Fluent Corp - CNTMF STOCK NEWS

Cansortium Inc. announced its corporate name change to FLUENT Corp. effective February 5, 2025. The company's shares will trade under the new symbol 'FNT' on the Canadian Securities Exchange (CSE) and continue as 'CNTMF' on the OTCQB, with CSE trading under the new name expected to begin around February 10, 2025.

Following the completion of a transaction with RIV Capital Inc., the company has reconstituted its board of directors and committees. Additionally, FLUENT will issue 1,657,063 common shares to certain directors in exchange for canceling US$116,000 in director fees for Q4 2024, at a price of US$0.07 per share.

CEO Robert Beasley emphasized that the FLUENT name has been a core component of their Florida operations, and this change aligns their corporate identity with their operational footprint. The name change was previously approved by shareholders in July 2022.

Cansortium (OTCQB: CNTMF) has launched Bag-O, a new value-focused cannabis flower brand, exclusively for Florida medical marijuana patients starting January 7, 2025. The product line will be available in 14-gram bags using Florida's new 'peekaboo' mylar packaging, allowing customers to inspect the product before purchase.

The initial product lineup includes multiple cultivars across three categories: Indica (The Bling, Black Garlic, The Creamery, Sweat Helmet), Sativa (Electric Cool Aid, K.O.N.Y., Banana Cake #4), and Hybrid (La Bomba X Trop Cherry). Operating under the FLUENT brand, the company aims to provide high-quality cannabis at competitive prices through its vertically integrated operations.

FLUENT has completed its acquisition of RIV Capital, marking one of the largest U.S. cannabis transactions of 2024. The all-stock transaction expands FLUENT's retail presence to 42 locations and adds New York operations to its multi-state footprint. The deal brings approximately US$33 million in cash to FLUENT's balance sheet and eliminates US$160 million of debt through The Hawthorne Collective's exchange of convertible notes for non-voting Exchangeable Shares.

Under the agreement, RIV Capital shareholders received 1.245 FLUENT shares for each RIV share held. FLUENT shareholders now hold 51.25% of the combined company, while RIV Capital shareholders and The Hawthorne Collective hold 48.75%. Robert Beasley continues as CEO of the combined entity, which will operate under the FLUENT name and maintain its current trading symbols (CSE: TIUM.U, OTCQB: CNTMF).

Cansortium Inc. (OTCQB: CNTMF) is launching KNACK, a new cannabis flower brand, exclusively at Etain Health dispensaries in New York starting December 18, 2024. Operating under the FLUENT™ brand, the company will offer premium cannabis products including whole flower (3.5-28 grams) and pre-roll varieties.

The products are cultivated in the Adirondacks using indoor growing techniques, featuring strains like Poddy Mouth, Burnt Orange, Mimosa EVO, Secret Meetings #6, Stay Puft, Ruby Violet, and Strawberry Lemonade. FLUENT plans to expand the KNACK brand into Florida in Q1 2025.

Cansortium (OTCQB: CNTMF), operating under the FLUENT brand, has become Florida's first dispensary to introduce Freedom Town Holdings' innovative flower window bags. The new packaging features a 'peekaboo' window that allows patients to visually inspect cannabis products before purchase, enhancing transparency in the buying process.

The bags are made from mylar, a lightweight, recyclable material that offers superior product protection by blocking light and moisture while reducing environmental impact. The packaging maintains child-resistant features and detailed labeling requirements while improving the overall dispensary experience through product visibility.

Cansortium has expanded its MOODS vaporizer line with two premium extensions: MOODS Black in New York and MOODS Winter in Florida. MOODS Black, available at Etain Health locations, features three strains (Bruce Banner, Egyptian Gold, and Cream Cheese Zushi) in various formats including Mini All-in-One ($65), Dash All-in-One ($40), and 510 Cartridge ($60). The Florida-exclusive MOODS Winter line introduces two holiday-inspired flavors: Reindeer Reefer and Festivus Frost, available in 1G 510 Cartridge ($65) and 1G MOODS Mini All-in-One ($70).

Cansortium reported Q3 2024 results with revenue increasing 3.5% year-over-year to $26.1 million. The company achieved $7.5 million in Adjusted EBITDA (29% margin) and generated $9.6 million in positive cash flow from operations. Florida revenue grew 3.6% to $22.0 million. Gross profit before fair value adjustments was $14.3 million (54.6% of revenue). The company operates 35 stores in Florida and plans to open 4 new stores by end of 2025. Cansortium completed a new senior secured credit agreement of up to $96.5 million and expects to complete its business combination with RIV Capital in December 2024.

RIV Capital reported record quarterly revenue of $4.9 million for Q3 2024, a 186% year-over-year increase. The company operates three co-located adult-use and medical retail dispensaries, plus one medical-only location. Despite revenue growth, the company recorded a net loss of $63.4 million, primarily due to a $67.4 million non-cash pre-tax impairment charge on intangible assets. The company ended the quarter with $50.7 million in cash and expects to close its Business Combination with Cansortium in the coming weeks. Wholesale revenue reached $1.6 million from sales of cannabis products in New York, with a growing pipeline of approximately 60 retailers.

Cansortium has secured a new senior secured credit agreement worth up to $96.5 million with Chicago Atlantic, featuring a 12% cash interest rate and 1% PIK interest, maturing November 26, 2028. The agreement refinances the existing $71 million loan and provides access to two additional credit lines: $10 million for real estate acquisitions and $15 million for potential Buffalo facility acquisition. The deal includes a single financial covenant requiring minimum unrestricted cash of $4.5 million quarterly. The company expects to close its business combination with RIV Capital in early December 2024, having obtained all necessary regulatory approvals.