Cansortium Q2 Revenue Increases 14% Sequentially to $22.4 Million

Cansortium Reports Second Quarter 2022 Financial Results
  • Q2 Revenue up 14% QoQ and 36% YoY to a Record $22.4 Million
  • Q2 Adjusted EBITDA up 64% QoQ and 95% YoY to a Record $10.2 Million, with $4.3 Million of
    Cash from Operations
  • Reaffirms 2022 Guidance of $90-$95 Million of Revenue and $25-$28 Million of
    Adjusted EBITDA

MIAMI, Aug. 29, 2022 /PRNewswire/ – Cansortium Inc. (CSE:TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced financial and operating results for the second quarter ended June 30, 2022. Unless otherwise indicated, all results are presented in U.S. dollars.

“We generated a record quarter of results in Q2, highlighted by double-digit revenue growth, margin expansion and a material increase in adjusted EBITDA and cash flow generation,” said CEO Robert Beasley. “The investments we have made to add scale and improve cultivation in Florida are paying dividends. Our Sweetwater indoor cultivation facility is now fully operational and the yields in our Tampa facility have doubled from the start of 2022, all of which has led to dramatically improved productivity at the store level and a consistent increase in new patient count. In fact, revenue in Florida was up 16% from Q1 without adding a single new store during the quarter.”

“I am very proud of what our team has accomplished this year, however we still have significant room to grow. We remain on track to open 4-5 new stores in Florida by year-end, and the final phase of our cultivation expansion in Tampa is nearly complete.

CEO Robert Beasley

We expect product from this new space to hit shelves in the next couple of months, just in time for one of our strongest periods of the year in Florida as we enter the holidays.

Q2 2022 Financial Highlights (vs. Q2 2021)

  • Revenue increased 36% to $22.4 million compared to $16.5 million.
  • Florida revenue increased 33% to $18.8 million compared to $14.2 million.
  • Adjusted gross profit1 increased 40% to $15.0 million or 67.0% of revenue, compared to $10.7 million or 65.1% of revenue.
  • Adjusted EBITDA increased 95% to $10.2 million or 45.4% of revenue, compared to $5.2 million or 31.7% of revenue.
  • Cash from operations increased significantly to $4.3 million compared to cash used of $(0.7) million.
  • At June 30, 2022, the Company had approximately $8.9 million of cash and cash equivalents and $69.3 million of total debt, with approximately 252.3 million fully diluted shares outstanding (based on treasury stock method and share price on July 31, 2022).

Operational Highlights

  • In Florida, the Company anticipates opening 4-5 new stores by the end of 2022. All of these locations are currently under contract and going through construction.
  • In Pennsylvania, the Company opened its third dispensary in Annville in April.
  • In August, the Company discontinued its operations in Michigan due to unfavorable market conditions. By ceasing operations in Michigan, Cansortium is expected to save approximately $0.5 million in operating expenses per year.
  • As highlighted in the chart below, the Company has experienced ten consecutive quarters of revenue growth in addition to material improvements in adjusted EBITDA, reaching record levels for both metrics.


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.

2022 Outlook

The Company continues to expect revenue in 2022 to range between $90-$95 million, reflecting an approximate 42% 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.

Conference Call

The Company will host a conference call and live audio webcast today at 4:30 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.

Date: Monday, August 29, 2022
Time: 4:30 p.m. Eastern time
Toll-free dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340
Conference ID: 10020139
Link: Cansortium Conference Call

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay via the News & Events section of the Company’s investor relations website at

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 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


Original press release

Published by NCV Newswire
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