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Cansortium Revenue Spikes To $9.5M In Q4

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Cansortium Revenue Spikes To $9.5M In Q4

Cansortium (OTC: CNTMF), which recently opened its 20th medical marijuana dispensary, reported fourth-quarter and full-year 2019 financial results, as well as its preliminary first-quarter 2020 results.

Q4 Highlights

Consolidated revenue increased 52% to $9.5 million, compared with revenue of $4.9 million for the fourth quarter of 2018.

A consolidated loss from operations totaled $5.8 million, compared to loss from operations of $10.2 million for the same period of 2018.

As for consolidated adjusted EBITDA totaled $100,000, compared to adjusted EBITDA loss of $10.3 million for the same period of 2018.

Preliminary Q1 2020 Results

First-quarter revenue is expected to total $10.2 million, representing an 85% increase compared with the same quarter from the prior year. 

The first quarter of 2020 also marked the first time Cansortium was EBITDA positive. The Miami-based company achieved preliminary EBITDA of $100,000 and adjusted EBITDA of $900,000, compared with EBITDA loss of $5.5 million and adjusted EBITDA loss of $3.3 million during the same period of 2019.

The first quarter, which included a strategic partnership with Moxie to accelerate growth in Florida, saw Cansortium make "significant improvements," according to Executive Chairman Neal Hochberg.

"We believe that revenue growth and profitability will continue to strengthen through the remainder of 2020," Hochberg said.

 

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