CNTMF - Vertical Integration Pays Off For This Cannabis Company In Q2 2023 Here's Why | Benzinga
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated, multi-state cannabis company operating under the FLUENT brand, announced on Monday financial and operating results for the second quarter ended June 30, 2023.
"We continued to drive revenue growth and cash flow generation during the second quarter through a combination of organic growth as well as new store openings in Florida," CEO Robert Beasley said. "We have opened four new stores in Florida this year that are still ramping and we continue to expect opening an additional 1-2 new stores before year-end, all while improving our cultivation to deliver more high-THC products."
Q2 2023 Financial Highlights
- Revenue increased 9% year-over-year to $24.4 million compared to $22.4 million in the prior year's period.
- Florida revenue increased by 11% year-over-year, reaching $20.1 million compared to $18.2 million in the second quarter of 2022.
- Adjusted gross profit increased 5% year-over-year to $15.8 million or 64.6% of revenue, compared ...