• Q1 Revenue up 14% YoY to $25.2 Million
  
• 10^th Consecutive Quarter of Positive Cash Flow from Operations

TAMPA, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- Cansortium Inc. (CSE: TIUM.U) (OTCQB: 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, 2024. Unless otherwise indicated, all financial results are presented in U.S. dollars.

“We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the first quarter as we continued to execute on our growth objectives,” said CEO Robert Beasley. “We are making the critical investments needed to lay the foundation for growth and support our future plans and remain excited about the opportunities ahead.”

“In Florida, we continue to ramp our new dispensaries while driving cultivation improvements, leading to production of more high quality, high THC products. These operating improvements drove another quarter of higher retail prices and average basket size, carrying over the trends we saw in the fourth quarter.”

“Looking ahead, we are excited about the business combination with RIV Capital announced this morning, laying the groundwork for a presence in four of the five largest population states in the country upon closing. We remain laser focused on our existing portfolio in Florida, Pennsylvania and Texas and look forward to closing the RIV Capital agreement in the fourth quarter.”

Q1 2024 Financial Highlights (vs. Q1 2023)

• Revenue increased 14% to $25.2 million compared to $22.1 million.
• Florida revenue increased 16% to $21.1 million compared to $18.2 million.
• Adjusted gross profit¹ was $12.3 million or 48.6% of revenue, compared to $10.2 million or 46.4% of revenue.
• Adjusted EBITDA was $6.8 million compared to $5.8 million, with the increase primarily driven by higher sales in Florida.
• Cash flow from operations for the three months ended March 31, 2024 was $4.1 million compared to $5.1 million in the prior year.
• At March 31, 2024 the Company had approximately $8.5 million of cash and cash equivalents and $62.9 million of total debt, with approximately 300 million shares outstanding.

¹ Adjusted gross profit is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted gross profit from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.

Recent Operational Highlights

• The Company re-appointed Patricia Fonseca as Chief Financial Officer (“CFO”) of the Cansortium effective May 13, 2024. Ms. Fonseca previously served as the CFO of the Company from March 9, 2021 to November 21, 2022.
• During the first quarter, the Company announced the commencement of a new cultivation facility, known as the “Rosa Facility” in Tampa, Florida along with the commencement of cultivation activities at its new facility in Ruskin.
• In Florida, Cansortium currently operates 35 locations and anticipates opening 3 new locations in the state by the end of 2024.
• The company announced it had entered a business combination agreement with RIV Capital on May 30, 2024.

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 Tampa, Florida.

Cansortium Inc.’s Common Shares trade on the CSE under the symbol “TIUM.U” and on the OTCQB Venture 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
Morry Brown
Trailblaze
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