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Cansortium Inc. (OTCMKTS: CNTMF) Announced 24% YoY Growth In Revenue In Q2 2021

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Cansortium Inc. (OTCMKTS: CNTMF) has announced its Q2 2021 financial results for the period ending June 30, 2021, and offers operational highlights. 

Q2 2021 revenue was $16.5 million 

The company reported 24% YoY growth in revenue to $16.5 million, with Florida revenue increasing 22% YoY to $14.6 million. Adjusted EBITDA almost doubled to $5.2 million or 31.8% of total revenue. At the end of the quarter, the company had cash and equivalents of $26 million and total debt of $71 million. 

Cansortium’s balance sheet was dramatically improved during the quarter with almost $90 million in debt and equity financings, allowing the company to eliminate past debt, prolong maturities to 2025 and repay all existing convertible notes. As a result, the company now has the funds and flexibility to carry out its expansion plans.

CEO Robert Beasley said, “Overall, we continue to expect significant growth in 2021.  Our revised outlook for 2021 calls for $70-80 million of revenue with $18-26 million of adjusted EBITDA1, reflecting year-over-year growth of approximately 43% and 114%, respectively. We see upside to these numbers if the construction market opens up earlier than our current projections.”

Cansortium expanding with the opening of new dispensaries 

Beasley continued, “Other progress on various initiatives includes last week’s opening of a new dispensary in Mechanicsburg, Pennsylvania, and securing our third Pennsylvania location in Annville, which we expect to open by the end of the year. In addition, we expect to open our 27th dispensary in Florida by the end of the third quarter and have identified four additional sites for continued growth in the first half of 2022.”

The company launched Sweetwater, its new premium cannabis whole flower line, and hired a new cultivation head during the quarter. Cansortium has revised its 2021 outlook and now expects revenue between $70 million and $80 million. The company expects adjusted EBITDA to range from $15-26 million. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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BUSINESS

OrganiGram Holdings Inc(NASDAQ: OGI) Extends Popular SHRED Product Portfolio with SHRED’ems Gummies and SpeakEasy Receives Amendment to its Sales license

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A leading producer of Canadian-based cannabis company, OrganiGram Holdings Inc(NASDAQ: OGI), announced the launch of high SHRED’ems, high quality, innovative, and flavored cannabis gummies. Moreover, SHRED’ems is the lineup of the company’s highly popular portfolio product, which includes a SHRED jar of joints and SHRED milled flower. Already, SHRED’ems acquired great momentum by capturing the leading market share since its launch in early August in the PEI category within two weeks of launch. It also reached the fourth position in New Brunswick. 

By reflecting the SHRED’s portfolio, the innovative and convenience SHRED’ems is expected to be one of the best gummies on the market in terms of price and competition. Furthermore, SHRED’ems are available in all-natural and three bold flavors, which include ‘wild berry blaze,’ a blend of blueberry and raspberry. Wildberry blaze is available in four gummies packages. In addition, ‘Sour cherry punch,’ is available in 2 gummies package with tart and tangy-sweet. Finally, ‘Sour mega melon,’ is available in watermelon flavor and contains a package of 2 gummies. These gummies are the Organigram’s first products to be manufactured by the Edibles & Infusions Corp. In April 2021, the Organigram acquired the EIC. 

SpeakEasy Receives Amendment to its Sales Licence

Leading cannabis cultivating and selling company, SpeakEasy, announced that the company received an amendment to its sales license on September 2, 2021. SpeakEasy has a license from Health Canada that allows the edibles, sales of concentrates directly to recreational markets and medical in Canada. Now, the sales amendment of Speakeasy’s license includes an authorization for the company to sell more classes of cannabis by Health Canada. 

Moreover, the amendment lets SpeakEasy sell potent edibles, extracts, and topicals directly into the medical and recreational markets. In addition, the amendment allows shipping products from the country. 

