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

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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.

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