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HEALTHCARE | Medical Facilities & Services

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Florida Department of Health oversees programs and services for children's health, women's health, community health, and more.

Florida Department of Health Headquarter Location

2585 Merchants Row Blvd

Tallahassee, Florida, 32301,

United States


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16:05 ET Cansortium Reports Third Quarter 2021 Financial Results

Nov 30, 2021

News provided by Share this article Management to Host Conference Call Today at 5:00 P.M. Eastern Time MIAMI, Nov. 30, 2021 /CNW/ - Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) ("Cansortium" or the "Company"), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced financial results for the third quarter ended September 30, 2021. Unless otherwise indicated, all results are presented in U.S. dollars. "We executed on several key initiatives during the quarter, including the opening of a new dispensary in Pennsylvania and two new dispensaries in Florida, bringing our total retail footprint to 29 stores," said CEO Robert Beasley. "We also received approval from the Florida Department of Health to commence operation in several new bays at our recently expanded Sweetwater facility. In fact, products from Sweetwater hit the shelves in November as planned and early customer feedback has been excellent. "During the quarter, there was a well-publicized merger between two MSOs in Florida that created a product liquidation event, which disrupted pricing in the market. We nevertheless stood our ground on pricing, which impacted sales but enabled us to hold margins relatively well and still increase adjusted EBTIDA by 34% to $4.9 million. Due to these lower sales, we are revising our 2021 revenue guidance to $63-$66 million, however we are holding our adjusted EBITDA guidance and expect to come in at the low end of our previously disclosed range of $18-$26 million." Beasley continued: "Pricing volatility in Florida has improved since the peak disruption in September, and as we enter the final month of the year, we continue to expect exiting 2021 at a strong run rate with full production from our increased capacity hitting shelves in February 2022. We have already seen increased yields due to environmental control enhancements across multiple facilities, and we are excited to dramatically improve our competitive positioning with greater inventory and a wider range of products to sell across our Florida retail footprint in 2022." Q3 2021 Financial Highlights (vs. Q3 2020) Revenue increased 9% to $15.6 million compared to $14.3 million. Florida revenue increased 4.3% to $13.1 million compared to $12.6 million. Adjusted gross profit1 increased to $9.8 million or 62.7% of revenue, compared to $9.5 million or 66.6% of revenue. Adjusted EBITDA increased 34% to $4.9 million or 31.4% of revenue, compared to $3.6 million or 25.5% of revenue. Recent Operational Highlights In August, the Company opened its 2nd store in Pennsylvania in Mechanicsburg. In September, the Company opened its 27th store in Florida in Fruitland Park, which is the city's first medical marijuana dispensary. Received approval from the Florida Department of Health to commence operations at several new bays at its Sweetwater, FL cultivation facility. Cansortium appointed a new auditor, Baker Tilly US, LLP, in preparation for reporting financial results in accordance with U.S. GAAP in 2022. 2021 Outlook The Company is revising its 2021 outlook for revenue and now expects it to range between $63-$66 million. The Company continues to expect adjusted EBITDA to range between $18-$26 million and anticipates achieving the lower end of the range. This compares to approximately $52 million of revenue and $10 million of adjusted EBITDA in 2020. The Company's unaudited consolidated financial statements and accompanying notes, along with the Management Discussion and Analysis (MD&A), will be available under the Company's profile on SEDAR at  and are also accessible through the Investor Relations section of the Company's website at . ______________________________ 1 Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations. Conference Call The Company will host a conference call and live audio webcast today at 5:00 p.m. Eastern time to discuss its financial results and operational highlights. Toll-free dial-in number: (800) 319-4610 International dial-in number: (604) 638-5340 Conference ID: 10017358 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (949) 200-4603. The conference call will also be available for replay via the News & Events section of the Company's investor relations website at . About Cansortium Inc. Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida. Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQX Best Market under the symbol "CNTMF." For more information about the Company, please visit . Forward-Looking Information Certain information in this news release may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events. Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at . These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. For further information:

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