Phase 2 Expansion More Than Doubles Company's Florida Cultivation Output
MIAMI, FL, Aug. 19, 2019 /CNW/ - Cansortium Inc. ("Cansortium" or the "Company") (CSE: TIUM), a vertically-integrated, global provider of premium-quality medical cannabis operating under the Fluent™ brand, announced today that it has begun growing in Phase 2 at its state-of-the-art indoor medical marijuana cultivation facility in Tampa, Florida.
Cansortium Chief Executive Officer Jose Hidalgo emphasized, "This Phase 2 expansion of our Tampa cultivation facility is another important step in support of our strategy to increase our revenue-generating capacity toward our goal of achieving operating profitability.
"Expanding our Florida production capacity provides us with additional supply of high-quality cannabis to process into the wide variety of Fluent-branded medical marijuana products sold through our Florida dispensary network, currently comprising 15 dispensaries in key markets, which we expect to expand to more than 30 during 2020. In addition to our exciting progress in Florida, we continue to build our business platforms in Texas, Pennsylvania, and Puerto Rico, as well as pursue foundational licensing in other markets to support future growth."
Approved by the Florida Department of Health on August 6, 2019, Phase 2 will enable the company to realize an effective canopy coverage which, when fully propagated, will more than double the Company's existing production capability. Previously an indoor vertical lettuce farm, the Tampa cultivation facility utilizes a state-of-the-art multi-level vertical cultivation method which enables the Company to produce a total cultivation canopy area equivalent to a 60,000 square foot greenhouse in only a 21,000 square foot footprint. The company expects the first harvest from its new Phase 2 Tampa facility to occur in October 2019, with subsequent ongoing harvests anticipated to mature approximately every week once the facility is fully propagated.
In addition to the Company's Tampa cultivation facility, the company operates a 31,000 square-foot greenhouse and GMP-certified 9,000 square-foot processing facility in Winter Garden, Florida. Together, the Company's Tampa and Winter Garden facilities are expected to supply the raw materials needed to produce the Company's full assortment of high-quality, consistently-formulated, Fluent-branded medical marijuana products for the Florida market, including premium dried flower.
Cansortium's cultivation operations and R&D are managed by a team of highly-qualified professionals, including accredited experts in agronomy and plant husbandry.
For a complete list of Fluent dispensary locations, current promotions and rewards programs and hours of operation, or to explore the entire Fluent product line and place an online order for home delivery, visit https://getfluent.com/.
ABOUT CANSORTIUM INC.
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the recently-launched Fluent™ brand (formerly Knox Medical), the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and a dispensary license in Pennsylvania. The Company also has licensed cultivation facilities in Colombia and Canada, with licensing pending in Michigan.
Cansortium Inc.'s common shares and warrants trade on the CSE under the symbol "TIUM.U" and "TIUM.WT.U" respectively.
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.
For information on Cansortium Inc., please visit www.cansortium.com.
SOURCE Cansortium Inc
For further information: Jeffrey Reath, Executive Vice-President, Finance and Investor Relations, 786-373-2882 ext. 10007, [email protected]