Cansortium Inc. (CSE:TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”), a vertically integrated cannabis company with operations in Florida, Texas, Michigan and Pennsylvania, today announced that Neal Hochberg, Chairman of the Board of Directors and Chairman of the Special Committee of the Board that was formed in 2019, has been appointed Executive Chairman, effective immediately, following the resignation of co-founder and CEO Jose Hidalgo.
“The board appreciates Jose’s vision as co-founder and his leadership during the company’s formative years, during which it has grown to be the fifth largest medical cannabis provider in Florida, with 19 dispensaries in key markets across the state. We wish him well in all of his future endeavors,” said Mr. Hochberg. “I look forward to working more closely with management to continue to create value for all stakeholders by capitalizing on growth opportunities in Florida, Texas, Michigan and Pennsylvania. Over the past six months, the company has taken significant steps to improve its balance sheet flexibility, increase liquidity, and focus its operations on the most actionable near-term opportunities, while limiting dilution to existing shareholders.”
Mr. Hidalgo commented, “As co-founder, I am grateful for the opportunity to have led the company during its first four years, and to have built an operational team that will continue to drive value for all stakeholders. I remain very optimistic about the long-term potential of the cannabis industry and wish Neal and the entire Cansortium team great success.”
Mr. Hochberg is a vice president at Charles River Associates (CRA) in New York and has decades of consulting experience advising outside counsel, board and senior management on accounting and forensic investigations. He was the global leader of the Forensic and Litigation Consulting segment at FTI Consulting from 2008 until 2017 and served on the firm’s executive committee. His career also includes service as a forensic and litigation partner at two of the Big Four global accounting firms, and as an executive vice president, chief financial officer, and member of the board of a diverse manufacturing company.
About Cansortium Inc.
Headquartered in Miami, Florida, and operating under the Fluent™ brand, Cansortium is focused on being the highest quality cannabis company in the State of Florida where it operates 18 dispensaries and two cultivation facilities, including an indoor facility in Tampa. driven by unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking to create significant shareholder value in the attractive markets of Texas, Michigan and Pennsylvania, where the Company has secured licenses and established operations.
Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U”, respectively, and on the OTCQB Venture Market under the symbol (OTCQB: CNTMF). Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.