CANSORTIUM INC - CNTMF STOCK NEWS

Cansortium Inc. has announced it has satisfied its obligations under a US$12.9 million promissory note, originally due on December 1, 2022, owed to Can Endeavour LLC. The principal was converted into 21,555,483 common shares at a conversion price of US$0.60 per share. All accrued interest has been paid in cash. This note was tied to the acquisition of Fluent Servicing, LLC in August 2018. The common shares are unregistered under U.S. securities laws. Cansortium is focused on operational excellence in the cannabis sector, primarily in Florida.

Cansortium reports a Q4 revenue increase of 54% to $14.7 million and an adjusted EBITDA of $3.3 million. For the full year 2020, revenue surged by 84% to $52.4 million, with Florida revenue also up 84% to $46.4 million. The company anticipates 2021 revenue between $90 million and $100 million, driven by expansion in Florida and Pennsylvania. They achieved record sales of approximately $5 million in Florida in April 2021.

Cansortium Inc. announced the completion of a US$71 million Senior Secured Term Loan due April 2025, enhancing the company's liquidity and extending debt maturities. The loan, with an interest rate of 13%, will allow Cansortium to repay existing debts, including $27.1 million in convertible debentures, and significantly improve its balance sheet by adding over $40 million in cash. The funds will support expansion in Florida, Pennsylvania, and Michigan, where the company aims to capitalize on growth opportunities.

Cansortium announced the closing of its private placement, raising a total of US$17.1 million. The second closing contributed US$5.2 million at a unit price of US$0.70 per unit, consisting of a common share and half a warrant. Funds will be directed towards expanding operations in Florida and Michigan, including completing the Sweetwater cultivation facility's Phase 2, increasing production capacity, and opening new dispensaries. Cansortium aims to enhance its presence in the cannabis market, focusing on high-quality production and operational excellence.

Cansortium has successfully completed a US$12 million private placement, increasing the initial US$10 million target due to strong investor interest. Each unit comprises one common share and one-half warrant, exercisable at US$0.90 for 24 months. Proceeds will enhance cultivation capacity in Florida and expand operations in Michigan. Key initiatives include boosting annual flower production capacity from 3,000 lbs. to 6,000 lbs. and accelerating the opening of four new dispensaries. This financial milestone aims to create significant shareholder value.

Cansortium Inc. (OTCQB: CNTMF) has surpassed its 2020 Florida revenue guidance by $1.9 million, reporting $13.4 million for Q4 and approximately $46.9 million for the entire year. The company attributes its Q4 success to the rollout of edible products in October 2020. In addition, Cansortium has harvested over 4,000 pounds of cannabis in Michigan, with plans to sell 30% of this as flower. The appointment of Patricia Fonseca as Chief Financial Officer is also announced, expected to enhance the management team.

Cansortium Inc. has issued a clarification regarding the share ownership by the Smith Group as of December 31, 2020. The Smith Group holds 1,421,538 proportionate voting shares, accounting for approximately 19% of the 7,411,183 voting shares and 13,412,622 common shares, representing 11.8% of total common shares. Combined, they hold 14.7% of Cansortium's total issued shares. The announcement follows a restructuring agreed upon in January 2020 that involved shares transferred from the founders.

Cansortium, a vertically integrated cannabis company, announced the completion of amendments to its convertible notes initially issued in February 2019. The maturity date has been extended to December 1, 2022, with holders receiving common shares for unpaid interest totaling $568,540. An extension fee of $105,685.62 was also paid through share issuance. Key amendments include a reduced conversion price to $0.60 and options for quarterly interest payments. Cansortium aims to enhance shareholder value through these strategic financial adjustments.

Cansortium Inc. has expanded its operations in Florida by opening its 22nd dispensary in Coral Gables on October 14, marking the fourth in 2020. The new location enhances Fluent's presence in Miami-Dade County, following dispensaries in Cutler Bay and North Miami Beach. This launch coincides with the introduction of Fluent Gels, the company's first edibles line, with over 1,100 units sold on the first day. Cansortium aims to open three more dispensaries by year-end, furthering its commitment to premium cannabis products in Florida.