CANSORTIUM INC - CNTMF STOCK NEWS

Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) announced the resignation of Chief Financial Officer Patricia Fonseca, effective November 21, 2022. Fonseca, who joined in March 2021, will assist in the transition process for the next month. The company has engaged an executive search firm to find a successor. CEO Robert Beasley expressed gratitude for Fonseca's contributions to the company's growth and financial discipline during her tenure. Cansortium is a vertically-integrated cannabis company with operations across Florida, Pennsylvania, and Texas, under the Fluent brand.

Cansortium Inc. (OTCQX: CNTMF) reported updates on its Florida operations following Hurricane Ian. All 28 dispensaries have reopened, with some closures due to evacuations. The Cape Coral and Fort Myers locations faced significant impacts, remaining closed for six days but sustaining minimal damage. The Sweetwater cultivation facility experienced moderate damage but managed to salvage most harvests. Cansortium anticipates a 12-week timeline to return to pre-hurricane production levels. CEO Robert Beasley acknowledged the modest impact and praised the team’s efforts.

Cansortium Inc. reported a strong Q2 2022, with revenues up 14% QoQ and 36% YoY to a record $22.4 million. Adjusted EBITDA soared 64% QoQ and 95% YoY, reaching $10.2 million. The company reaffirms its 2022 revenue guidance of $90-$95 million and adjusted EBITDA of $25-$28 million. The Florida market drove growth, evidenced by a 16% revenue increase without new store openings. The company plans to open 4-5 stores in Florida by year-end and expects productivity gains from its ongoing cultivation expansion.

Cansortium Inc. (OTCQX: CNTMF) announced a conference call to review its financial and operational results for Q2 2022, ending June 30. The call is scheduled for August 29, 2022, at 4:30 p.m. Eastern time. Management will discuss results and answer questions. Interested participants can join via toll-free or international dial-in numbers, with a conference ID of 10020139. The call will be available for replay on the investor relations website. Cansortium operates the Fluent™ brand in Florida, Pennsylvania, and Texas, focusing on high-quality cannabis.

Cansortium Inc. announced the filing of its 2021 audited and Q1 2022 unaudited financial statements on SEDAR. For FY 2021, revenue rose 25% to $65.4 million, with adjusted EBITDA increasing 90% to $19.6 million. In Q1 2022, revenue grew 30% to $19.7 million, and adjusted EBITDA increased 42% to $6.2 million. The company forecasts 2022 revenue between $90-$95 million, reflecting a projected 40% increase. Cansortium, operating under the Fluent™ brand, is focused on expanding its market share in Florida.

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) has issued a bi-weekly default status report concerning a management cease trade order (MCTO) following a delay in filing its audited financial statements for 2021. The MCTO restricts trading for the CEO and CFO until all required filings are received by the Ontario Securities Commission. Cansortium anticipates filing these documents by May 27, 2022, and confirms no material changes since the original announcement. The company aims to comply with NP 12-203 guidelines as it resolves this matter.

Cansortium Inc. reported a 22% year-over-year revenue increase for FY 2021, reaching $63.7 million, with adjusted EBITDA up 90% to $19.6 million. Q4 2021 revenue rose 13% to $16.5 million, and preliminary Q1 2022 revenue jumped 33% to $20.1 million. Despite these strong results, the company has delayed its audited financial statement filing due to additional time needed by auditors. Cansortium expects revenue for 2022 to be between $90-$95 million and aims for adjusted EBITDA between $25-$28 million.

Cansortium Inc. announced the closing of a non-brokered private placement, securing US$4.7 million in gross proceeds. This includes a 10% unsecured convertible debenture of US$3.5 million and 3,076,923 pre-funded common share purchase warrants priced at US$0.39 each. The debenture is convertible into common shares at US$0.79 per share by 2032. Proceeds will be used to reduce outstanding debt and for working capital, including $3.25 million designated as an equity cure under a previous April 2021 Credit Agreement.

Cansortium Inc. (OTCQX: CNTMF) will release its financial results for Q4 2021 and preliminary figures for Q1 2022 on May 2, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET the same day, allowing investors to discuss the results in detail. The call can be accessed via (800) 319-4610 for domestic participants and (604) 638-5340 for international callers. Cansortium operates under the Fluent™ brand, with licenses across Florida, Pennsylvania, Michigan, and Texas.