Debra Borchardt
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced financial results for the fourth quarter and full year ended December 31, 2022. In the fourth quarter, revenue jumped by 28% to $23.5 million and Florida’s revenue increased by 26% to $19.4 million compared to $15.4 million. The net loss for Cansortium in the quarter was $$9.6 million versus a net income of $3.7 million for the same time period in 2021.
For the full year, revenue increased 34% to $87.7 million compared to $65.4 million. Florida’s revenue increased 31% to $73.2 million compared to $55.7 million. The net loss for the year was $37 million versus last year’s net loss of $19 million.
“We delivered strong revenue growth and material cash flow generation in 2022 despite a challenging backdrop for the broader cannabis industry, as well as the adverse impact we experienced in Florida from Hurricane Ian,” said CEO Robert Beasley. “Within our home market of Florida, we captured meaningful market share driven in part by our cultivation improvements and new store openings over the course of 2022. In addition, our exit from Michigan last August enabled us to strategically reallocate capital and sharpen focus on our core operations.”
On December 31, 2022, the company had approximately $8.4 million of cash and cash equivalents and $57.7 million of total debt, with approximately 314 million fully diluted shares outstanding.
In Pennsylvania, Cansortium recently began the expansion of its Hanover dispensary to maximize the store’s capacity for patients. In Texas, the company said it continued to make progress in building out its operational footprint by hiring a President and dedicated team to run the state operations. More recently, Cansortium completed its first THC sale last week, implemented an advertising campaign to build awareness for new patients, and went under contract for a delivery center in Houston, TX.
“Looking ahead, we expect to continue expanding our Florida footprint through new store openings, while further improving our cultivation to increase both capacity and flower quality. In Texas, we are making progress on building out operations in the state as we aim to maximize our first mover advantage as one of only three license holders in the market. We look forward to delivering another year of strong growth and cash flow generation as we continue to execute on our strategy in 2023.”
