FLUENT Corp. is a vertically‑integrated, multi‑state cannabis operator headquartered in Tampa, Florida. It was previously known as Cansortium before rebranding to FLUENT to align its U.S. footprint under one banner. MORE ABOUT: OTC Markets
Where FLUENT Operates
As of early 2025, FLUENT runs operations in four U.S. states:
- Florida – Medical‑cannabis cultivation, wholesale, and retail via multiple facilities and dispensaries
- New York – Through the acquisition of RIV Capital, FLUENT now holds cultivation, manufacturing, wholesale, and retail assets
- Pennsylvania – Operating three medical cannabis dispensaries
- Texas – Small‑scale medical cannabis operations (home delivery only under license rules).
In total, they operate 42 dispensaries across these states, with Florida representing the core since inception. MORE ABOUT: Stock Titan
Financial Snapshot & Most Profitable State
Annual Revenue
FLUENT achieved record full‑year revenue of $103.6 million in 2024, a 6.4% increase over 2023 (97.3 million). Fluent Investors: Fluent – “FLUENT Reports Fourth Quarter and Full Year 2024 Results”). Florida by far remains the largest contributor, generating **86.8 million** of that total—over 83% of their revenue. MORE HERE: Fluent Investors
Q4 & Q1 Results
- Q4 2024 revenue came in at $24.9 million, slightly below Q4 2023’s $25.5 million. That performance primarily reflected pricing pressures in Florida.
- For Q1 2025, revenue reached $26.7 million, up from 25.2 million year-over-year. Florida accounted for most of that, with **19.2 million** of sales. READ MORE: Morningstar
Profitability & Cash Position
FLUENT closed 2024 with approximately $40.1 million in cash and manageable debt levels (~$82 million), significantly strengthened by the acquisition of RIV Capital and favorable debt refinancing.
Adjusted EBITDA for full-year 2024 stood at $25 million, while Q3 (2024) Adjusted EBITDA was $7.5 million, reflecting a 29% margin on $26.1 million in revenue. READ MORE: Fluent
Most Profitable State: Florida
Florida is clearly FLUENT’s most profitable and deeply penetrated market:
- Dominates the state medical cannabis marketplace with multiple cultivation facilities (Sweetwater, Polk City, Ruskin, Tampa/Roza) and 35 dispensaries statewide. MORE ABOUT: Cannabis Business Times
- Florida revenue comprised ~84% of total revenue in 2024.
- While pricing pressures led to a goodwill impairment in Florida, the volume and footprint still make it FLUENT’s financial anchor.
Brands & Product Portfolio
FLUENT has transitioned from a single FLUENT™ brand (launched in May 2019) into a house of multiple brands:
- FLUENT™ — Flagship brand across products including flower, pre-rolls, capsules, syringes, sprays
- Bag‑O — Value-tier packaging, popular in Northern U.S. markets
- MOODs — Launched in Florida; expanded into New York after RIV acquisition.
- Knack — Flower and pre-rolls; initially rolled out in New York, with Florida expansion underway in early 2025.
- Hyer Kind — Concentrates and dabs, launched in Florida, with future expansion planned.
- Wandr — A clean-label product suite (focus on wellness and formulations).
In Pennsylvania, FLUENT sells third-party branded medical products under PA‑licensed dispensary models.
Favorite Products & Formats
- MOODs disposables, cartridges, gummies are high sellers in Florida and now New York
- Knack flower and pre-rolls garner attention for consistent potency and design-forward packaging
- Hyer Kind Concentrates have traction among extract‑users in the Florida market
- FLUENT’s capsule, oral drops, tinctures, and syringes remain popular with medical‑user demographics
Geographic & Brand Reach Snapshot
| Category | Details |
|---|---|
| States of Operation | Florida, New York, Pennsylvania, Texas |
| Most Profitable State | Florida (≈ 86.8 m of 103.6 m revenue in 2024) |
| Dispensaries | 42 across four states; 35 in Florida |
| Cultivation Facilities | Multiple in FL; Chestertown NY facility; greenhouse and indoor |
| Major Consumer Brands | FLUENT™, MOODs, Knack, Hyer Kind, Bag‑O, Wandr |
| Product Types | Flower, pre-rolls, cartridges, concentrates, tinctures, edibles, topicals |
| Annual Revenue (2024) | $103.6 million |
| 2024 Adjusted EBITDA | $25 million (~24% margin in Q3) |
| Cash Position (2024) | $40.1 million |
Growth Strategy & Outlook
- The acquisition of RIV Capital in December 2024 marked a pivotal expansion into New York, a booming adult-use market. RIV’s Chestertown cultivation and processing facility supports FLUENT’s multistate platform. READ MORE: AInvest
- Brand rollouts in New York, including MOODs and Knack, accelerate its presence in a market expected to exceed $1 billion in annual sales.
- FLUENT is executing its Roza Facility (Tampa) first harvest by Q2 2025 and has plans for additional dispensaries to increase distribution reach.
- While Florida pricing pressures led to impairments, the company is focusing on margin improvements, capital restructuring, and scaling high-margin concentrate and branded lines.
Key Takeaways
- Florida remains FLUENT’s top-performing state—contributing over 80% of revenue in 2024.
- Annual revenue hit $103.6 million in 2024, up 6.4% year-over-year.
- Major brands include FLUENT™, MOODs, Knack, Hyer Kind, Bag‑O, and Wandr.
- Product diversity covers flower, concentrates, vapes, edibles, tinctures, and topicals.
- The RIV Capital acquisition expanded operations into New York and accelerated brand rollout.
- Despite near-term pricing pressures in Florida, FLUENT achieved positive EBITDA and maintains strong cash reserves.
- Growth strategy leverages licensing, brand equity, and expansion into emerging markets like NY and beyond.
FLUENT is positioned as a strategic mid-tier multistate operator with deep roots in Florida, targeted brand investment, and a rapidly expanding footprint in New York. Its evolving brand portfolio and improving financials underpin its long-term ambition to drive profitable growth across the U.S. cannabis landscape.