Cansortium Reports Record Revenue In Its Fiscal Third Quarter 2023 Financial Results
Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) the fully-integrated provider of top-tier cannabis products with operations in three states, released third quarter 2023 financial results this afternoon. With an expansive dispensary retail portfolio in Florida, investors attuned to the Sunshine State are particularly attentive to results from the Florida-centric operator.
In the fiscal quarter ending September 30, 2023, the company reported $25.3 million in revenue, which was a 14% increase compared to the previous year’s figure of $22.1 million. Unsurprisingly, Florida contributed significantly to this growth, with an 17% increase in revenue, totaling $21.3 million compared to the previous year’s $18.2 million.
Despite this growth, adjusted gross profit, a financial metric that reflects the gross profit of a company with certain adjustments made to account for non-operational or non-recurring expenses, stood at $16.1 million in contrast to the previous year’s $16.7 million.
Adjusted EBITDA for the period was reported at $8.8 million, reflecting a decrease from the previous year’s $11.7 million. The decline was primarily attributed to additional expenditures on salaries and wages, coupled with a lower average ticket per transaction. Nevertheless, this setback was partially mitigated by the positive impact of increased customer transactions.
Importantly, the company exhibited an increase in all-important cash flow from operations metric, reaching $7.1 million. This was higher from $5.4 million reported in the corresponding period of the prior year.
Total debt stood at $60.3 million, with approximately $12.1 million in cash and cash equivalents.
In the third quarter, Cansortium expanding its presence in Florida with its recently inaugurated Jacksonville – Cassat store, adding to its growing network of dispensaries. With a current tally of 33 stores, the company solidifies its footprint in the flourishing cannabis market.
Looking ahead, Cansortium foresees continued growth and aims to enhance accessibility for its customers. The company has plans to unveil one additional store in Florida before the close of 2023, fostering its retail presence in the state. No guidance or outlook on future results were provided.
The company is currently active in Florida, Pennsylvania, and Texas, operating under the distinctive FLUENT brand.
