Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) reported stronger sales and a smaller loss for the first quarter ending March 31, as the multistate cannabis company benefited from continued growth in Florida’s medical marijuana market.
The Tampa-based company booked revenue of $25.2 million for the period, up 14% from a year earlier, fueled by a 16% sales increase to $21.1 million in its home state of Florida. Net loss narrowed to $4.2 million from $7.4 million in the year-ago quarter.
“We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the first quarter as we continued to execute on our growth objectives,” said CEO Robert Beasley in a statement.
The firm has been trying to expand its retail footprint and enhance its cultivation operations in Florida, where it sells medical cannabis products under the Fluent brand. The company opened several new dispensaries in the state over the past year and now operates 35 retail locations. It plans to add three more by the end of 2024.
Cansortium has also been upgrading its Florida cultivation facilities to produce a wider variety of high-THC flower strains and cannabis extracts, it said, which typically carry higher price points than lower-potency products.
