This Cannabis Company Reports Robust Growth, Revenue Up 14% To $25.3M, Florida Sales Surge 17%
Portfolio Pulse from Joana Scopel
Cansortium Inc. (OTCQB:CNTMF), operating as FLUENT, reported a 14% increase in Q3 2023 revenue to $25.3M, with Florida sales up 17%. Adjusted EBITDA decreased due to higher salaries and lower average ticket per transaction, despite more customer transactions. The company opened a new store in Florida, with plans for another by year-end and a delivery center in Houston in early 2024. As of September 30, 2023, Cansortium had $12.1M in cash and $60.3M in debt. The stock price fell 20.41% to $0.078 per share.
November 29, 2023 | 10:10 pm
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NEGATIVE IMPACT
Cansortium Inc. reported increased Q3 revenue and Florida sales, but a decrease in adjusted EBITDA and a significant stock price drop of 20.41%.
The revenue growth indicates a positive business trajectory, but the decrease in adjusted EBITDA and the sharp decline in stock price suggest concerns about profitability and operational costs. The stock price reaction is likely a result of the mixed financial results and the market's immediate response to the earnings report.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100