The Miami-based company generated $14.7 million in consolidated revenue during the three months ending Dec. 31, marking a 54% year-over-year increase.
“Our strong fourth-quarter results reflect the many improvements we have made across the organization, and that momentum has carried into 2021,” CEO Robert Beasley said in a statement.
Cansortium’s Q4 Highlights
- Florida revenue spiked 43% year-over-year to $12.8 million.
- Consolidated loss from operations amounted to $8.4 million versus a $32.8-million loss in the corresponding quarter of 2020.
- Consolidated adjusted EBITDA grew to $3.3 million versus $100,000 for the same period of 2019.
Cansortium’s 2020 Financial Highlights
- Consolidated revenue rose 84% year-over-year to $52.4 million.
- Florida revenue amounted to $46.4 million compared to $25.1 million in 2019.
- Consolidated loss from operations was $36.6 million versus a $65.6-million loss in the year before.
- Consolidated adjusted EBITDA grew to $10.3 million versus an adjusted EBITDA loss of $6.9 million in 2019.
In April, Cansortium saw record monthly sales in Florida, reaching roughly $5 million, following the launch of a Sweetwater cultivation facility, said Beasley, who became CEO in September ahead of joining the company’s board of directors in January.
“In Pennsylvania, we also achieved record first-quarter revenues of more than $2 million and expect to have our second dispensary in Mechanicsburg open in July and have identified a location for our third dispensary, which we expect to open in the fourth quarter,” he said.
Cansortium recently raised some $12 million via a sale of approximately 17.14 million of its units at 70 cents per unit to boost its operations in Florida, Michigan and Pennsylvania.
The company expects to generate between $90 million to $100 million in revenue in 2021 and achieve an adjusted EBITDA of approximately $30 million to $35 million.
CNTMF Price Action: Cansortium shares were down 10.28% at 96 cents at the close Tuesday.
Photo Source: CNW Group/Cansortium Inc.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights