Q2 2024 Cansortium Inc Earnings Call Transcript
Key Points
- Cansortium Inc (CNTMF) posted record quarterly earnings and achieved its 11th consecutive quarter of positive cash flow from operations.
- Revenue in Florida grew by 15%, with plans to open four additional retail stores by Q2 2025, bringing the total to 39 dispensaries in the state.
- Cost of goods sold decreased by approximately 44% in top-selling categories over the past 18 months, allowing the company to retain high profit margins.
- The company is expanding its presence in Texas with plans for a brick-and-mortar delivery center in Houston, expected to open by early 2025.
- Cansortium Inc (CNTMF) is in the final construction phase of new high-quality flower facilities, with the first harvest expected in Q1 2025 from the Rosa facility.
- Cash from operations decreased to $2.8 million in the second quarter compared to $4.8 million in the prior period, primarily due to settlement of tax payments carried over from previous periods.
- The Pennsylvania market remains stable but growth is largely dependent on expanded product offerings and enhanced dispensary facilities.
- The Texas market is still considered immature, limiting immediate growth potential despite the company's efforts to expand.
- The company is currently in the process of refinancing its debt, which terms in May 2025, indicating potential financial uncertainty.
- The integration activities with RIV Capital are still underway, which could pose operational challenges and require significant resources.
Good afternoon, ladies and gentlemen, and welcome to the Cansortium's second quarter 2024 conference Call. Joining us today is the company's CEO, Robert Beasley; and the company's CFO, Patricia Fonseca.
(Operator Instructions)
As a reminder, this conference call is being recorded and will be available for replay in the Investors section of the company's website at www.getfluent.com.
Please note that certain subjects discussed on this call, including answers the company may provide to questions, may include content that is forward-looking in nature, and therefore, subject to risks and uncertainties and other factors, which could cause actual future results or performance to differ materially from any implied expectations. Such risks surrounding forward-looking statements are outlined in detail within the company's regulatory filings, which can be found on sedar.com.
The company does not undertake to update or revise any forward-looking statements, except to the extent required by applicable securities
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