Cansortium Reports First Quarter 2024 Results


- Q1 Revenue up 14% YoY to $25.2 Million

- 10th Consecutive Quarter of Positive Cash Flow from Operations

TAMPA, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated, multi-state cannabis company operating under the FLUENT™ brand, today announced financial and operating results for the first quarter ended March 31, 2024. Unless otherwise indicated, all financial results are presented in U.S. dollars.

“We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the first quarter as we continued to execute on our growth objectives,” said CEO Robert Beasley. “We are making the critical investments needed to lay the foundation for growth and support our future plans and remain excited about the opportunities ahead.”

“In Florida, we continue to ramp our new dispensaries while driving cultivation improvements, leading to production of more high quality, high THC products. These operating improvements drove another quarter of higher retail prices and average basket size, carrying over the trends we saw in the fourth quarter.”

“Looking ahead, we are excited about the business combination with RIV Capital announced this morning, laying the groundwork for a presence in four of the five largest population states in the country upon closing. We remain laser focused on our existing portfolio in Florida, Pennsylvania and Texas and look forward to closing the RIV Capital agreement in the fourth quarter.”

Q1 2024 Financial Highlights (vs. Q1 2023)

  • Revenue increased 14% to $25.2 million compared to $22.1 million.
  • Florida revenue increased 16% to $21.1 million compared to $18.2 million.
  • Adjusted gross profit1 was $12.3 million or 48.6% of revenue, compared to $10.2 million or 46.4% of revenue.
  • Adjusted EBITDA was $6.8 million compared to $5.8 million, with the increase primarily driven by higher sales in Florida.
  • Cash flow from operations for the three months ended March 31, 2024 was $4.1 million compared to $5.1 million in the prior year.
  • At March 31, 2024 the Company had approximately $8.5 million of cash and cash equivalents and $62.9 million of total debt, with approximately 300 million shares outstanding.


1 Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.

Recent Operational Highlights

  • The Company re-appointed Patricia Fonseca as Chief Financial Officer (“CFO”) of the Cansortium effective May 13, 2024. Ms. Fonseca previously served as the CFO of the Company from March 9, 2021 to November 21, 2022.
  • During the first quarter, the Company announced the commencement of a new cultivation facility, known as the “Rosa Facility” in Tampa, Florida along with the commencement of cultivation activities at its new facility in Ruskin.
  • In Florida, Cansortium currently operates 35 locations and anticipates opening 3 new locations in the state by the end of 2024.
  • The company announced it had entered a business combination agreement with RIV Capital on May 30, 2024.

About Cansortium Inc.

Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania 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 Tampa, Florida.

Cansortium Inc.’s Common Shares trade on the CSE under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF”. For more information about the Company, please visit

Forward-Looking Information
Certain information in this news release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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 the Company's expectations, estimates, and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control.

Forward-looking information is necessarily based on many 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 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.
For further information:

