Cansortium Inc. Reports Second Quarter Financial Results
Ryan Allway
August 31st, 2020
News
Company achieves record revenue, more than doubling last year’s second quarter revenue
MIAMI, Aug. 26, 2020 /PRNewswire/ – Cansortium Inc. (CSE:TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated provider of premium-quality medical cannabis, today announced financial results for its second quarter and six months ended June 30, 2020. The Company’s unaudited condensed interim consolidated financial statements and accompanying notes, along with the Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR at www.sedar.com and are also accessible through a link on the Investor Relations section of the Company’s website at www.cansortium.com.
Selected Second Quarter 2020 Financial Highlights
- Consolidated revenue of $13.2 million, an increase of 117 percent or $7.1 million compared with consolidated revenue of $6.1 million in the second quarter of 2019.
- Consolidated income from operations of $0.8 million, compared to loss from operations of $(8.1) million in the second quarter of 2019.
- Consolidated Adjusted EBITDA(1) of $2.6 million, compared to Adjusted EBITDA(1) loss of $(1.7) million in the second quarter of 2019.
- Consolidated net loss of $(5.5) million, or $(0.03) per diluted share, compared to consolidated net loss of $(5.3) million, or $(0.03) per diluted share for the same period last year.
- During the second quarter of 2020, the Company opened its 20th medical marijuana dispensary in East Orlando, FL. It operated 11 dispensaries during the comparable period in 2019. On August 21st, the Company opened its 21st Florida dispensary in Coral Springs, FL.
(1) |
Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. Reconciliations from EBITDA and Adjusted EBITDA to Net Loss are included in the accompanying financial schedules. |
Chief Financial Officer Marcos Pedreira commented, “We delivered strong results during the second quarter of 2020. Revenue more than doubled from a year ago and we continue to make significant improvements to deliver the 2020 projected financial results.”
Selected Year-to-Date 2020 Financial Highlights
- Consolidated revenue of $23.4 million, an increase of 101 percent or $11.8 million compared with consolidated revenue of $11.6 million in the first half of 2019.
- Consolidated income from operations of $3.2 million, compared to loss from operations of $(20.6) million in the first half of 2019.
- Consolidated Adjusted EBITDA(1) of $3.3 million, compared to Adjusted EBITDA(1) loss of $(5.1) million in the first half of 2019.
- Consolidated net loss of $(19.4) million, or $(0.10) per diluted share, compared to consolidated net loss of $(21.8) million, or $(0.12) per diluted share for the same period last year.
(1) |
Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. Reconciliations from EBITDA and Adjusted EBITDA to Net Loss are included in the accompanying financial schedules. |
Full Year 2020 Outlook
The Company has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation. In the second quarter, the Company completed its exit from the non-core markets of Canada and Puerto Rico, streamlining operations and freeing up capital for its U.S. markets. In its home state of Florida, the Company secured an additional cultivation and production facility with minimum capital outlay, with operations anticipated to commence in the fourth quarter of 2020, and has opened three of the seven dispensaries planned for 2020. In Pennsylvania, the Company is actively pursuing two additional dispensary locations to augment the strong sales of its existing Hanover dispensary. In Michigan, the Company enhanced the cultivation team on the ground with the engagement of Freedom Town. Finally, in Texas, the Company recently secured an extension of its convertible notes to allow the Company to continue to seek longer-term solutions there. The Company reiterates its full year 2020 outlook for consolidated revenues in the range of $55 million to $60 million and Adjusted EBITDA of more than $15 million. The forecast is based on projected revenues of at least $45 million for Cansortium’s Florida operations with additional revenue from the Michigan, Pennsylvania and Texas markets.
ABOUT CANSORTIUM INC.
Headquartered in Miami, Florida, and operating under the Fluent™ brand, Cansortium is focused on being the highest quality cannabis company in the State of Florida driven by unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking to create significant shareholder value in the attractive markets of Texas, Michigan and Pennsylvania.
Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U”, respectively, and on the OTCQB Venture Market under the symbol (OTCQB: CNTMF). Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
Forward-Looking Information
All projections related to anticipated future results are forward-looking in nature and are subject to risks and uncertainties that may cause actual results to differ, perhaps materially. Projections are predicated on the Company’s ability to continue successfully implementing the strategic growth and cost-saving initiatives identified by the Special Committee of the Board. In addition, projections are based on the Company’s ability to secure and effectively deploy its capital resources toward those initiatives.
Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Financial Tables Follow
Cansortium Inc. |
||||
Consolidated Statements of Financial Position |
||||
As of June 30, 2020 and December 31, 2019 |
||||
(USD ‘000) |
||||
June 30, |
December 31, |
|||
2020 |
2019 |
|||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
$ |
5,202 |
$ |
2,516 |
Accounts receivable |
133 |
144 |
||
Inventory |
12,045 |
6,709 |
||
Biological assets |
5,747 |
3,845 |
||
Note receivable |
4,416 |
3,870 |
||
Prepaid expenses and other current assets |
1,408 |
556 |
||
Total current assets |
28,951 |
17,640 |
||
Investment held for sale |
324 |
– |
||
Assets held for sale |
– |
6,301 |
||
Property and equipment, net |
19,334 |
19,128 |
||
Intangible assets, net |
97,800 |
98,566 |
||
Right-of-use assets |
19,152 |
20,190 |
||
Investment in associate |
3,209 |
3,424 |
||
Goodwill |
1,526 |
1,526 |
||
Other assets |
375 |
291 |
||
Total assets |
$ |
170,671 |
$ |
167,066 |
Liabilities |
||||
Current liabilities |
||||
Accounts payable |
5,835 |
7,860 |
||
Accrued liabilities |
5,011 |
5,135 |
||
Income taxes payable |
5,902 |
1,492 |
||
Derivative liabilities |
12,762 |
13,198 |
||
Current portion of notes payable |
35,060 |
9,350 |
||
Lease obligations |
1,998 |
1,761 |
||
Other current liabilities |
100 |
– |
||
Total current liabilities |
66,668 |
38,796 |
||
Liabilities held for sale |
– |
3,240 |
||
Notes payable, net of current portion |
12,671 |
31,053 |
||
Lease obligations, net of current portion |
20,335 |
21,166 |
||
Deferred income taxes |
26,819 |
24,957 |
||
Other long-term liabilities |
761 |
676 |
||
Total liabilities |
127,254 |
119,888 |
||
Shareholders’ equity |
||||
Share capital |
145,060 |
149,322 |
||
Share-based compensation reserve |
4,075 |
2,977 |
||
Equity conversion feature |
12,250 |
7,613 |
||
Warrants |
13,128 |
11,773 |
||
Accumulated deficit |
(130,717) |
(123,785) |
||
Accumulated other comprehensive loss |
(379) |
(563) |
||
Total shareholders’ equity attributable to Cansortium Inc. shareholders |
43,417 |
47,337 |
||
Non-controlling interests |
– |
(159) |
||
Total shareholders’ equity |
43,417 |
47,178 |
||
Total liabilities and shareholders’ equity |
$ |
170,671 |
$ |
167,066 |
Cansortium Inc. |
|||||||||
Consolidated Statement of Operations |
|||||||||
For the three and six months ended June 30, 2020 and 2019 |
|||||||||
(USD ‘000) |
|||||||||
For the three months |
For the six months |
||||||||
2020 |
2019 |
2020 |
2019 |
||||||
Revenue, net of discounts |
$ |
13,241 |
$ |
6,091 |
$ |
23,404 |
$ |
11,619 |
|
Cost of goods sold |
4,567 |
1,540 |
8,227 |
4,100 |
|||||
Gross profit before fair value adjustments |
8,674 |
4,551 |
15,177 |
7,519 |
|||||
Realized fair value of increments on inventory sold |
4,953 |
2,233 |
12,515 |
3,351 |
|||||
Unrealized change in fair value of biological assets |
(7,572) |
(972) |
(19,682) |
(2,073) |
|||||
Gross profit |
11,293 |
3,290 |
22,344 |
6,241 |
|||||
Expenses |
|||||||||
General and administrative |
3,064 |
5,369 |
6,202 |
15,022 |
|||||
Share-based compensation |
2,362 |
883 |
3,249 |
1,487 |
|||||
Sales and marketing |
3,481 |
2,705 |
6,602 |
5,623 |
|||||
Depreciation and amortization |
1,572 |
2,403 |
3,074 |
4,701 |
|||||
Total expenses |
10,479 |
11,360 |
19,127 |
26,833 |
|||||
Income (loss) from operations |
814 |
(8,070) |
3,217 |
(20,592) |
|||||
Discontinued operations |
34 |
– |
(342) |
– |
|||||
Other expense (income) |
|||||||||
Interest expense, net |
3,798 |
2,543 |
7,557 |
6,860 |
|||||
Change in fair market value of derivative |
(828) |
(1,662) |
1,007 |
(3,542) |
|||||
Loss on investment in associate |
31 |
– |
215 |
– |
|||||
Gain in fair market value of investment in associate |
– |
(3,388) |
– |
(3,388) |
