Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF), a vertically integrated cannabis company with operations in Florida, Texas, Michigan and Pennsylvania, today announced that Chief Executive Officer Robert Beasley has been appointed to the Company's Board of Directors. Mr. Beasley, who was named Chief Executive Officer of the Company in September 2020, joins Executive Chairman Neal Hochberg and Directors David Abrams, John McKimm and Roger Daher.
In connection with the addition of Mr. Beasley to the Board, the Company announces the termination of the Special Committee and its disbandment. The Special Committee, comprised of Messrs. Hochberg, Abrams and McKimm, was initially formed in October 2019 to work closely with senior management to ensure the Company's ability to capitalize on its available market opportunities and to improve the balance sheet. Along the way, the Special Committee oversaw the implementation of cost saving initiatives resulting in more than $4.5 million of aggregate annualized savings, the restructuring of approximately $35.0 million of Company liabilities, and helped secure a $4.6 million equity private placement. In addition, during the Special Committee's term, the Company disposed of non-core assets in Canada and Puerto Rico and expanded its operations in Florida with a new cultivation facility and 8 new Florida dispensaries.
"Bringing Robert aboard, first as Chief Executive Officer and now member of the Board, serves as a natural conclusion to the duties of the Special Committee," said Mr. Hochberg. "I am proud of our accomplishments over the last 14 months and believe the Company is well-positioned for success with Robert leading the way."
"I am honored to accept the role of director and to continue to work with the Board to grow revenue and profitability in our existing markets," said Mr. Beasley.
The Company also expanded the Audit Committee to the Audit and Finance Committee and added directors Messrs. Abrams and Daher as members.
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 unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking 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 and warrants trade on the CSE under the symbol "TIUM.U" and "TIUM.WT.U", respectively, 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.
