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Cannabis firm Entourage Health frets about future amid CA$123.1M annual loss
B
May 2, 2023
Canadian cannabis company Entourage Health Corp. reported a net loss of 123.1 million Canadian dollars ($90 million) for its 2022 fiscal year amid declining revenue.
Entourage, previously known as WeedMD, warned in a regulatory filing about “material uncertainty that may cast a significant doubt about the company’s ability to continue as a going concern.”
The Aylmer, Ontario-based company said it “has sufficient cash on hand to service its liabilities and fund operating costs for the immediate future with the additional sources of funding actually received in February 2023, as well as additional funding expected during 2023.”
“However, there is uncertainty as to how long these funds will last,” the filing noted.
Entourage announced in November that it was laying off more than a third of its staff, ending its cultivation operations and sourcing cannabis from Hexo Corp.
The company’s total revenue for 2022 was CA$54.5 million, down nearly 1.3% from the previous year, according to a late Monday news release.
Meanwhile, Entourage’s annual selling, general and administrative expenses were CA$30.3 million, up from CA$28.7 million in 2021.
The company attributed the increased expenses primarily to its restructuring effort.
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“Despite encountering revenue stagnation in 2022 because of a product shortfall last spring, initial indications imply that the partnership with Hexo, our third-party supplier, is positively impacting overall operations,” Entourage Chief Financial Officer Vaani Maharaj said in a statement.
Entourage’s cost-saving measures are expected to save CA$12 million per year, according to Maharaj.
“The infusion of CA$30 million in financing from (key investor and creditor Liuna Pension Fund) and deferred debt payments has strengthened our company’s liquidity and provided additional support for our operations and growth initiatives,” she said.
Home / Canada
Cannabis firm Entourage Health frets about future amid CA$123.1M annual loss
B
May 2, 2023
Canadian cannabis company Entourage Health Corp. reported a net loss of 123.1 million Canadian dollars ($90 million) for its 2022 fiscal year amid declining revenue.
Entourage, previously known as WeedMD, warned in a regulatory filing about “material uncertainty that may cast a significant doubt about the company’s ability to continue as a going concern.”
The Aylmer, Ontario-based company said it “has sufficient cash on hand to service its liabilities and fund operating costs for the immediate future with the additional sources of funding actually received in February 2023, as well as additional funding expected during 2023.”
“However, there is uncertainty as to how long these funds will last,” the filing noted.
Entourage announced in November that it was laying off more than a third of its staff, ending its cultivation operations and sourcing cannabis from Hexo Corp.
The company’s total revenue for 2022 was CA$54.5 million, down nearly 1.3% from the previous year, according to a late Monday news release.
Meanwhile, Entourage’s annual selling, general and administrative expenses were CA$30.3 million, up from CA$28.7 million in 2021.
The company attributed the increased expenses primarily to its restructuring effort.
ADVERTISEMENT
“Despite encountering revenue stagnation in 2022 because of a product shortfall last spring, initial indications imply that the partnership with Hexo, our third-party supplier, is positively impacting overall operations,” Entourage Chief Financial Officer Vaani Maharaj said in a statement.
Entourage’s cost-saving measures are expected to save CA$12 million per year, according to Maharaj.
“The infusion of CA$30 million in financing from (key investor and creditor Liuna Pension Fund) and deferred debt payments has strengthened our company’s liquidity and provided additional support for our operations and growth initiatives,” she said.
$ETRGF: Excellent News.... Great Visibility
This is a nice step or a pnky with an established COMPANY.
Very nice.... $ETRGF should go much higher
GO $ETRGF
Boston Beer Company Introduces Cannabis-Infused Iced Teas
BOSTON, May 23, 2022 /PRNewswire/ -- The Boston Beer Company, Inc. (NYSE: SAM), maker of iconic, high-quality brands such as Samuel Adams, Truly Hard Seltzer and Twisted Tea, today announced the launch of TeaPot, a new line of cannabis-infused iced teas. TeaPot is the company's first infused beverage offering and will be available in select Canadian provinces beginning in July.
Good Day Iced Tea
Good Day Iced Tea
TeaPot blends real tea with specific cannabis strains to enhance specific times of the day. The brand's first release is a Good Day Iced Tea, made with real lemon black tea and infused with Pedro's Sweet Sativa, a unique cultivar which is grown in Strathroy, Ontario by licensed producer Entourage Health Corp. (TSXV: ENTG; OTCQX: ETRGF) and sold exclusively in Canada under its retail brand Color Cannabis. Each 12-ounce (355mL) can of TeaPot contains 5mg of THC and is crafted to minimize any cannabis taste or aroma. TeaPot will introduce additional varietals in the coming months.
"TeaPot purposefully pairs the right tea with the right pot for the right occasion," said Paul Weaver, Director, Head of Cannabis at The Boston Beer Company. "Each can is precisely dosed for social gatherings with friends and family. We think TeaPot is the best-tasting cannabis beverage on the market, and we can't wait for people to try it – we think they'll agree."
Since 2020, Canada's infused beverage market share has increased by nearly 850%[1], according to Headset retail data, and is approximately twice the size of the U.S. cannabis beverage market.
