04:35 PM EDT, 08/22/2024 (MT Newswires) -- Cansortium (TIUM-U.CN), a U.S. cannabis retailer, on Thursday posted a record US$27.3 million of revenue for its second quarter, up from US$24.4 million in 2023.

Adjusted EBITDA was US$7.7 million compared to US$6.8 million, with the increase primarily driven by higher revenues due to additional production and stores.

"In Florida, we have focused on enhancing manufacturing efficiencies and cultivation yields, which has resulted in both an improvement of product quality and cost of goods sold. This has allowed us to retain high profit margins while price competition continues to heat up," said chief executive Robert Beasley.

"Looking ahead, we are excited about our upcoming business combination with RIV Capital and have already begun key integration steps," added Beasley. "We remain laser focused on our existing portfolio in Florida, Pennsylvania and Texas and look forward to closing the RIV Capital agreement in the fourth quarter."