Cansortium Inc. (“Cansortium” or the “Company”) (CSE: TIUM.U), (OTCQB: CNTMF), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced that it has exercised its right to redeem up to the maximum of US$5 million of the convertible promissory notes (the “Notes”) that were initially issued in the aggregate principal amount of US$10 million in February 2019 (as amended in August 2020 and February 2021). As a result of this redemption, the aggregate principal amount that remains outstanding on the Notes is US$5 million. The remaining Notes mature on December 1, 2022 if not earlier converted at the conversion price of US$0.60 per share.
“The reduction of this debt is continued improvement of our balance sheet, and we look forward to the our partnership with these noteholders as we grow the Company” said Cansortium CEO Robert Beasley.
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 an unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, resulting in successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium seeks to create significant shareholder value in the attractive markets of Texas, Michigan, and Pennsylvania, where the Company has secured licenses and established operations.
Cansortium Inc.’s common shares trade on the CSE under the symbol “TIUM.U” 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.