Cansortium Inc. Provides Update On Strength Of Its Florida Business, Announces The Return Of Approximately 26 Million Shares By Current And Former Senior Executives And Progress On Key Growth Initiatives
Mr. Hochberg, Chairman of the Board and of the Special Committee, commented "
Several factors are expected to drive continued sales growth in
- The Company's 60,000 square foot
Tampacultivation facility is expected to achieve full production capacity during the fourth quarter, enabling the Company to provide a larger, more consistent supply of dry flower and other product varieties to its network of Fluent-branded dispensaries in highly-populous Floridamarkets. In addition, by having dry flower in stock more regularly, sales of non-flower products have increased by as much as 25 percent.
- The Company is targeting opening four new
Floridadispensaries in November and December, subject to DOH and local market regulatory approvals, with the goal of bringing its Floridadispensary network to 20 locations by the end of the year. In addition, the Company has five more Floridadispensaries in development and targeted to open during the first half of 2020.
The Company also announced that it has reached an agreement with co-founders José Hidalgo and
The strategic reorganization and capital allocation initiatives previously announced and being implemented by the Special Committee and management are expected to improve the Company's liquidity position and financial performance. Phase 1 of cost-saving initiatives, consisting primarily of reductions in the workforce, elimination of senior management positions and reductions in executive management compensation, was implemented in September and is expected to produce annual operating expense savings of approximately
Mr. Hochberg emphasized, "In combination with the anticipated sales growth noted above, we expect these cost-saving initiatives to position the Company to drive sustainable, profitable growth in 2020. The Special Committee is committed to ensuring that the company is adequately capitalized and positioned to drive value for all of
Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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Neal Hochberg, Chairman, firstname.lastname@example.org; 646-752-5736