Cansortium 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!