MIAMI, June 10, 2022 – Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced the filing of its full year 2021 audited financial statements, management discussion and analysis and CEO and CFO certificates (collectively, the “Annual Filings”) on SEDAR. The Company has also filed its interim unaudited financial statements, management discussion and analysis and related CEO and CFO certifications for the three-months ended March 31, 2022 (the “Interim Filings”, and together with the Annual Filings, the “Required Documents”) on SEDAR. Unless otherwise indicated, all results are presented in U.S. dollars.
FY 2021 Financial Highlights (vs. FY 2020)
- Revenue increased 25% to $65.4 million compared to $52.4 million.
- Adjusted gross profit1 increased 34% to $41.9 million or 64.1% of revenue, compared to $31.4 million or 59.9% of revenue.
- Adjusted EBITDA increased 90% to $19.6 million or 29.9% of revenue, compared to $10.3 million or 19.6% of revenue.
Q1 2022 Financial Highlights (vs. Q1 2021)
- Revenue increased 30% to $19.7 million compared to $15.1 million.
- Adjusted gross profit1 increased 19% to $11.5 million or 58.6% of revenue, compared to $9.7 million or 64.2% of revenue.
- Adjusted EBITDA increased 42% to $6.2 million or 31.5% of revenue, compared to $4.4 million or 29.0% of revenue.
“Now that our filing delay is behind us, we can focus entirely on the strong momentum that continues to build in our business,” said CEO Robert Beasley. “We generated another record quarter of results in Q1 and based off the weekly data reported by the Office of Medical Marijuana Use (OMMU), Fluent has continued to climb the charts and improve its market share in Florida in the second quarter.”
The Company continues to expect revenue in 2022 to range between $90-$95 million, reflecting an approximate 40% increase from 2021. Cansortium also expects adjusted EBITDA in 2022 to range between $25-$28 million, reflecting an approximate 35% increase from 2021.
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan (through its in-market partner) 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cansortium-files-its-2021-audited-financial-statements-as-well-as-its-first-quarter-2022-interim-unaudited-financial-statements-on-sedar-301566019.html