Cansortium Inc (OTCMKTS:CNTMF) reported revenues of $10.2 million in Q1 2020. Neal Hoch Berg, EC of Cansortium said the company expects to realize revenues of $60 million in 2020. It is on the backdrop of projected revenues of a minimum of $45 million from its operations in Florida together with additional revenues accrued from Texas, Pennsylvania, and Michigan. He said significant efforts put in by the company and strong growth in revenues in Q1 helped it report positive EBITDA QoQ.
In Panama City, Florida, Cansortium inaugurated its 19th MMD (medical marijuana dispensary) in Q1 2020. The company managed a total of nine dispensaries this year. Cansortium opened its 20th MMD in East Orlando, Florida, in April 2020.
Initiatives for profitability
Cansortium will strengthen its cultivation capacity in Florida. It also plans to expand the dispensary network to 26 before the end of this year. The company will adopt marketing initiatives and innovative technology to boost sales. Also, the dispensaries in Pennsylvania will be expanded by the year 2021.
Cansortium contemplates expanding the market for medical cannabis in Texas to promote growth. It expects to realize additional revenues this year from Michigan operations. Neal said the company will utilize all of its resources and capital to boost revenues by focusing on the US’s medical marijuana markets.
Cansortium strengthened the competency of the fluent brand in Florida to serve patients with medical marijuana in Florida. Neal said additional revenue opportunities in Texas, Pennsylvania, and Michigan help the company achieve meaningful progress in 2020 and realize enhanced profitability.
Issues 1.49 million common shares
Cansortium issued 1.49 million common shares to the debenture holders as per the understanding of the sale of non-core assets. On May 23, 2019, Cansortium mobilized funds of $27.144 million through a private placement of the debentures.
Promotes Head of Finance to CFO
Cansortium promoted Marcos Pedreira, who is inducted as Head of Finance in 2018, to the CFO. He will contribute 20 years of experience in financial planning and internal accounts/ finance. Marcos previously worked as Senior Director (Finance) and Assistant Controller at CSC (Campbell Soup Company). He holds a master’s degree in business and a certificate in internal auditing.