Consortium Inc. (TIUM.U) today announced the opening of Fluent Mechanicsburg, the Company’s 2nd retail location in Pennsylvania and its 28th dispensary overall.
“We are thrilled to open our second dispensary in Pennsylvania and begin serving the great community of Mechanicsburg and Cumberland County,” said CEO Robert Beasley.
Consortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. Operating under the Fluent™ brand, Consortium is dedicated to becoming one of the highest quality cannabis companies for the communities it serves. The Company’s Fluent™ brand offers a variety of products including cartridges, gels, drops, capsules, syringes, creams and flower products. As the 5th most populated state in the US, Pennsylvania has quickly become one of the largest medical cannabis markets in the country. According to Headset, Pennsylvania’s medical cannabis sales have grown steadily, starting at $40 million in January 2020 and ending at a close of $98 million in January 2021. In other words, Pennsylvania’s medical cannabis market grew an impressive 146% year-over-year.
“Pennsylvania is one of the largest medical cannabis markets in the country—on pace to do more than $1 billion of annual sales in 2021—and we are in the early innings of capitalizing on strong growth in the state. Our medical dispensary permit allows for three different retail locations, and we remain on track to open our third store later this year,” continued Robert Beasley.
Consortium’s new +4,000 square foot dispensary is located at 6200 Carlisle Pike, Mechanicsburg, PA 17050. In addition to offering patients a broad assortment of cannabis products, many of the Company’s Fluent dispensaries feature private consultation rooms and knowledgeable staff who are willing to guide patients in selecting the right products. As someone who tends to have panic attacks after consuming cannabis, I think this should be a standard practice for all cannabis dispensaries. After all, not everyone is as experienced with cannabis as Chad who lives next door.
According to the Consortium’s Q1 2021 Financial Results, the Company had cash and cash equivalents of USD$3,114,000 as of March 31, 2021. In the same period, the Company’s total assets and total liabilities both increased to USD$159,780,000 and USD$130,734,000, respectively. Overall, Consortium reported a net loss of USD$5,095,000 on March 31,2021, compared to USD$13,912,000 in the previous year.
Consortium’s share price opened at $0.73, up from a previous close of $0.72. The Company’s shares are down -1.39% and were trading at $0.71 as of 1:09PM ET.