|||||
Loss on debt reestructuring |
– |
– |
8,065 |
– |
|||||
Gain on disposal of assets |
(54) |
– |
(54) |
– |
|||||
Other expense (income) |
(8) |
(1,562) |
7 |
28 |
|||||
Total other expense (income) |
2,939 |
(4,069) |
16,797 |
(42) |
|||||
Loss before taxes |
(2,159) |
(4,001) |
(13,238) |
(20,550) |
|||||
Income taxes |
3,308 |
1,276 |
6,141 |
1,276 |
|||||
Net loss |
(5,467) |
(5,277) |
(19,379) |
(21,826) |
|||||
Net loss attributable to non-controlling interest |
– |
(270) |
– |
(353) |
|||||
Net loss attributable to controlling interest |
$ |
(5,467) |
$ |
(5,007) |
$ |
(19,379) |
$ |
(21,473) |
|
Net loss per share |
|||||||||
Basic |
$ |
(0.03) |
$ |
(0.03) |
$ |
(0.10) |
$ |
(0.12) |
|
Diluted |
$ |
(0.03) |
$ |
(0.03) |
$ |
(0.10) |
$ |
(0.12) |
Cansortium Inc. |
||||
Consolidated Statement of Cash Flows |
||||
For the six months ended June 30, 2020 and 2019 |
||||
(USD ‘000) |
||||
For the six months ended |
||||
2020 |
2019 |
|||
Operating activities |
||||
Net loss |
$ |
(19,379) |
$ |
(21,826) |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||
Unrealized gain on changes in fair value of biological assets |
(19,682) |
(2,073) |
||
Share-based compensation |
3,249 |
1,747 |
||
Depreciation and amortization |
4,059 |
5,412 |
||
Discontinued operations |
(342) |
– |
||
Amortization of debt discount |
– |
2,910 |
||
Accretion of convertible debentures |
3,834 |
– |
||
Interest on lease liabilities |
1,987 |
– |
||
Change in fair market value of derivative |
1,007 |
(3,542) |
||
Loss on investment in associate |
215 |
– |
||
Gain in fair market value of investment in associate |
– |
(3,388) |
||
Loss on debt reestructuring |
8,065 |
– |
||
Gain on disposal of right-of-use assets |
(54) |
– |
||
Deferred tax expense |
1,862 |
– |
||
Changes in operating assets and liabilities: |
||||
Accounts receivable |
11 |
(104) |
||
Inventory |
(5,401) |
(3,881) |
||
Biological assets |
17,780 |
2,201 |
||
Prepaid expenses and other current assets |
(646) |
(1,555) |
||
Right-of-use assets |
(728) |
– |
||
Other assets |
(84) |
1,375 |
||
Accounts payable |
968 |
956 |
||
Accrued liabilities |
1,083 |
(3,386) |
||
Income taxes payable |
4,410 |
1,406 |
||
Lease obligations |
– |
1,357 |
||
Other current liabilities |
– |
285 |
||
Other liabilities |
115 |
– |
||
Net cash provided by (used in) operating activities |
2,329 |
(22,106) |
||
Investing activities |
||||
Purchases of property and equipment |
(2,126) |
(9,049) |
||
Payment of notes receivable |
150 |
– |
||
Notes receivable |
(696) |
– |
||
Proceeds from sale of subsidiary |
600 |
– |
||
Net cash used in investing activities |
(2,072) |
(9,049) |
||
Financing activities |
||||
Proceeds from IPO |
– |
56,178 |
||
Proceeds from issuance of shares and warrants |
4,351 |
– |
||
Proceeds from issuance of notes payable |
62 |
41,006 |
||
Payment of lease obligations |
(2,133) |
(1,305) |
||
Principal repayments of notes payable |
(35) |
(45,341) |
||
Net cash provided by financing activities |
2,245 |
50,538 |
||
Effect of foreign exchange on cash and cash equivalents |
184 |
(34) |
||
Net increase in cash and cash equivalents |
2,686 |
19,349 |
||
Cash and cash equivalents, beginning of period |
2,516 |
2,026 |
||
Cash and cash equivalents, end of period |
$ |
5,202 |
$ |
21,375 |
Cash paid during the period for interest |
$ |
865 |
$ |
2,124 |
Non-cash transactions: |
||||
Issuance of shares to acquire additional interest in consolidated entity |
$ |
– |
$ |
13,786 |
Shares returns for sale of interest in subsidiaries |
$ |
(4,374) |
$ |
– |
Founders shares return |
$ |
(10,970) |
$ |
– |
Note payable amendment |
$ |
10,380 |
$ |
– |
Cansortium Inc. |
|||||||||||||
Financial Highlights |
|||||||||||||
