Entourage Health Announces Preliminary Record Q2 Revenues of $13.6 Million and Confirms Financial Results Call to be Held on August 10, 2021 at 10 a.m. ET
TORONTO, July 20, 2021 (GLOBE NEWSWIRE) — Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:WDDMF) (FSE:4WE) (“Entourage” or the “Company”), is pleased to announce preliminary unaudited revenues of $13.6 million(1) for the three months ended June 30, 2021, representing another sequential quarter of record sales growth across its adult-use and medical sales channels. The Company 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.
“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.”
Conference Call Details:
The conference call will be hosted by Mr. Scorsis and CFO, Beth Carreon. Management will be available for questions following opening remarks.
|Date:||Tuesday, August 10, 2021|
|Time:||10 a.m. Eastern Time|
|Dial-in Number:||Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340
Participants, please dial in and ask to join the Entourage call
|Replay Dial-in:||Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010
Replay Access Code: 7459
Available after 12:00 p.m. Eastern Time, until September 10, 2021
About Entourage Health Corp.
Entourage Health Corp. (formerly WeedMD Inc.) is the publicly traded parent company of WeedMD RX Inc. a licence holder producing and distributing cannabis products for both the medical and adult-use markets. The Company 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. With the addition of Starseed Medicinal, a medical-centric brand, Entourage has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements Entourage’s direct sales to medical patients. In July 2021, Entourage signed a definitive agreement to acquire craft cultivator CannTx Life Sciences Inc. which operates out of its state-of-the-art micropropagation and specialty extraction facility in Guelph, Ontario. Upon the acquisition’s expected closing in late August 2021, craft brand Royal City Cannabis will be added to Entourage’s elite product portfolio. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as eight provincial distribution agencies where adult-use brands Color Cannabis and Saturday Cannabis are sold. Entourage is also the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary’s Medicinals sold in both medical and adult-use channels.
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(1) Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See “Forward Looking Information” and “Financial Outlook”.
Forward Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon Entourage’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy. The forward-looking information in this news release includes, but is not limited to, statements in respect of the Company’s projected revenue for the three months ended June 30, 2021
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of Entourage to implement its business strategies; the COVID-19 pandemic; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Entourage does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Entourage to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in Entourage’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
Financial Outlook This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the revenue generated in the three months ended June 30, 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward Looking Information” above. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Forward Looking Information” above, it should not be relied on as necessarily indicative of future results.
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