Cansortium Q3 Revenue Slips 1% Sequentially to $22.1 Million

Cansortium Reports Third Quarter 2022 Financial Results
  • Q3 Revenue up 42% YoY to $22.1 Million 
  • Q3 Adjusted EBITDA up 15% QoQ and More Than 2x YoY to a Record $11.7 Million, with $5.4 Million of Cash from Operations 

MIAMI, Nov. 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 third quarter ended September 30, 2022. Unless otherwise indicated, all results are presented in U.S. dollars.

“We continued to execute on our profitability objectives during the third quarter, leading to another period of gross margin expansion and a record bottom line with strong cash flow generation,” said CEO Robert Beasley. “Had it not been for Hurricane Ian driving store closures in late September, we would have generated our 11th consecutive quarter of revenue growth, so I am very pleased with our team’s consistent effort to deliver on our goals.”

As we exit the year and look to 2023, we expect to continue opening new stores in Florida while driving organic growth in our three Pennsylvania dispensaries. We also have plans to begin building out our footprint in Texas and look forward to growing our presence in the state in 2023.

CEO Robert Beasley

Q3 2022 Financial Highlights (vs. Q3 2021)

  • Revenue increased 42% to $22.1 million compared to $15.6 million.
  • Florida revenue increased 39% to $18.2 million compared to $13.1 million.
  • Adjusted gross profit¹ increased 71% to $16.7 million or 75.5% of revenue, compared to $9.8 million or 62.7% of revenue.
  • Adjusted EBITDA increased 140% to a record $11.7 million or 53.1% of revenue, compared to $4.9 million or 31.3% of revenue.
  • Cash from operations increased significantly to $5.4 million compared to cash used of $(4.2) million.
  • At September 30, 2022, the Company had approximately $9.1 million of cash and cash equivalents and $69.4 million of total debt, with approximately 252.3 million fully diluted shares outstanding (based on treasury stock method and share price on September 30, 2022).

¹Adjusted 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.

Operational Highlights

  • In Florida, the Company anticipates opening one new store by the end of 2022 and an additional three stores in the first half of 2023. All of these locations are currently under contract and going through construction.
  • During the third quarter, Cansortium temporarily closed twelve of its dispensaries in Florida during Hurricane Ian. All of the Company’s stores reopened in October 2022.
  • In Pennsylvania, the Company’s newest dispensary in Annville is ramping and achieved a record month of sales in October 2022.

2022 Outlook

The Company has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation and is revising its previously issued revenue projection for 2022. Cansortium now expects revenue for 2022 to range between $85-$90 million (previously expected $90-$95 million). The Company also expects to close the year with Adjusted EBITDA exceeding its previously issued guidance of $25-$28 million for 2022.

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: Tuesday, November 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: 10020760
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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