Entourage health Archives - Green Market Report

StaffMay 31, 2022


On Monday Canadian cannabis company Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results for the first quarter ending March 31, 2022. Entourage reported total revenue of $15.8 million, up 17% sequentially over the fourth quarter of 2021. The reported loss was trimmed to $8.7 million.

“Our first quarter results reflect our strongest operating performance to date – mainly from fulfilling some of the largest purchase orders in our Company’s history with exemplary delivery rates while consistently producing higher-grade cannabis at higher efficiencies. All of this contributed to notable increases in our adult-use and medical sales – up over 35% from last year,” said George Scorsis, CEO and Executive Chair, Entourage. “Since implementing our strategic transformation initiatives, we have achieved sequential revenue growth and cost improvements. These initiatives continue to produce tangible benefits, including a 22% gross margin expansion during the quarter. With our improved liquidity position and financial flexibility thanks to our expanded credit facilities and lenders’ support, we have the resources to continue creating long-term value for all our stakeholders.”

The company did note that the weighted average cost per gram from clone to harvest of plants on hand was $0.52 in the first quarter compared to $0.63 in the fourth quarter. The weighted average cost per gram of inventory on hand decreased to $0.51 in the first quarter of 2022 compared to $0.66 in the fourth quarter of 2021 mainly due to the reduced cost of operations.

Balance Sheet Moves

The company announced in March 2022 that it secured an extension of the maturity date of its credit facilities from March 28, 2022, to May 31, 2022, and a deferral of certain of its financial covenants to May 31, 2022. On April 29, 2022, Entourage and LiUNA Pension Fund announced the further upsizing of its existing credit facility with an additional $15 million in funding availability. The non-dilutive funding will be used for general working purposes to drive further commercial growth. Also in May 2022, the Company entered into voting support agreements with certain holders of its 8.5% unsecured convertible debentures, and it announced proposed amendments to the same, to be voted on at a meeting of debenture holders scheduled for June 20, 2022.

“Our focus on driving sales for top-performing products while rigorously adhering to our enhanced financial discipline will support our future growth even as we continue to strengthen our balance sheet,” said Vaani Maharaj, CFO, Entourage. “Revenue from all our sales channels is consistently growing, driven by expanded product availability across retail outlets, broader distribution channels, consistent flow-through of higher-margin products and customer-patient acquisition initiatives. By continuing to improve our operating efficiencies in 2022, we fully expect to see expanded margins while we continue to propel revenue growth through increased sales and market share gains.”

StaffJuly 20, 2021


Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:WDDMF) announced preliminary unaudited revenues of $13.6 million for the three months ending June 30, 2021. The company said this was another sequential quarter of record sales growth across its adult-use and medical sales channels.

“The launch of our expanded portfolio of products, increased retail sales presence and distribution across Canada – combined with further developments in our medical sales platform – resulted in sequential quarter growth and a meaningful increase in our Q2 revenue,” said George Scorsis, Interim CEO and Executive Chairman. “Our continued transformation initiatives, cost improvements and steadily growing consumer demand for our top-selling Color Cannabis and Saturday Cannabis dried flower, pre-rolls, vapes, live resin, and multi-pack products have positioned us well for further growth. With the expected addition of craft brand Royal City Cannabis to our portfolio, we’re looking forward to expanding our consumer offerings and bringing additional value to our shareholders.”

Entourage owns and operates a 158-acre state-of-the-art greenhouse, outdoor, and processing facility located in Strathroy, ON as well as a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction.

Name Change

Entourage recently changed its name from “WeedMD Inc.” to “Entourage Health Corp.” Its common shares will continue to be publicly traded on the TSX Venture Exchange under the new ticker symbol “ENTG”, with a new CUSIP number of 293861100 and ISIN number of CA2938611001. These changes took place on July 16.

In connection with the name change, the company also confirmed its convertible debentures maturing September 25, 2022, Common Share purchase warrants expiring September 25, 2022 and Common Share purchase warrants expiring March 12, 2023 and their respective ticker symbols “ENTG.DB”, “ENTG.WT”, and “ENTG.WT.A”, also began trading on July 16.

Entourage said it plans to file its second-quarter 2021 financial statements and management’s discussion and analysis pre-market on Tuesday, August 10, 2021. Entourage will host a conference call the same day at 10 a.m. Eastern Time to review the results, provide an operational update and discuss recent milestones.

StaffJuly 6, 2021


WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) is changing its name to Entourage Health Corp. over the next few months. The company said that throughout the transition it will continue doing business as Entourage Health Corp., its Health Canada license will continue under its wholly-owned subsidiary WeedMD RX Inc.

“This is truly an exciting and transformative time for our Company. WeedMD’s values and principles will always be at the heart of who we are – advocates for our patients, consumers, shareholders, and communities upholding a standard that delivers on quality, sustainability and experience – now rooted in Entourage Health Corp.,” said George Scorsis, Interim CEO and Executive Chair. “Entourage Health represents WeedMD’s evolution – from its inception in 2013 as one of the first licensed producers, to its launch of award-winning brands, followed by the merger with Starseed Medicinal and pending addition of craft cultivator CannTX – we are a group of professionals who always put the consumer and patient first. We are now looking to develop and expand into new markets and our cannabis experts that make up Entourage Health will expedite and bolster our growth for years to come. I thank our employees, partners and most importantly our shareholders for their unwavering trust and commitment to our success.”

The company said it expects to provide additional information in respect of the proposed corporate rebrand and the launch of trading of the company’s common shares on the TSX Venture Exchange under the name Entourage Health Corp. over the coming days.

The company also noted that the management cease trade order was lifted on July 2. On May 31, 2021, WeedMD filed and posted its annual audited financial statements, annual management’s discussion, and analysis and related CEO and CFO certifications for the year ending December 31, 2020 to SEDAR. WeedMD also confirmed that on June 29, 2021, it filed and posted its first-quarter 2021 interim financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the three months ending March 31, 2021, to SEDAR.

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