Welcome to our dedicated page for Fluent news (Ticker: CNTMF), a resource for investors and traders seeking the latest updates and insights on Fluent stock.
About Fluent Corp (CNTMF)
Fluent Corp (formerly Cansortium Inc.) is a vertically integrated, multi-state cannabis company operating under the renowned FLUENT™ brand. Headquartered in Tampa, Florida, Fluent Corp is dedicated to delivering high-quality cannabis products through its comprehensive value chain, which spans cultivation, production, distribution, and retail. With licenses and operations in Florida, Pennsylvania, Texas, and New York, the company caters to both medical marijuana patients and adult-use consumers, offering a diverse portfolio of premium cannabis products tailored to meet varying needs and preferences.
Core Operations and Business Model
Fluent Corp’s vertically integrated model ensures strict quality control at every stage of its operations. The company oversees the cultivation of cannabis in state-of-the-art facilities, utilizing advanced techniques to optimize product quality and yield. This is followed by in-house production processes that focus on creating a wide range of cannabis products, including flower, concentrates, edibles, tinctures, and cartridges. Fluent’s retail network, which includes dispensaries operating under the FLUENT™ brand, provides a welcoming environment with knowledgeable staff to guide customers in selecting the best products for their needs. Additionally, the company leverages online ordering and express pickup services to enhance customer convenience.
Market Presence and Expansion
Fluent Corp has established a strong foothold in key markets, particularly in Florida, where it operates an extensive network of dispensaries. The company continues to expand its reach, with plans to open new locations and introduce innovative product lines. Recent initiatives include the launch of the Hyer Kind concentrates brand, the MOODS product line tailored to specific experiences, and the KNACK flower brand, which emphasizes locally grown, high-quality cannabis. Fluent’s commitment to scalability is further demonstrated by its strategic business combination with RIV Capital Inc., positioning it as a significant player in the evolving U.S. cannabis industry.
Commitment to Quality and Innovation
Fluent Corp is driven by an unwavering commitment to operational excellence and innovation. The company employs cutting-edge cultivation and extraction techniques to produce premium cannabis products that prioritize flavor, potency, and accessibility. Its product portfolio is designed to cater to a wide range of consumer preferences, from medical patients seeking therapeutic benefits to recreational users exploring curated cannabis experiences. By continuously expanding its offerings and introducing new formats, Fluent ensures it remains at the forefront of industry trends.
Regulatory and Industry Context
Operating within the highly regulated U.S. cannabis market, Fluent Corp navigates complex state and federal laws to deliver compliant and reliable products. While cannabis remains a Schedule I substance under federal law, the company’s adherence to state regulations and its focus on medical and adult-use markets position it as a trusted operator. Fluent’s proactive approach to compliance, coupled with its strategic partnerships and acquisitions, enables it to adapt to evolving regulatory landscapes while driving growth and profitability.
Strategic Vision
Fluent Corp’s strategic vision is centered on becoming a leading multi-state cannabis operator with a strong brand portfolio and a commitment to community engagement. The company’s recent rebranding and corporate name change reflect its alignment with its operational footprint and growth ambitions. Fluent continues to invest in its infrastructure, expand its retail presence, and enhance its product offerings to meet the needs of a diverse customer base. By prioritizing quality, innovation, and customer experience, Fluent aims to build long-term value for its stakeholders.
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.
Cansortium (OTCQB: CNTMF) has launched Hyer Kind, a new premium cannabis concentrates line, exclusively available at FLUENT dispensaries across Florida. The product line includes cured badder, crumble, and cured resin cartridges, crafted using advanced extraction techniques like live ice-water extraction. Pricing is set at $50 for cured badder and cured resin cartridges (0.5g), and $45 for crumble. The company plans to expand the brand into additional markets, including New York, and will add more concentrate options to the portfolio.
RIV Capital and Cansortium have successfully launched the MOODS cannabis brand in New York. The brand is now available at Etain dispensaries and in the wholesale market. MOODS offers four core strains and various consumption formats, including Mini All-in-One devices, 0.5g Dash All-in-One devices, and 1g Cartridges.
The launch has been met with great success, with MOODS becoming the top-selling vape brand in RIV Capital's New York retail stores during September. This success has contributed to record-breaking monthly vape sales for the company. The products are formulated using genetics grown at RIV Capital's Upstate New York facility.
To celebrate the launch, RIV Capital and Cansortium will participate in the upcoming Revelry Cannabis Festival in NYC on October 4-5, 2024. This event will showcase the new MOODS product line and celebrate its entry into the New York market.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, has announced a change in its auditor. The company's board of directors has appointed PKF O'Connor Davies LLP as the new auditor, effective September 23, 2024, replacing Baker Tilly US, LLP, which resigned at the company's request on the same date.
The Former Auditor did not express any modified opinions in their reports on Cansortium's financial statements for the relevant period, as defined by National Instrument 51-102. Additionally, there were no reportable events involving the company and the Former Auditor. Cansortium has filed the required notice of change of auditor and accompanying letters from both auditors on SEDAR+, in compliance with regulatory requirements.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, has issued 865,382 common shares to its directors in exchange for canceling US$112,500 of director fees for Q2 2024. The shares were issued at US$0.13 per share, based on the CSE closing price on June 30, 2024. Directors have also agreed to receive Q4 2024 fees in shares at the December 31, 2024 closing price. This shares-for-debt transaction is considered a related party transaction under MI 61-101, but the company is relying on exemptions from valuation and minority shareholder approval requirements. The issued shares will have a four-month hold period.
RIV Capital (CSE: RIV) (OTC: CNPOF) and Cansortium (CSE: TIUM.U) (OTCQB: CNTMF) announced shareholder approval for their proposed business combination. Approximately 98.8% of eligible votes at the RIV Meeting favored the Arrangement Resolution, while 99.1% of eligible votes at the Cansortium Meeting supported the Amendment Proposal. The combined entity will operate under the Cansortium name, trading on the CSE as 'TIUM.U' and OTCQB as 'CNTMF'. The transaction is expected to close in Q4 2024, subject to final court approval and regulatory clearances. Both companies' leadership expressed enthusiasm about leveraging their joint capabilities to establish strong positions in key markets and drive shareholder value.
Cansortium Inc. (CNTMF) reported strong Q2 2024 results with revenue up 12% YoY to a record $27.3 million. Key highlights include:
- Florida revenue increased 15% to $23.1 million
- Adjusted gross profit was $12.3 million or 48.6% of revenue
- Adjusted EBITDA rose to $7.7 million
- Cash flow from operations was $2.8 million
- The company had $8.5 million in cash and $67.5 million in total debt as of June 30, 2024
Cansortium operates 35 stores in Florida and plans to open 4 new stores by Q2 2025. The company is also progressing with its business combination with RIV Capital, expected to close in Q4 2024.
FAQ
What is the current stock price of Fluent (CNTMF)?
What is the market cap of Fluent (CNTMF)?
What does Fluent Corp (CNTMF) do?
Where does Fluent Corp operate?
What is Fluent Corp's business model?
What makes Fluent Corp unique in the cannabis industry?
What are Fluent Corp's key product offerings?
Is Fluent Corp involved in both medical and adult-use cannabis markets?
How does Fluent Corp ensure product quality?
What is Fluent Corp's growth strategy?
What is the significance of Fluent Corp's recent rebranding?
How does Fluent Corp navigate regulatory challenges in the cannabis industry?
