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Cansortium Inc. (CSE:TIUM) (OTCQX:CNTMF) recently announced its financial and operating results for the fourth quarter and full year ended December 31, 2022.
Despite the challenging backdrop for the broader cannabis industry, the vertically-integrated, multi-state cannabis operator under the Fluent brand, “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.
Operational Highlights: Cansortium has expanded its Florida operations with the opening of three new stores and plans to open 3-5 more by the end of 2023. The Sweetwater facility, damaged by Hurricane Ian, is now fully operational and producing high-quality THC flowers.
In Pennsylvania, the company is expanding its Hanover dispensary.
In Texas, Cansortium is building out its operational footprint, hiring a President and team, completing its first THC sale, and going under contract for a delivery center in Houston.
Based on recent Florida OMMU data, the company is consistently ranked #6 in terms of THC sales.
"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 our strategy in 2023," Beasley said.
Cansortium's financial and operating results for Q4 2022 and FY 2022 demonstrate the company's resilience and ability to generate strong revenue growth and cash flow despite a challenging industry backdrop.
Price Action: CNTMF shares are trading -26.60% lower on Tuesday afternoon, at $0.0734 per share.
Image by Benzinga