CANSORTIUM INC - CNTMF STOCK NEWS

Cansortium Inc. announced the closing of a non-brokered equity private placement, issuing 3,571,428 common shares at $0.70 per share, raising approximately $2.5 million. The funds will be used for working capital, including potentially exercising an equity cure right under its $71 million Credit Agreement should amendments not be reached with lenders. The securities are not registered under U.S. laws and cannot be offered or sold in the U.S. without proper registration or exemptions.

Cansortium Inc. reported Q3 2021 revenue of $15.6 million, a 9% increase year-over-year, with Florida revenue climbing 4.3% to $13.1 million. Adjusted EBITDA rose 34% to $4.9 million, representing 31.4% of revenue. The company opened new dispensaries, expanding its retail footprint to 29 stores. However, due to market disruptions from a merger among MSOs in Florida, Cansortium revised its 2021 revenue guidance to $63-$66 million, maintaining its adjusted EBITDA forecast of $18-$26 million. Management remains optimistic about production capacity and market positioning moving forward.

Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) has announced its participation in two upcoming investor conferences in December 2021. The Cowen 4th Annual Cannabis Conference will take place virtually from November 29 to December 1, 2021, with one-on-one meetings on December 1. Additionally, the Benzinga Global Small Cap Conference is scheduled for December 8-9, 2021, where CEO Robert Beasley will present and join a panel discussion. For further details, contact the investor relations team.

Cansortium Inc. (OTCQX: CNTMF) will hold a conference call on November 30, 2021 at 5:00 p.m. ET to discuss its Q3 2021 financial results for the period ended September 30, 2021. The results will be reported before the call. Interested participants can join using the toll-free dial-in number (800) 319-4610 or the international dial-in (604) 638-5340. The conference will also include a Q&A session and will be available for replay on the Company's investor relations website.

Cansortium Inc. has announced a change of auditor, replacing MNP LLP with Baker Tilly US, LLP, effective October 1, 2021. The decision follows the Former Auditor's resignation and was approved by the board on October 15, 2021. Notably, there were no modified opinions in the Former Auditor's audit reports for the last two years, and no reportable events occurred between the Company and the Former Auditor. This change is in compliance with National Instrument 51-102 and has been duly filed on SEDAR.

Fluent by Cansortium Inc. (OTCQX: CNTMF) announced the opening of its 27th retail location in Florida, located in Fruitland Park. This dispensary, situated near The Villages—one of the fastest-growing metropolitan areas in the U.S.—will offer a variety of cannabis products including Fluent flower and premium oils. CEO Robert Beasley highlighted plans for four additional locations in early 2022, aiming to expand the company's Florida footprint to 31 stores. Fluent emphasizes high-quality cannabis and a welcoming environment for medical marijuana patients in the community.

Cansortium reported a 24% year-over-year revenue growth in Q2 2021, totaling $16.5 million. The Company achieved adjusted EBITDA of $5.2 million, doubling from the previous year. The significant balance sheet improvement included nearly $90 million for debt cancellation and extended maturities to 2025. Despite minor supply chain delays pushing back production schedules, Cansortium revised its 2021 revenue outlook to $70-$80 million, with adjusted EBITDA expected between $18-$26 million. New dispensaries are opening in Florida and Pennsylvania to support growth.

Cansortium Inc. has rescheduled its second quarter 2021 conference call to August 25, 2021, at 8:30 a.m. ET. The company will announce its financial results in a press release prior to the call, followed by a Q&A session. Interested parties can join the call using the toll-free number (800) 319-4610 or the international number (604) 638-5340, with the conference ID 10016120. The call will be available for replay on the company's investor relations website.

Fluent by Cansortium has announced the approval of a new 43,000 square-foot greenhouse in Homestead, Florida, and a 40,000 square-foot expansion at its Sweetwater facility. These expansions aim to enhance the monthly supply of biomass for producing CBD and THC oil for their dispensaries across Florida. The company recently opened two new dispensaries, bringing its total to 27 by year-end. The new facilities will support the growth of Fluent's CBD and Blend product lines, bolstering its presence in the competitive cannabis market.