For the three and six months ended June 30, 2020 and 2019 |
|||||||||||||
(USD ‘000) |
|||||||||||||
Three months ended |
Six months ended |
||||||||||||
Financial results |
June |
June |
Variance |
June |
June |
Variance |
|||||||
Revenue |
$ |
13,241 |
$ |
6,091 |
$ |
7,150 |
$ |
23,404 |
$ |
11,619 |
$ |
11,785 |
|
Gross profit |
$ |
11,293 |
$ |
3,290 |
$ |
8,003 |
$ |
22,344 |
$ |
6,241 |
$ |
16,103 |
|
Gross margin |
85.3% |
54.0% |
31.3% |
95.5% |
53.7% |
41.8% |
|||||||
Adjusted gross profit (1) |
$ |
8,674 |
$ |
4,551 |
$ |
4,123 |
$ |
15,177 |
$ |
7,519 |
$ |
7,658 |
|
Adjusted gross margin(1) |
65.5% |
74.7% |
-9.2% |
64.8% |
64.7% |
0.1% |
|||||||
Selling, general and administrative expenses |
$ |
10,479 |
$ |
11,360 |
$ |
(881) |
$ |
19,127 |
$ |
26,833 |
$ |
(7,706) |
|
EBITDA(1) |
$ |
3,703 |
$ |
1,772 |
$ |
1,931 |
$ |
(1,628) |
$ |
(7,369) |
$ |
5,741 |
|
Adjusted EBITDA(1) |
$ |
2,629 |
$ |
(1,709) |
$ |
4,338 |
$ |
3,343 |
$ |
(5,128) |
$ |
8,471 |
|
Net loss |
$ |
(5,467) |
$ |
(5,277) |
$ |
(191) |
$ |
(19,379) |
$ |
(21,826) |
$ |
2,447 |
|
Net loss per share (basic) |
$ |
(0.03) |
$ |
(0.03) |
$ |
0.00 |
$ |
(0.10) |
$ |
(0.12) |
$ |
0.02 |
|
Net loss per share (diluted) |
$ |
(0.03) |
$ |
(0.03) |
$ |
0.00 |
$ |
(0.10) |
$ |
(0.12) |
$ |
0.02 |
(1) |
Adjusted gross profit, adjusted gross margin, EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Refer to the reconciliation to IFRS and quarterly results of operations sections at the Company’s Management Discussion and Analysis document for reconciliation to IFRS. |
Cansortium Inc.
Reconciliation of non-IFRS financial measures
For the three and six months ended June 30, 2020 and 2019
(USD ‘000)
EBITDA
EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates EBITDA from net income (loss), plus (minus) interest expense (income), plus income taxes, plus depreciation and amortization, as follows:
Three months ended |
Six months ended |
||||||||||||
June |
June |
June |
June |
||||||||||
30, 2020 |
30, 2019 |
Variance |
30, 2020 |
30, 2019 |
Variance |
||||||||
Net income (loss) |
$ |
(5,467) |
$ |
(5,277) |
$ |
(190) |
$ |
(19,379) |
$ |
(21,826) |
$ |
2,447 |
|
Interest expense |
3,798 |
2,543 |
1,255 |
7,557 |
6,860 |
697 |
|||||||
Income taxes |
3,308 |
1,276 |
2,032 |
6,141 |
1,276 |
4,865 |
|||||||
Depreciation and amortization |
2,064 |
3,230 |
(1,166) |
4,053 |
6,322 |
(2,269) |
|||||||
EBITDA |
$ |
3,703 |
$ |
1,772 |
$ |
1,931 |
$ |
(1,628) |
$ |
(7,369) |
$ |
5,741 |
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. The reconciliation from EBITDA to Adjusted EBITDA is as follows:
Three months ended |
Six months ended |
||||||||||||
June |
June |
Variance |
June |
June |
Variance |
||||||||
EBITDA |
$ |
3,703 |
$ |
1,772 |
$ |
1,931 |
$ |
(1,628) |
$ |
(7,369) |
$ |
5,741 |
|
Change in fair value of biological assets |
(2,619) |
1,261 |
(3,880) |
(7,167) |
1,278 |
(8,445) |
|||||||
Change in fair market value of derivative |
(828) |
(1,662) |
834 |
1,007 |
(3,541) |
4,548 |
|||||||
Gain in fair value of investment in associate |
– |
(3,388) |
3,388 |
– |
(3,388) |
3,388 |
|||||||
Share based compensation |
2,362 |
883 |
1,479 |
3,249 |
1,487 |
1,762 |
|||||||
Discontinued operations |
34 |
– |
34 |
(342) |
– |
(342) |
|||||||
Loss on debt restructuring |
– |
(1,134) |
1,134 |
8,065 |
– |
8,065 |
|||||||
Other non-recurring expense (income) |
(23) |
559 |
(582) |
159 |
6,405 |
(6,246) |
|||||||
Adjusted EBITDA |
$ |
2,629 |
$ |
(1,709) |
$ |
4,338 |
$ |
3,343 |
$ |
(5,128) |
$ |
8,471 |
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SOURCE Cansortium Inc
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About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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