• Q1 Revenue up 12% YoY to $22.1 Million 
• Q1 Adjusted EBITDA up 56% YoY to $9.7 Million, with Cash from Operations up 20% YoY to $5.1 Million 

MIAMI, May 31, 2023 /CNW/ - Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) ("Cansortium" or the "Company"), a vertically-integrated, multi-state cannabis company operating under the FLUENT^™ brand, today announced financial and operating results for the first quarter ended March 31, 2023. Unless otherwise indicated, all monetary results are presented in U.S. dollars.

"We are pleased to once again report double-digit revenue growth and adjusted EBITDA margin expansion, coupled with another period of strong cash flow generation in the face of broader industry challenges," said CEO Robert Beasley. "Our new store openings in Florida, continually improving our cultivation and increasing the mix of high-THC products are all contributing to our growth and profitability improvements in the state."

"In Pennsylvania, we have worked to optimize our inventory management while adding new products to shelves, which has led to increased sales in the state without any new store openings. And in Texas, although we are disappointed with the outcome of the proposed decriminalization and medical program expansion bills, we continue to believe the growth opportunity in Texas is exceptional, similar to the Florida market seven years ago. We are gaining ground in Texas and capturing market share, even without regulatory reform."

"Looking ahead, we plan to continue driving growth and profitability through new store openings, improved cultivation, operating efficiencies and inventory optimization as we execute our strategy and trend toward another year of strong growth and cash flow generation."

Q1 2023 Financial Highlights (vs. Q1 2022)

• Revenue increased 12% to $22.1 million compared to $19.7 million.
• Florida revenue increased 9.7% to $18.2 million compared to $16.6 million.
• Adjusted gross profit¹ increased 22% to $14.1 million or 63.9% of revenue, compared to $11.5 million or 58.6% of revenue.
• Adjusted EBITDA increased 56% to $9.7 million compared to $6.2 million.
• Cash flow from operations improved 20% to $5.1 million compared to $4.3 million.
• At March 31, 2023 the Company had approximately $9.5 million of cash and cash equivalents and $57.9 million of total debt, with approximately 296 million shares outstanding.

Recent Operational Highlights

• In Florida, Cansortium currently operates 31 stores and anticipates opening an additional 3-5 new stores by the end of 2023. Three of these are under contract and in the construction phase.
• In Florida, Cansortium launched its new Dark Chocolate Bar, made with FLUENT's high quality cannabis extract and Caraïbe 66% chocolate from Valrhona, the legendary French chocolatier.
• Entered into an agreement, subject to financing, to acquire a Florida property that will become a new 70k square foot cultivation facility and 2.5-acre greenhouse.
• The Company announced that it plans to move its headquarters from Miami to Tampa, Florida, and will create more than 30 new jobs in administration, finance, human resources, marketing, sales, operations and other key roles.
• In Pennsylvania, the Company has implemented a more targeted inventory management strategy, which has led to organic sales growth in the state.
• In Texas, the Company continued to make progress building out its operational footprint and is working to expand its delivery capabilities to support patient populations in Houston and Austin.

Conference Call

The Company will host a conference call and live audio webcast today at 4:30 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

Date: Wednesday, May 31, 2023
Time: 4:30 p.m. Eastern time
Toll-free dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340
Conference ID: 10021974
Link: Cansortium Conference Call

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay via the News & Events section of the Company's investor relations website at https://investors.getFLUENT.com/.

About Cansortium Inc.

Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania and Texas. The Company operates under the FLUENT™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.

Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQX Best Market under the symbol "CNTMF". For more information about the Company, please visit www.getFLUENT.com.

Forward-Looking Information

Certain information in this news release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Company's expectations, estimates, and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control.

Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

For further information: www.getFLUENT.com.

Company Contact
Robert Beasley, CEO
(850) 972-8077
investors.getFLUENT.com

Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact
Patrick Maddox
(501) 680-5220
This email address is being protected from spambots. You need JavaScript enabled to view it.