Cansortium Inc. (OTCMKTS:CNTMF) has announced its financial results for the three months and nine months ended September 30, 2020.
Cansortium reports consolidated revenue 0f $14.3 million in Q3
In the third quarter, the company reported consolidated revenue of $14.3 million which is a 94% YoY increase. During the quarter consolidated operational loss was $1.9 million and its consolidated net loss was $8.9 million or $0.04 per diluted share. In Q3 2020, Cansortium opened its 21st medical cannabis dispensary in Coral Springs, Florida. The company operated only 16 medical marijuana dispensaries during Q3 2019. Additionally, the company opened the 22nd and 23rd marijuana dispensaries in Coral Gables and Kendall Florida in October and November 2020 respectively.
Year to date the company reported consolidated revenue of $37.7 million which is a 50% increase compared to $19 million in the first nine months of 2019. Most importantly the company posted an operating income of $1.3 million from operations compared to an operating loss of $28.7 million for the nine months ended September 30, 2019. Consolidated net loss was $28.4 million or $0.14 per diluted share which is an improvement from last year’s net loss for the first nine months of $33.1 million or $0.18 per share.
Full-year revenue of up to $60 million
Cansortium continues to make progress in its targeted initiatives focusing on growth and long-term stockholder value creation. In Q2 2020 the company secured another cultivation and production facility in Florida with minimum capital outlays. The company commenced operations in the facility in Q4 2020 and has so far opened five of the six dispensaries it had planned for 2020. Most importantly the company is pursuing two more dispensary locations in Pennsylvania to augment the solid sales of the existing Hannover dispensary.
Similarly in Michigan, Cansortium engaged Freedom Town to enhance its cultivation team on the ground. Recently the company secured an extension of its convertible notes in Texas as it continues to seek long-term solutions in the state. For the full year, the company expects consolidated revenue of $55-60 million and adjusted EBITDA of around $14 million.