Cansortium, a vertically integrated cannabis company with licenses and operations in Florida, Pennsylvania and Texas, reported record revenue during the third quarter.
The company said its revenue increased 14% to $25.3 million, compared to $22.1 million during the same quarter last year. The total was overwhelmingly driven by operations in Florida where the company’s revenue rose 17% year over year.
However, Cansortium’s adjusted EBITDA was $8.8 million, down from $11.7 million one year ago. The company attributed the decrease primarily to additional salaries and wages as well as lower average ticket per transaction. This was partially offset by the impact of increased customer transactions.
“Adjusted EBITDA was offset by increased headcount to keep pace with new store openings, however these investments are critical in laying the foundation for growth and supporting our future plans,” said CEO Robert Beasley. “In Florida, we continue to ramp our four new stores opened this year while driving cultivation improvements, leading to production of more high quality, high THC products. Looking ahead, we will continue to drive improvements across our footprint in Florida and Pennsylvania, while capitalizing on our first mover advantage in Texas as we plan to open our brick-and-mortar delivery center in Houston in early 2024.”