation improvements across our facilities in Florida as well as new capacity coming online in December and February. We are now harvesting double the biomass per week compared to last year. The recent 4/20 holiday was also our strongest day of sales in company history, further reflecting our continued momentum into Q2. I cannot thank our team enough for their hard work over the past year to help us reach this inflection point.

“Although our results are dramatically improving, we are disappointed to report that our auditors require more time to complete their audit procedures, delaying the filing of our 2021 audited financial statements. We understand the frustration this will cause with our shareholders, and we are equally frustrated as our auditors previously communicated that our required filings would be completed by today’s deadline. We have provided all the required information for the auditors to complete their review and expect to have our various filings completed soon.”

Looking Ahead

Not only did Cansortium give a rosy outlook for the full year, the company also noted that the first quarter is off to a good start. Revenue increased 33% year-over-year to $20.1 million compared to $15.1 million in this year’s first quarter. In Florida, the average biomass harvested per week has increased approximately 100% in Q1 2022 compared to Q4 2021 due to new cultivation ramping. Inventory shipped in Florida increased 75% in March 2022 compared to December 2021, reflecting the highest levels of inventory in company history.

Sales in milligrams (“mgs”) of THC increased by 173%, from 5.6 million mgs in the first week of Q1 2022 to 15.4 million mgs in the 16th week of 2022. New patient acquisition in Florida increased approximately 16% in Q1 2022 compared to Q4 2021 due to increased community outreach engagement, competitive pricing and fully stocked inventories.

Fluent Florida Inventory Shipped by Month (Units) (CNW Group/Cansortium Inc)

In late April, the Company opened its third dispensary in Pennsylvania in Annville.

“Despite this frustration over the audit process, we expect another strong year of growth highlighted by new store openings, continued new patient acquisition, ramping new cultivation and further improving our flower quality. For the first time, we now have an adequate level of supply for our 27-store footprint in Florida, and our results over the past couple months validate that our stores can thrive with more product to sell. Our management team is highly motivated by the dramatic uptrend in sales and the morale within the company is at an all-time high.”


StaffNovember 30, 2021
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10min1540

It’s time for your Daily Hit of cannabis financial news for November 30, 2021.

On The Site

Harborside

After the market closed on Monday, Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) announced it was buying California retailer UL Holdings Inc. also known as Urbn Leaf, and  LPF JV Corporation, better known as Loudpack. Loudpack is a manufacturer, cultivator and distributor of award-winning cannabis brands in California.  The newly combined company will be renamed StateHouse Holdings. The company said that it expects to trade the new company on the Canadian Securities Exchange under a new symbol (CSE: STHZ) and the deal is expected to close in the first half of 2022. Ed Schmults, the current CEO of Urbn Leaf, is expected to be appointed as CEO of StateHouse upon completion of the Urbn Leaf Transaction and will be joining the Board of Directors of StateHouse. 

In addition to announcing the big transaction, Harborside also delivered some sobering news to investors. The company said it was withdrawing its previous revenue guidance for 2021 and said it would revisit the forecast after the deal closes. A variety of reasons were given including a decline in wholesale pricing for bulk products in the California market and a decline in retail revenue which was primarily due to a decrease in retail store foot traffic.  

Harborside reported that total gross revenues were $17.9 million, 10.4% higher sequentially than the previous quarter. However, both retail and wholesale revenues fell sequentially and the difference was only made up through manufacturing revenues, which didn’t exist in the second quarter. The manufacturing revenues came as a result of the Sublime acquisition.

Red White & Bloom

Red White & Bloom Brands Inc. (OTCQX: RWBYF) delivered its third-quarter 2021 earnings with revenue increasing 93% to C$11.8 million versus last year’s C$6.1 million. The company reported a net loss of C$5.5 million down from last year’s net loss of C$9.5 million. RWB said that the change in net loss was primarily a result of the revaluation of its Call/Put options, as well as rightsizing compensation and achieving economies of scale. RWB though is still facing a huge debt problem that it warned investors about last quarter. The company said this time that it is in advanced discussions with a number of funds to restructure the current debt of $115 million due in 2022 into a more advantageous long-term debt solution. 

REIT

Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

Horizons

This week, Horizons – Perspectives On Psychedelics the largest and longest-running psychedelic conference will take place in New York City. It is a five-day conference that includes credit coursework for professionals as well as sessions on medical research. The event has grown from its original one-day conference with the addition of classes and business talks. The initial three days are held at the prestigious New York Academy of Medicine.

