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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 Inc. (OTCQX: CNTMF) will host a conference call on November 29, 2022, at 4:30 p.m. ET to discuss its Q3 2022 financial results ending September 30, 2022. A press release with these results will be issued prior to the call. Interested parties can join via toll-free and international dial-in numbers or through the provided conference link. The call will include a Q&A session post-presentation. Cansortium operates under the Fluent™ brand, focusing on delivering high-quality cannabis products in Florida, Pennsylvania, and Texas.
Cansortium Inc. (CSE: TIUM.U, OTCQX: CNTMF) announced the issuance of 1,048,386 common shares to directors, converting US$162,500 in director fees into Debt Shares. The shares are priced at US$0.155 based on the closing market value as of September 30, 2022. Additionally, directors will receive fees for Q4 2022 in common shares at the closing market price on December 31, 2022. This transaction constitutes a related party transaction and is exempt from certain CSE requirements, as the debt does not exceed 25% of the company's market capitalization.
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.
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