Vertically integrated cannabis company Cansortium Inc. (CSE: TIUM.U) (OTC: CNTMF) said Thursday that it has taken a significant first step to exit from the Colombian cannabis market by recovering 4.12 million of its shares.
The shares had been issued to Cansortium’s Colombian partner Vision Science and Technology, S.A.S., according to a press release.
Cansortium will continue to hold 50% equity in its Colombian operation, Cansortium Colombia S.A.S., which possesses cannabis growing and manufacturing licenses and cultivation assets in the South American country.
Cansortium is headquartered in Miami and operates under the Fluent brand. The company has 18 dispensaries and two cultivation facilities in Florida.
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“Cansortium is laser-focused on creating long-term value for all stakeholders by capitalizing on its growth opportunities in Florida, Texas, Michigan and Pennsylvania,” Neal Hochberg, chairman of Cansortium’s board and special committee, said in a statement.
The company recently undertook a $4.6-million private placement, restructured about $25 million in near-term obligations and has sales pending of non-core assets in Canada and Puerto Rico, he said.
“Cansortium significantly improved its balance sheet flexibility and increased liquidity while limiting dilution to existing shareholders.”
The stock was trading 8.17% higher at 38 cents at the time of publication Friday.
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