Cansortium Redeems Up To $5M In Convertible Promissory Notes

Cansortium Inc. TIUM, CNTMF, doing business under the Fluent brand, confirmed Friday it has 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.

The vertically integrated cannabis company, headquartered in Miami, Florida, reported that 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," Cansortium CEO Robert Beasley said in a statement. 

Cansortium posted its fourth-quarter and full-year financial earnings Monday, with quarterly consolidated revenue of $14.7 million, up by 54% from the same period in the prior year.

"Our strong fourth-quarter results reflect the many improvements we have made across the organization, and that momentum has carried into 2021," Beasley said in a statement.

Furthermore, the company projected its 2021 revenue will hit somewhere between $90 million to $100 million and adjusted EBITDA will total $30 million to $35 million.

CNTMF Price Action: Cansortium shares were down 2.13% at 92 cents at the time of writing.

Photo by Matthew Brodeur on Unsplash.