Connect with us


Cansortium Inc. (OTCMKTS:CNTMF) Successfully Exceeded Its 2020 Florida Revenue Estimate and Completed Michigan Crop Harvest



Cansortium Inc. (OTCMKTS:CNTMF) has announced that it has exceeded its previously stated year-end 2020 revenue guidance for Florida by $1.9 million. The company released the Florida revenues accounting for 88% of its consolidated revenues of $13.4 million in the fourth quarter and around $46.9 million for the full year 2020.

Cansortium launched edibles in Florida

Interestingly, the company is among the first operators leveraging Florida’s opportunities with the launch of an edible products line in October 2020, contributing to strong results in Q4. Robert Beasley, the company’s CEO, said that they are delighted with the strong performance of operations in Florida, and investments in the Sweetwater cultivation facility will offer an adequate product to support Consortium’s growth initiatives. He said that the company is on schedule to receive cannabis from the new 26,000 sq. ft. facility from next month. Already work has commenced expanding the Sweetwater facility by 40,000 sq. ft. and the company expects work to be complete in Q2 2021.

Cansortium completed harvesting the 2020 Michigan crop

Equally, the company has completed harvesting the 2020 Michigan crop in which it produced around 4,000 pounds of sellable product. The company sold almost 15% of the resulting biomass from the harvest in Q4 2020. Beasley said that the Michigan crop quality allowed the company to be patient and leverage price strength in the state for wholesale cannabis. He added that the company will sell around 30% of the remaining crop as flower and expects to complete the sale of the whole harvest by the end of April.

Cansortium has also announced the hiring of Patricia Fonseca as its Chief Financial Officer. Fonseca joins Consortium from The Service Companies Inc., gaming, hospitality, and facilities services provider, where she has worked since 2011. She previously worked at Ernst & Young in the Transactions Advisory Services group and Springs Global US. Prior to this, she worked for over 8 in audit roles of BDO in Australia and Deloitte in Brazil. She is a certified CPA in Both Brazil and the US.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.


Business2 days ago

Sundial Growers Inc (NASDAQ:SNDL) Inks An Equity Sale Accord With ATB Capital Markets And Canaccord Genuity To Raise Maximum Of $800 Million: Reports $13.9 Million In Revenues In Q4 2020

Post Views: 248 Sundial Growers Inc (NASDAQ:SNDL) inked a stock sale agreement with ATB Capital Markets and Canaccord Genuity agents....

Business3 days ago

High Tide Inc (OTCMKTS:HITIF) Posts Impressive Growth Of 17% In Revenues In Q1 2021

Post Views: 583 High Tide Inc (OTCMKTS:HITIF) reported revenues of $38.3 million (up 179% YoY) in Q1 2021. It included...

Business4 days ago

Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) Reports CAD 1.827 Million Revenues In Q1 2021

Post Views: 281 Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) reported revenues of CAD 1.827 million (down 54.41% YoY) in Q1 2021....

Business5 days ago

Cresco Labs Inc (OTCMKTS:CRLBF) Reports Revenues Of $162.3 Million In Q4 2020: Adjusted EBITDA Increases 8% To $50 Million in Q4 2020

Post Views: 306 Cresco Labs Inc (OTCMKTS:CRLBF) reported a growth of 6% QoQ to $162.3 million in Q4 2020. Its...

Business6 days ago

Tauriga Sciences Inc (OTCMKTS:TAUG) Inks A Pact With Coalition Technologies To Improve SEO Metrics: Converts US PPA To Non US PPA

Post Views: 331 Tauriga Sciences Inc (OTCMKTS:TAUG) signed an agreement with Coalition Technologies to enhance its SEO (search engine optimization)...

Business1 week ago

Medipharm Labs Corporation (OTCMKTS:MEDIF) Expands Its Innovative Branded Products Line With Launch Of New Formulations

Post Views: 367 Medipharm Labs Corporation (OTCMKTS:MEDIF) has announced the expansion of its innovative Pharma-quality family branded products with the...