The following is a summary of the Cansortium Inc. (CNTMF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Cansortium reported a Q4 increase in revenue by 9% to $25.5 million, mainly due to new dispensaries in Florida and higher patient counts.
The adjusted gross profit for the quarter was 49.4% of revenue, reaching $12.6 million.
Positive cash flow from operations was reported for the ninth consecutive quarter, amounting to $1.4 million in Q4.
The increased customer transactions throughout 2023 resulted in Adjusted EBITDA of $27.2 million, compared to $25 million in the previous year.
Business Progress:
Cansortium opened four new dispensaries in Florida during 2023, anticipating potential expansion into the adult-use market.
The company witnessed substantial growth in the Texas market, credited to increases in retail volume and patient growth, predominantly in the Houston area.
Cansortium initiated strategic partnerships with wholesale suppliers in Pennsylvania, making them competitively priced in the market.
Development plans include opening an education center in Houston by 2025 and the expected operational contribution from the 'Rosa' facility in Q4 2024.
More details: CANSORTIUM INC IR
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