In Other News

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced financial results for the third quarter ended September 30, 2021. Revenue increased 9% to $15.6 million compared to $14.3 million. Florida revenue increased 4.3% to $13.1 million compared to $12.6 million. Adjusted gross profit1 increased to $9.8 million or 62.7% of revenue, compared to $9.5 million or 66.6% of revenue. Adjusted EBITDA increased 34% to $4.9 million or 31.4% of revenue, compared to $3.6 million or 25.5% of revenue. The company is revising its 2021 outlook for revenue and now expects it to range between $63-$66 million. The Company continues to expect adjusted EBITDA to range between $18-$26 million and anticipates achieving the lower end of the range. This compares to approximately $52 million of revenue and $10 million of adjusted EBITDA in 2020.

Headset

Headset, the leading provider of data and analytics to the cannabis industry, announced today that it has raised $3M of new capital led by Althea, a private equity investment firm. Other participating investors are Poseidon Investment Management, a leading investor in the legal cannabis and hemp industries and WGD Capital, L.P., a cannabis focused venture fund. As part of this financing, Headset also converted $5.6M of bridge notes previously issued in August 2020 and April 2021

TPCO

TPCO Holding Corp. announced its appointments of Tiffany McBride as Managing Director of Social Equity Ventures and Kerry Arnold as Chief People Officer. The two positions further The Parent Company’s mission to elevate diversity, equity and inclusion efforts within the cannabis sector.

Halo Collective

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) announced that the Company’s stock symbol has reverted back to “HCANF” following the temporary 20-day post-consolidation trading period associated with the previously announced share consolidation. The Financial Industry Regulatory Authority Inc. (FINRA) temporarily appends the letter “D” to the root symbol of all OTC equity securities subject to a reverse split with a CUSIP change to alert investors that the security was recently subject to such a corporation action. The CUSIP number for Halo’s common stock is 40638K507.


Debra BorchardtMay 4, 2021
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7min1210

Following the close of the markets on Monday, Cansortium Inc. (OTCQB: CNTMF) released its fourth-quarter and full-year results for 2020. Revenue increased 54% to $14.7 million in the quarter versus $9.5 million for the same time period in 2019. Cansortium also delivered a net loss of $8.4 million in the quarter, an improvement over last year’s net loss of $32.8 million for the same time period.

For the full year of 2020, Cansortium reported its revenue increased 84% to $52.4 million versus last year’s revenue of $28.5 million. This was lower than the company’s forecast of $55 million. Cansortium attributed the difference to the sale of the 2020 Michigan crop that was initially included in its 2020 projection but was delayed to 2021, causing the variance between actual and forecasted. Excluding Michigan operations, revenue was $52 million, which exceeded the company’s projection of $49 million from operations in Florida and Pennsylvania.

The net losses were trimmed to $36.6 million from 2019’s net losses of $65.6 million. The company said its consolidated Adjusted EBITDA increased significantly to $10.3 million, compared to adjusted EBITDA loss of $(6.9) million for the same period of 2019.

“Our strong fourth-quarter results reflect the many improvements we have made across the organization, and that momentum has carried into 2021,” said Chief Executive Officer Robert Beasley. “The success of our recent debt and equity raise provides the capital required to fund our expansion in Florida and Pennsylvania. In April, we achieved record monthly sales in Florida of approximately $5 million following the launch of our new Sweetwater cultivation facility, and we are underway in negotiating the final terms on a new cultivation facility with 40,000 ft2 of capacity to complement both our Tampa and Sweetwater locations, bringing our total cultivation capacity in Florida to more than 150,000 ft2 by the end of 2021. In our retail operations, our 25th Florida dispensary in Miramar is set to open in June, and two additional dispensaries in Fruitland and Deerfield Beach are expected to open by the end of the third quarter.”

Beasley added, “In Pennsylvania, we also achieved record first-quarter revenues of more than $2 million and expect to have our second dispensary in Mechanicsburg open in July and have identified a location for our third dispensary, which we expect to open in the fourth quarter.”

Beasley added, “We have also continued to make key hires to strengthen our management team. In May, we hired Marco Malatrasi as our new Director of Operations of Florida. Marco has nearly a decade of Cannabis production experience having worked at MedMen, USA Hemp and MJardin. Marco will report directly to Executive Vice President, Samantha Senne. With a strong foundation of assets and people in place, we look forward to delivering on our robust growth and profitability outlook for 2021.”

