Cansortium Inc (OTCMKTS: CNTMF) Closes Debt Of $5 Million: Prepays Debt Of $12.933 Million: Reports A Growth Of 54% In Q4 2020 Revenues: Posts Record Sales Of $5 Million In April 2021

Cansortium Inc (OTCMKTS: CNTMF) redeemed $5 million of convertible notes by exercising its right. 

It is part of the loan of $10 million received in February 2019. The outstanding loan amount will be $5 million of the convertible promissory note and matures on December 1, 2022.

CEO of Cansortium, Robert Beasley said the company strengthens its balance sheet by repaying the debt. However, it will maintain a healthy relationship with the noteholders to promote its growth. 

Adjusted EBITDA of Cansortium increases to $3.3 million

Cansortium reported a growth of 54% in Q4 2020 revenues to $14.7 million. Its adjusted EBITDA rose to $3.3 million in Q4 2020. 

Robert said strong results in the quarter are on the backdrop of significant changes incorporated across the organization. It maintains the momentum to 2021 to report better results. 

Cansortium recently raised capital through equity and debt to support its expansion in Pennsylvania and Florida. 

Cansortium Inc (OTCMKTS: CNTMF) satisfies its obligations for $12.9 million

Cansortium Inc (OTCMKTS: CNTMF) satisfied its obligations under a restated and amended promissory note for the principal of $12.9 million. 

The promissory note has a maturity date of December 1, 2022. Cansortium Inc allowed Can Endeavour LLC to convert the debt into 21.555 million common shares. 

The company repaid the interest accrued on the debt to Can Endeavour besides issuing shares. As a result, the promissory note stands canceled. 

Strengthens management

Cansortium inducted Marco Malatrasi as Director to head Florida operations. He will contribute more than 10 years of experience in cannabis production. 

Reports record sales in April

Cansortium reported sales of $5 million in April 2021 by unveiling the Sweetwater cultivation facility. It is in negotiations to acquire a new cultivation facility (40,000 sq. Ft.) to complement its Sweetwater and Tampa locations. Its total cultivation capacity would increase to over 150,000 sq. Ft. in Florida by the end of 2021.

Cansortium will inaugurate a new dispensary in Florida in June 2021. It also expects to open two new dispensaries in Deerfield Beach and Fruitland by the end of Q3 2021 to support its retail operations. 

Robert said the company reported $2 million in revenues in Q1 2021 from its Pennsylvania operations. The company would inaugurate the second dispensary in Mechanicsburg in July 2021. It also identified a location to open its third dispensary in Q4 2021.