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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. (OTCQB: CNTMF) has redeemed up to US$5 million of its convertible promissory notes, reducing the total outstanding amount to US$5 million. These notes were initially issued for a total of US$10 million in February 2019. The remaining notes are due on December 1, 2022, unless converted at a price of US$0.60 per share. CEO Robert Beasley noted that this move represents an improvement in the company's balance sheet and its ongoing partnership with noteholders as Cansortium expands its operations in Florida and other markets.
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.
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