Marc Geen’s Statement

Founder of SpeakEasy, Marc Geen, stated that being vertically integrated to be efficient and price-effective has been the company’s major goal from the beginning. The amendment is a major milestone for the company. SpeakEasy is now ready to bring its high-quality products with an efficient price range directly to the medical patients and markets.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Terrascend Corp (OTCMKTS: TRSSF) Signed an Agreement to Acquire Gage Cannabis and Increases ownership of the New Jersey License

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Terrascend Corp (OTCMKTS: TRSSF) signed an agreement with Gage Growth, a leading premium high-quality cannabis brand, to acquire all the outstanding subordinate shares under Canada Business Act. By the definitive agreement of North American leading cannabis operator, Terrascend, the shareholders of Gage Growth will acquire 0.3001 common shares. The total exchange ratio is represented as $545 million based on the company’s closing price on August 31, 2021. Moreover, completion of the transaction will lead the combined business operations in 5 states and seven cultivation facilities, including 23 dispensaries in both adult-use and medical cannabis in markets of Canada and the U.S. 

Management Statement

Executive Chairman of TerrAscend, Jason Wild, said that the acquisition of Gage expands their standard to the third-largest cannabis organization in the U.S. Also, combing TerrAscend with Gage’s successful cultivation, marketing capabilities, retail makes one of the dynamic and largest companies in the market. Moreover, TerrAscend anticipates leveraging Gage’s connections with Michigan’s consumers and its partners with award-winning brands like ‘cookies’ to offer their patients and consumers the best class products and retail experiences. 

In addition, the chief executive officer of Gage Growth, Fabin Monaco, said that Gage’s and TerrAscend’s corporate values and strategies make the combination a strong fit. Gage believes that the agreement with TerrAscend is the best choice to execute their plan of vertical integration and scale in their core markets. 

TerrAscend Increases Ownership of Jew Jersey License Ahead of Adult-Use

On August 20, TerrAscend completed the acquisition of TerrAscend New Jersey from BWH New Jersey and Blue Marble Ventures with an additional 12.5% of the outstanding equity. In addition, the transaction closed for an initial cash payment of $25 million comprised of TerrAscend shares and cash to be paid within the end of the year. Finally, TerrAscend currently owns 87.5% of the outstanding and issued shares of TerrAscend NJ. 

Moreover, TerrAscend will have a choice to acquire an additional 6.25% of the TerrAscend NJ’s issued and outstanding shares at a pre-determined valuation during the time starts from April 1, 2023, through June 15, 2023. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Pelorus Equity Group Announces Loan to Item 9 Labs Corp (OTCMKTS: INLB)

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Pelorus Equity Group has announced that Pelorus Fund has entered a $19 million construction loan with Item 9 Labs Corp (OTCMKTS: INLB), a cannabis producer.

Money from loan to be used in the expansion of Item 9 Labs Arizona facility

The Pelorus loan will be used to purchase 44 acres of land near Item 9 Labs’ Arizona facility. It will also be used to pay for the development of the master site. Phase I construction will include two greenhouses and three steel buildings.

The first expansion will add 9600 sq. ft. each for indoor cultivation, lab and product packaging and a head house that will support the two greenhouses to be added. The final expansion is to include six other buildings. One of the buildings will allow the addition of the company’s lab, while the rest will be used for indoor cultivation. When finished, the site will hold more than 640,000 sq. ft. of cannabis production operations. It will also produce more products for the state’s marketplace.

The proceeds will also go to Item 9 Labs facility in Nevada to finish work on the company’s 20,000 sq. ft. manufacturing, cultivation and lab facility.

Item 9 Labs is currently working on the production and manufacturing of various cannabis products. The products include 75 cannabis strains which are sold in 60% of the dispensaries in Arizona. It also contains 150 different cannabis products.

Pelorus Fund quickly approved Item 9 Labs’ loan

According to Dan Leimel, the manager of Pelorus Fund and CEO of Pelorus Equity Group, the company was pleased to approve the loan to allow Item 9 Labs to give customers high-quality products, increase share value and generate revenue. Pelorus is looking forward to working with Item 9 Labs and more cannabis producers to expand its portfolio.

Bobby Mikkelsen, the CEO of Item 9 Labs, Pelorus moved fast in the transaction and navigated problems where other lenders could not.

Pelorus has done 55 real-estate loan transactions and given $204 million to owners of real-estate and cannabis operators in eight U.S states. It also approves construction draws in about three days. The company stabilises cash flow to allow its clients to keep working on their core projects and goals.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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