Fluent By Cansortium Expands Cultivation Operations In Florida

Fluent by Cansortium Inc. TIUM CNTMF, a vertically-integrated cannabis company operating under the Fluent™ brand revealed Monday that it received approval from the Florida Department of Health to commence operation of a new 43,000 square-foot greenhouse cultivation facility in Homestead, Florida and the 40,000 square-foot greenhouse expansion at its Sweetwater, FL cultivation facility.

The Homestead facility, a newly secured facility for the Company, will support expanded offerings from the Company's line of CBD and Blend products. The Sweetwater greenhouse will support the expansion of product offerings for Sweetwater, the Company's high-quality cannabis brand launched in April 2021.

"These new greenhouse facilities will enable us to quickly increase our monthly supply of biomass, which we plan to convert into high-quality CBD and THC oil to be sold throughout our dispensary network in Florida," CEO Robert Beasley stated. "The Homestead facility has a proven track record in cannabis and is in turn-key condition, and our Sweetwater greenhouse has been built to spec. The timing of these expansions is key as we recently opened two new dispensaries and expect to open another location later this year, bringing our total Florida dispensary footprint to 27 stores by year-end."

Previous Milestones

Earlier this year, the Miami, Florida-based cannabis company exercised its right to regain up to the maximum of $5 million of convertible promissory notes, originally issued in the amount of $10 million in 2019. After this redemption, the total principal amount of notes outstanding remains $5 million.

Those notes are set to mature on Dec. 1, 2022, if not earlier converted at the price of 60 cents per share.

"The reduction of this debt is continued improvement of our balance sheet, and we look forward to our partnership with these noteholders as we grow the company," Beasley stated at the time.

Price Action

Cansortium’s shares closed Monday market session 4.29% higher at 73 cents per share.

Photo: Courtesy of Matteo Paganelli on Unsplash