Cansortium drops off its 2021 Audi

MIAMI, June 10, 2022 /PRNewswire/ – Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically integrated cannabis company operating under the Fluent™ brand, today announced the filing of its complete file the audited financial statements for the year 2021, the management report and the certificates of the chief executive officer and the chief financial officer (collectively, the “annual documents”) on SEDAR. The Company also filed its unaudited interim financial statements, MD&A and related CEO and CFO certifications for the three months ended March 31, 2022 (the “Interim Documents” and, together with the Annual Documents, the “Required Documents”) on SEDAR. Unless otherwise indicated, all results are presented in US dollars.

Fiscal 2021 financial highlights (compared to fiscal 2020)

  • Revenues increased by 25% to reach $65.4 million compared to $52.4 million.
  • Adjusted gross profit1 increased by 34% for $41.9 million i.e. 64.1% of sales, compared to $31.4 million i.e. 59.9% of turnover.
  • Adjusted EBITDA increased by 90% for $19.6 million i.e. 29.9% of turnover, against $10.3 million i.e. 19.6% of turnover.

Q1 2022 Financial Highlights (vs. Q1 2021)

  • Revenues increased by 30% to reach $19.7 million compared to $15.1 million.
  • Adjusted gross profit1 increased by 19% for $11.5 million i.e. 58.6% of turnover, against $9.7 million i.e. 64.2% of turnover.
  • Adjusted EBITDA increased by 42% to reach $6.2 million i.e. 31.5% of turnover, against $4.4 million i.e. 29.0% of turnover.

“Now that our filing backlog is behind us, we can fully focus on the strong momentum that continues to build in our business,” the CEO said. Robert Beasley. “We generated another record quarter of results in the first quarter and based on weekly data reported by the Office of Medical Marijuana Use (OMMU), Fluent continued to climb the rankings and improve market share in Florida in the second trimester.”

Outlook 2022

The Company continues to expect revenues in 2022 to be between $90$95 millionreflecting an increase of approximately 40% compared to 2021. Cansortium also expects Adjusted EBITDA in 2022 to be between $25$28 millionreflecting an increase of approximately 35% compared to 2021.

About Cansortium Inc.

Cansortium is a vertically integrated cannabis company with licensing and operations in Florida, Pennsylvania, Michigan (via its market partner) and Texas. The company operates under the Fluent™ brand and is committed to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unwavering commitment to operational excellence in cultivation, production, distribution and retail. The Company has its registered office at Miami, Florida.

The common shares of Cansortium Inc. 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 www.getfluent.com.

Forward-looking information

Certain information contained in this press release may constitute forward-looking information within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation. Reform. Act of 1995. In some, but not necessarily all, cases, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “target”, “expects” or “does not does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of these words and expressions or state that certain actions, events or results “could”, “may”, “will”, “could”, “will” or “will be undertaken”, “will occur” or “will be achieved”. In addition, any statement that refers to expectations, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts but rather represent the Company’s expectations, estimates and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and beyond the control of the Company. Company.

Forward-looking information is necessarily based on numerous opinions, assumptions and estimates which, although considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, factors described in the public Company documents available at www.sedar.com. These factors are not intended to represent a complete list of factors that could affect the Company; however, these factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company expressly disclaims any obligation to update or modify any statements containing forward-looking information, or the underlying factors or assumptions, whether as a result of new information, future events or otherwise, except as required by law.

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1 Adjusted gross profit is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross margin as gross margin plus (minus) changes in the fair value of biological assets, as presented in the consolidated statement of income.

Company details

Robert BeasleyCEO
(850) 972-8077
investors.getfluent.com

Investor Relations

Sean MansouriCFA
High infrared
(720) 330-2829
[email protected]

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SOURCE Cansortium Inc.

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