• Q4 Revenue up 28% YoY to $23.5 Million; FY 2022 Revenue up 34% YoY to $87.7 Million 
• FY 2022 Cash from Operations up Significantly to $19.1 Million, Compared to Cash Used of $5.0 Million in FY 2021 

MIAMI, May 1, 2023 /PRNewswire/ -  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 fourth quarter and full year ended December 31, 2022. Unless otherwise indicated, all results are presented in U.S. dollars.

"We delivered strong revenue growth and material cash flow generation in 2022 despite a challenging backdrop for the broader cannabis industry, as well as the adverse impact we experienced in Florida from Hurricane Ian," said CEO Robert Beasley. "Within our home market of Florida, we captured meaningful market share driven in part by our cultivation improvements and new store openings over the course of 2022. In addition, our exit from Michigan last August enabled us to strategically reallocate capital and sharpen focus on our core operations.

"Looking ahead, we expect to continue expanding our Florida footprint through new store openings, while further improving our cultivation to increase both capacity and flower quality. In Texas, we are making progress on building out operations in the state as we aim to maximize our first mover advantage as one of only three license holders in the market. We look forward to delivering another year of strong growth and cash flow generation as we continue to execute on our strategy in 2023."

Q4 2022 Financial Highlights (vs. Q4 2021)

• Revenue increased 28% to $23.5 million compared to $18.3 million.
• Florida revenue increased 26% to $19.4 million compared to $15.4 million.
• Adjusted gross profit¹ was $0.7 million compared to $11.8 million, with the decrease driven by IAS 41 Addendum leading the Company to recognize income tax on biologicals that was not accounted for the first three quarters in 2022. Excluding this one-time impact, adjusted gross profit in Q4 2022 was $11.7 million.
• Adjusted EBITDA increased 54% to $7.9 million compared to $5.1 million.

FY 2022 Financial Highlights (vs. FY 2021)

• Revenue increased 34% to $87.7 million compared to $65.4 million.
• Florida revenue increased 31% to $73.2 million compared to $55.7 million.
• Adjusted gross profit¹ was $44.0 million or 50.1% of revenue, compared to $41.9 million or 64.1% of revenue.
• Adjusted EBITDA increased 28% to $25.1 million compared to $19.6 million.
• Cash from operations improved significantly to $19.1 million compared to ($5.0) million.
• At December 31, 2022, the Company had approximately $8.4 million of cash and cash equivalents and $57.7 million of total debt, with approximately 314 million fully diluted shares outstanding.

Operational Highlights

• In Florida, Cansortium recently opened two new stores in Pensacola and one in Jacksonville Atlantic Beach, bringing its total Florida footprint to 31 stores. The Company anticipates opening an additional 3-5 new stores by the end of 2023. Three of these are already under contract and going through construction.
• After the damage caused by Hurricane Ian in Q3 2022, the Company's Sweetwater facility is now fully operational with recent harvests reaching a record high 30%+ THC flower potency.
• In Pennsylvania, Cansortium recently began the expansion of its Hanover dispensary to maximize the store's capacity for patients.
• In Texas, the Company continued to make progress building out its operational footprint by hiring a President and dedicated team to run the state operations. More recently, Cansortium completed its first THC sale last week, implemented an advertising campaign to build awareness for new patients, and went under contract for a delivery center in Houston, TX.
• Based on the Florida OMMU data over the last nine weeks, Cansortium has consistently held its position as #6 in the state in terms of THC sales and reached record levels for the week ended April 20, 2023.

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: Monday, May 1, 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: 10021840
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
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