Cansortium Inc. (CSE: TIUM.U) reported today its financial results for full-year 2020. The company earned $52.4 million in revenue for the year, an 84% increase from 2019’s $28.5 million revenue.
A notable 88.5% slice of this 2020 revenue came from its Florida operations, which recorded $46.4 million in revenue. This is a notable climb from last year’s $25.1 million Florida revenue.
Cansortium ended 2020 with a consolidated loss from operations amounting to $36.6 million, an improvement from last year’s operating loss at $65.6 million. The adjusted EBITDA for the year also improved to $10.3 million from last years loss of $6.9 million.
The company’s revenue and adjusted EBITDA in 2020 came up short of the previously announced projection of $55.0 million revenue and $14.1 million adjusted EBITDA. However, excluding the Michigan operations from the projections due to the sale of the Michigan crop being delayed to 2021, the 2020 revenue and adjusted EBITDA exceeded the consolidated Florida and Pennsylvania projections of $49.0 million in revenue and $9.0 million in adjusted EBITDA.
In 2021, the company projects revenue to be between $90 – $100 million and adjusted EBITDA to be between $30-$35 million. The Miami-based cannabis multi-state operator is optimistic that with the recent closing of the $17.0 million private placement financing and the $71.0 million senior secured debt, it “has appropriate resources and working capital to support growth and expansion.”
Cansortium Inc. last traded at $1.07 on the CSE.
Information for this briefing was found via Sedar and Cansortium Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.