Cansortium Inc.(CSE:TIUM) (OTCQB:CNTMF), operating under the FLUENT brand, reported Thursday its financial results for the second quarter ended June 30, 2023. The Tampa, Florida-based cannabis operator disclosed a 12% revenue increase to $27.3 million, compared to $24.4 million in the same quarter last year.
“We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the second quarter as we continued to execute on our growth objectives,” stated CEO Robert Beasley. “We continue to lay the foundation for growth and scalability while remaining excited about the opportunities ahead. In Florida, we have focused on enhancing manufacturing efficiencies and cultivation yields, which has resulted in both an improvement of product quality and cost of goods sold. This has allowed us to retain high-profit margins while price competition continues to heat up.”
The earnings report follows the announcement of Cansortium's merger with RIV Capital (OTC:CNPOF). The new combined company will operate in Florida, New York, Texas and Pennsylvania, covering 25% of the U.S. population with eight cultivation and processing ...