Company Contact
Robert Beasley, CEO
(850) 972-8077

Investor Relations Contact
Morry Brown

Cansortium Inc.
Consolidated Statements of Financial Position
As of March 31, 2024 and 2023
(Amounts expressed in thousands of United States Dollars unless otherwise stated)
 March 31, December 31,
Current assets   
Cash$8,521  $10,521 
Trade receivable 232   215 
Inventory, net 9,818   9,244 
Biological assets 2,043   331 
Prepaid expenses and other current assets 1,456   1,882 
Total current assets 22,070   22,193 
Property and equipment, net 27,815   27,642 
Intangible assets, net 93,553   93,593 
Right-of-use assets, net 33,115   31,943 
Goodwill 1,525   1,525 
Other assets 997   907 
Total assets$179,075  $177,803 
Current liabilities   
Trade payable$6,154  $5,525 
Accrued liabilities 5,587   9,779 
Income taxes payable 28,947   22,009 
Derivative liabilities 7,422   9,109 
Current portion of notes payable, net 476   213 
Current portion of lease liabilities 2,918   2,872 
Total current liabilities 51,504   49,507 
Notes payable, net 62,381   61,189 
Lease liabilities 38,597   37,242 
Deferred tax liability 18,615   17,398 
Other long-term liabilities 3,507   3,882 
Total liabilities 174,604   169,218 
Shareholders' equity   
Share capital 183,690   183,690 
Share-based compensation reserve 6,788   6,739 
Equity conversion feature 6,677   6,677 
Warrants 29,634   29,634 
Accumulated deficit (221,984)  (217,821)
Foreign currency translation reserve (334)  (334)
Total shareholders' equity 4,471   8,585 
Total liabilities and shareholders' equity$179,075  $177,803 
Cansortium Inc.   
Statement of Operations   
For the three months ending March 31, 2024 and 2023   
(Amounts expressed in thousands of United States Dollars unless otherwise stated)   
 For the three months ended March 31,
Revenue, net of discounts$25,227  $22,056 
Cost of goods sold 12,966   11,827 
Gross profit before fair value adjustments 12,261   10,229 
Fair value adjustments on inventory sold 1,628   2,341 
Unrealized gain (loss) on changes in fair value of biological assets 1,047   (5,057)
Gross profit 14,936   7,513 
General and administrative 3,963   2,312 
Share-based compensation 49   238 
Sales and marketing 5,434   3,998 
Depreciation and amortization 1,730   1,848 
Total expenses 11,176   8,396 
Income (loss) from operations 3,760   (883)
Other expense (income)   
Finance costs, net 4,711   4,249 
(Gain) loss on change in fair value of derivative liability (1,687)  278 
Loss on disposal of assets 212   70 
Other miscellaneous (income) expense 2   (11)
Total other expense 3,238   4,586 
Income (loss) before income taxes 522   (5,469)
Income tax expense 4,685   1,914 
Net comprehensive income (loss)$(4,163) $(7,383)
Net loss per share   
Basic and diluted - continuing operations$(0.01) $(0.03)
Weighted average number of shares   
Basic number of shares 299,529,367   276,556,965 
Diluted number of shares 342,504,514   325,342,276 

Cansortium Inc.
Consolidated Statements of Cash Flow
For the three months ended March 31, 2024 and 2023
(Amounts expressed in thousands of United States Dollars unless otherwise stated)
 For the three months ended March 31,
  2024   2023 
Operating activities       
Net loss from continuing operations$(4,163) $(7,383)  
Adjustments to reconcile net loss to net cash provided by operating activities:       
Unrealized loss (gain) on changes in fair value of biological assets (1,047)  5,057 
Realized gain on changes in fair value of biological assets (1,628)  (2,341)
Share-based compensation 49   238 
Depreciation and amortization 3,703   3,717 
Accretion and interest of convertible debentures 110   132 
Accretion and interest of term loan 3,365   3,086 
Interest of equipment loan -   8 
Loss on disposal of assets 212   70 
Change in fair market value of derivative (1,687)  278 
Interest on lease liabilities 1,211   1,021 
Deferred tax expense 1,216   (1,198)
Changes in operating assets and liabilities:       
Trade receivable (17)  (5)
Inventory 3,939   3,981 
Biological assets (3,551)  (4,566)
Prepaid expenses and other current assets 747   358 
Right of Use Assets/Liabilities (1,317)  67 
Other assets (90)  (39)
Trade payable 630   598 
Accrued liabilities (4,192)  (963)
Other long-term liabilities (375)  (83)
Income taxes payable 6,938   3,111 
Net cash provided by operating activities 4,053   5,144 
Investing activities       
Purchases of property and equipment (2,948)  (2,949)
Net cash used in investing activities (2,948)  (2,949)
Financing activities       
Net proceeds from issuance of shares and warrants -   2,993 
Payment of lease obligations (765)  (1,585)
Principal repayments of notes payable (2,340)  (2,494)
Net cash used in financing activities (3,105)  (1,086)
Net increase (decrease) in cash (2,000)  1,109 
Cash, beginning of period 10,521   8,359 
Cash, end of period$8,521  $9,468 

Cansortium Inc.   
Adjusted EBITDA Calculation   
(Amounts expressed in thousands of United States Dollars unless otherwise stated)   
`Three months ended
 March 31, 2024March 31, 2023Variance
Net loss$(4,163)$(7,383)$3,220 
Interest expense 4,711  4,249  462 
Income taxes 4,685  1,914  2,771 
Depreciation and amortization 3,702  3,774  (72)
EBITDA$8,935 $2,554 $6,381 

 Three months ended
 March 31, 2024March 31, 2023Variance
EBITDA$8,935 $2,554 $6,381 
Change in fair value of biological assets (2,675) 2,716  (5,391)
Change in fair market value of derivative (1,687) 278  (1,965)
Professional fees(1) 1,789  -  1,789 
One-time employee costs(2) 160  -  160 
Share-based compensation 49  238  (189)
Loss on disposal of assets 212  70  142 
Other non-recurring expense (income) 2  (11) 13 
Adjusted EBITDA$6,785 $5,845 $940