As Cansortium’s revenue grows, it says it is fine with adult-use not passing in Florida | How to buy Skittles Moonrock online

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After the markets closed on Friday, Cansortium Inc. also known as Fluent (CSE: TIUM.U) (OTCQB: CNTMF) announced its financial results for the quarter ending September 30, 2024.

Revenue increased 3.5% to $26.1 million versus last year’s $25.3 million. However, sales fell sequentially from the second quarter revenue of $27.2 million. The bulk of the company’s business is in Florida where it has 35 dispensaries and three dispensaries in Florida.

Fluent reported that its net loss for the quarter grew to $11.7 million over last year’s net loss of $5.3 million. At the end of the quarter, Fluent had approximately $8.9 million of cash and cash equivalents down from $10.5 million at the end of 2023. The company has $195 million in total liabilities.

CEO Robert Beasley said, “In Florida, we have increased our cultivation canopy to remain in balance with strong medical market demand and anticipate adding four new stores in 2025 while expanding our brand and product portfolio. Fortunately, our growth strategy did not depend on the outcome of Amendment 3 passing in Florida and we have made no financial commitments which depended on the adult use measure. FLUENT remains committed to the mission of serving the medical cannabis patients of Florida.”

Following the quarter’s end, Fluent announced on November 26, 2024 that it had closed on a new senior secured credit agreement of up to $96.5 million with Chicago Atlantic as an administrative agent for certain lenders.  The credit agreement refinances the existing senior secured term loan that was set to mature on May 29, 2025, eliminating the previously disclosed requirement that the company prepay $10 million upon the consummation of the business combination with RIV Capital Inc.  The agreement includes a financial covenant requiring the company to maintain a minimum unrestricted cash balance of $4.5 million tested at the end of each fiscal quarter.

The company told investors that it has continued its integration activities with RIV Capital Inc. and, with all required regulatory approval obtained, expects to complete the business combination in early December 2024.

Mr. Beasley concluded, “Looking ahead, with our primary loan refinancing completed and our business combination with RIV Capital set to close by year end, our business is exceptionally well positioned heading into 2025. We have already commenced integration activities and are looking forward to leveraging the combined talent of both teams to scale our market share in the state of New York. Additionally, we also continue to seek out opportunities to drive revenue growth in both Pennsylvania and Texas.”