John SchroyerFlorida-based Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF), which operates under brand name Fluent, reported positive net income of $947,000 for the second quarter of the year, breaking into the black for the first time in 2024.
The Sunshine State-based multistate operator also saw revenues increase 12% year-over-year to $27.3 million. That was also up sequentially from $25.2 million in the first quarter, when Cansortium lost $4.2 million. The new figures bring Cansortium’s total net loss for the year to date to $3.2 million.
Cash flow from operations in the second quarter was down to $2.8 million from $4.8 million a year prior, which the company said was “due to settlement of tax payments that had been carried over from previous periods.”
CEO Robert Beasley said in a news release that the company has “continued to execute on our growth objectives.” He also touted Cansortium’s acquisition of RIV Capital, which was announced in May but isn’t expected to close until the end of the year.
“We are excited about our upcoming business combination with RIV Capital and have already begun key integration steps,” Beasley said. “Our shared focus remains on driving growth and profitability by leveraging our core strengths in cultivation, operating expertise and inventory optimization to drive results for shareholders. We remain laser focused on our existing portfolio in Florida, Pennsylvania and Texas and look forward to closing the RIV Capital agreement in the fourth quarter.”
In addition to prepping for the RIV acquisition, Cansortium said it expects to open four new dispensaries in Florida by the second quarter of next year, as well as a new medical dispensary in Hanover, Pennsylvania.
As of June 30, Cansortium had $184.6 million in total assets, including $8.4 million in cash, against $178.8 million in total liabilities.
