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Cansortium Expands In Florida As Third Quarter Revenue Spikes 94% YoY

November 23, 2020 1:02 pm
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Cansortium Expands In Florida As Third Quarter Revenue Spikes 94% YoY

Cannabis company Cansortium Inc. (CSE:TIUM) (OTCQB:CNTMF) reported Monday that it has generated $14.3 million in revenue in the third quarter of this fiscal year.

That’s a year-over-year increase of 94%.

Moreover, consolidated revenue for the nine months ended Sept. 30 amounted to $37.7 million, up by 50% compared to the same period of 2019.

The Miami-based company confirmed losing $1.9 million from operations, versus a loss of $8.1 million in the same period last year.

In addition, consolidated net loss amounted to $8.9 million or 4 cents per diluted share, compared to a loss of $11.3 million, or six cents per diluted share for the same quarter of last year.

Cansortium also posted positive adjusted EBITDA of $3.6 million, compared to a $2.1 million loss in the corresponding quarter of 2019.

The company launched its 21st medical marijuana dispensary in Coral Springs, Florida, over the quarter ending Sept. 30.

Over the past two months, Cansortium opened its 22nd and 23rd retail location in The Sunshine State in Coral Gables and Kendall.

The stores offer a wide range of cannabis products, including Fluent premium dried flower, edibles, and full-spectrum concentrates and cartridges.

Meantime, over the second quarter, the company secured an additional cultivation and production facility, poised to commence operations in the last three months of this year.

In February, Cansortium inked a Management Services Agreement with a vertically integrated cannabis company, Moxie, to boost its presence in Florida.

Under the two-year deal, Moxie agreed to provide Cansortium with management and operational consulting services.

Courtesy image

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