2021 Outlook

Cansortium is projecting consolidated revenue of approximately $90 million to $100 million for 2021. In addition, the Company projects consolidated Adjusted EBITDA of approximately $30 million to $35 million for 2021.

With the successful completion of the $17 million private placement and $71 million Secured Term Loan, the company said it has appropriate resources and working capital to support growth and expansion. In addition, previous initiatives focused on growth and long-term shareholder value creation enabled the Company to ramp and generate record sales in April 2021.

In its home state of Florida, the company started operations of its new Sweetwater facility and is investing in operational improvements in its existing Tampa facility. In retail, the company will continue to expand its footprint during 2021 with a total of 27 dispensaries anticipated to be operational by the end of 2021, with an additional four locations identified by year-end. The Company expects approximately $70-80 million of 2021 revenue to come from its operations in Florida.

In Pennsylvania, the Company is opening an additional dispensary location in Q3 2021 and expects to open a third location in the fourth quarter 2021. In Michigan, the company has approximately 2,600 lbs. of biomass in inventory and 900 lbs. of flower being prepared for sale. The Company anticipates that all will be sold within the next 60-90 days.


StaffApril 30, 2021
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GTI

Green Thumb Industries Inc.  (OTCQX: GTBIF) announced that it has closed on a $217 million senior non-brokered private placement financing through the issuance of senior secured notes. GTI said it plans to use the proceeds to retire its existing $105 million senior secured debt due May 2023 and for general working capital purposes as well as various growth initiatives.

“History has taught us that the winners in new industries are those with the lowest cost of capital and the strongest balance sheets,” said GTI Founder and CEO Ben Kovler. “Our successful non-brokered offering (gross=net) was supported by members of the management team in addition to a diverse group of new and existing high-quality, institutional investors who share in our strategic vision and plan to capitalize on the opportunities ahead. This financing represents industry-leading cost of capital in the legal cannabis industry and strengthens our balance sheet. This new capital will allow us to focus on shareholder value creation through strategic investments to scale our existing operations in addition to accretive M&A opportunities.”

The Notes have a maturity date of April 30, 2024 and will bear interest from the date of issue at 7% per annum, payable quarterly, with an option, at the discretion of the company, to extend an additional 12 months. The financing permits the Company to borrow an additional $33 million over the next twelve months. The purchasers of the Notes also received an aggregate of 1,459,043 warrants. Each Warrant is exercisable to purchase one subordinate voting share of GTI at an exercise price of $32.68 per share, for a period of 60 months from the date of issue.

Cansortium

Cansortium Inc.  (OTCQB: CNTMF) has closed a $71 million Senior Secured Term Loan due April 29, 2025. The company plans on using the proceeds to repay convertible debentures that were due in May and strengthen the balance sheet. 

“Today marks a new beginning for Cansortium as we now have the financial flexibility and liquidity that the Company needs to continue growing its attractive asset base,” said Chief Executive Officer Robert Beasley. “Proceeds from the Term Loan have been used to satisfy substantially all of the Company’s existing indebtedness, including repaying $27.1 million of convertible debentures due in May. These actions have resulted in more than $40 million of cash being added to our balance sheet from the Term Loan and the equity offering completed earlier this month. With a strengthened balance sheet and simplified capital structure, we are now firmly positioned to execute our growth and expansion initiatives in our core FloridaPennsylvania, and Michigan markets.”

Neal Hochberg, Cansortium’s Chairman of the Board added, “By extending our debt maturities by four years and bolstering our liquidity, the Company can now focus all of its attention on maximizing value.”

Mr. Beasley added, “Since taking over as CEO in September 2020 , we have made dramatic improvements across key aspects of our business, particularly in Florida where we have significantly increased cultivation yields, introduced new SKUs and form-factors such as edibles, and expanded cultivation and production capacity to better supply our 24 operational dispensaries (expected to increase to 27 by year-end). Florida remains the single largest limited-license cannabis market in the U.S. and we currently have the sixth largest footprint in the state. I am proud of our team’s early accomplishments up to this point and look forward to capitalizing on the many growth opportunities ahead.”

 


StaffNovember 23, 2020
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4min1270

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 MichiganPennsylvania, 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.

Outlook

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.”

 


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