Cansortium Inc (OTCMKTS:CNTMF) posted a growth of 117% to $13.2 million in Q2 2020 revenues. It reported an income of $0.8 million from operations in Q2 2020.
Inaugurates 20th dispensary in Florida
Cansortium inaugurated the 20th dispensary on 3,200 Sq. Ft. site in East Orlando. The company also holds another dispensary in Downtown at 1901 North Orange Avenue. With another dispensary at Casselberry, the company serves 2.5 million customers in Orlando besides several million tourists annually.
Neal Hochberg, EC of Cansortium, said the company will continue expanding its dispensary network in Florida. It allows the residents to access premium cannabis products for medical use across the state.
All dispensaries remain open during coronavirus crises
The company is one of the first five license holders to serve the growing and large population with high-quality medicinal products during the ongoing coronavirus crises. All of its dispensaries have remained open because medical marijuana is designated as an essential service.
Opens 21st dispensary
Cansortium inaugurated 21st dispensary on 4,200 Sq. On August 21, 2020, Ft. site is in the fifth largest in Broward County – Coral Springs, Florida. The company targets open four new dispensaries in the state in the next four months to benefit from growing demand.
Its Fluent brand is continuously setting high standards for consistent and premium quality cannabis products. In Florida, each dispensary carries a complete range of products.
All the Fluent branded products are processed, cultivated, and packaged at its Florida facility adhering to the state’s regulations.
As part of its strategy to grow and reward investors, the company is continuing to achieve significant progress on the stated objectives. It also exited from non-core markets in Puerto Rico and Canada in Q2 2020 and freed up capital for the US markets and streamlined its operations.
Cansortium also secured a production and cultivation facility in Florida and expects to commence operations in Q4 2020. The company also already opened three of the seven dispensaries this year.
Cansortium intends to open two additional dispensaries to strengthen its sales being reported from the existing dispensary in Hanover.