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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 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.
Cansortium Inc. (OTCQX: CNTMF) announced the exercise of its first equity cure right under a $71 million credit agreement. The company will utilize proceeds from a recent $2.5 million equity private placement, completed on December 6, 2021, to enhance its EBITDA calculation for the Consolidated Interest Coverage Ratio, which must meet the threshold of 2.00:1.00. This equity cure right can be exercised for up to two consecutive quarters. Cansortium operates under the Fluent™ brand across multiple U.S. states, including Florida and Texas.
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.
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