ETRGF: SECURITY DETAILS
Share Structure
Market Cap Market Cap
18,238,602
05/06/2022
Authorized Shares
Unlimited
04/29/2022
Outstanding Shares
303,976,702
04/29/2022
Restricted
12,835,363
04/29/2022
Unrestricted
291,141,339
04/29/2022
Held at DTC
27,637,826
04/29/2022
$ETRGF: Great call.............. excellent earnings here.
Very nicely done !
Now 0.05.... pretty low but this market is CRAP right now
GO $ETRGF
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Entourage Reports Record Fiscal Year 2021 Financial Results with $55.2 Million in Total Revenue for a 56% Year-Over-Year Increase and Preliminary Q1 2022 Record Revenue of $17.4 Million
10:49 AM ET 5/9/22 | GlobeNewswire
Entourage Reports Record Fiscal Year 2021 Financial Results with $55.2 Million in Total Revenue for a 56% Year-Over-Year Increase and Preliminary Q1 2022 Record Revenue of $17.4 Million
-- Net revenue increased to $42.2 million for the full year ended December
31, 2021
-- Preliminary unaudited Q1 2022 total revenue $17.4 million(1) representing
35% YOY growth
-- Upsized credit facility with LiUNA Pension Fund further improves
liquidity position
TORONTO, May 09, 2022 (GLOBE NEWSWIRE) -- Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE) ("Entourage" or the "Company"), a Canadian producer and distributor of award-winning cannabis products, announced today its financial results for the fiscal year ended December 31, 2021. The Company also announced preliminary unaudited first quarter 2022 total revenue of $17.4 million(1) , which represents a direct-to-consumer and patient record increase of approximately 35% on a year-over-year basis. The Company expects to report its first quarter 2022 financial results on or before May 31, 2022.
"Entourage achieved impressive growth in 2021 including expanded market share and increased retail brand recognition with Color Cannabis as a top 10 performer for the year, which drove 56% growth in revenues. Strong consumer sales in our main product categories included notable increases in premium flower & pre-roll market segments, with a 535%((2) () sales increase over the prior year," said George Scorsis, CEO and Executive Chair, Entourage. "This was also a breakout year for our medical business, with 20% patient growth and an expanded product portfolio of over 40 SKUs. Our preliminary Q1 results are noting another record increase with $17.4(1) million in total revenue representing a milestone achievement for Entourage. Based on our strong early-year momentum, we expect these favourable trends will continue through 2022 even as we realize the benefits of expanding our tissue culture business with the acquisition of CannTx Life Sciences."
Summary of Results
For the Year-Ended Dec. 31, 2021 Dec. 31, 2020
($000's) ($000's)
Total revenue 55,229 35,484
Net revenue (less Excise Tax) 42,272 29,434
Gross (loss) before changes in fair
value (3,592 (21,991)
Gross margin % before changes in fair
value (-8.0%) (-75%)
Loss and comprehensive loss (78,935 (89,607)
Adjusted EBITDA* (9,293) 7,658
---------------------------------------- ------ ------------- -------------
As at Dec. 31, 2021 Dec. 31, 2020
--------------------------------------- --- ----------------- -------------
($000's) ($000's)
Cash and cash equivalents 21,416 22,322
Inventory 29,641 30,665
Biological assets 607 1,956
Working Capital (54,967) 44,575
---------------------------------------- ------ ------------- -------------
*Adjusted EBITDA is not a recognized measurement under International Financial Reporting Standards ("IFRS") and this data may not be comparable to data presented by other companies. Management defines Adjusted EBITDA as EBITDA adjusted to exclude interest, tax, and depreciation, stock compensation, fair value changes and other non-cash items, and non-recurring items. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate Adjusted EBITDA differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. See the Company's management's discussion and analysis for the 12 months ended December 31, 2021 (the "2021 MD&A") for a detailed reconciliation of Adjusted EBITDA to Net Income / (Loss). The Company's financial statements for the 12 months ended December 31, 2021 and the 2021 MD&A are available on SEDAR at www.sedar.com
Full Year 2021 Financial Highlights
-- For the fiscal year ended December 31, 2021, Entourage recorded sales of
$55.2 million, compared to approximately $35.4 million for the fiscal
year ended December 31, 2020, a 56% increase year-over-year.
-- The weighted average cost per gram from clone to harvest of plants on
hand was $0.68 in Q4 2021 compared to $0.89 in the comparable 2020
period. Weighted average cost per gram of inventory on hand increased to
$0.61 in Q4 2021 compared to $0.46 in the comparable 2020 period mainly
due to inventory write-downs recorded in 2021.
-- Gross loss before changes in fair value was $3.6 million for full year
2021 versus gross loss of $22.0 million for full year 2020. The
improvements were mainly due to lower cost to produce higher grade
products, sold at higher margins across expanded distribution channels.
-- Gross margins of (-8%) improved 66% over prior year also a result of
lower cost to produce higher grade products, sold at higher margins. The
preliminary number of 7% initially reported was adjusted as a result of
an inventory provision in Q4 2021.
-- EBITDA improved by $1.8 million to $(39.8) million for full year 2021
from $(41.6) million for full year 2020, also primarily driven by
business transformation initiatives to lower costs and partly due to
generating higher-margin revenue and spending lower selling, general and
administrative expenses.
Preliminary Q1 2022 Revenue(1)
Entourage also announced preliminary unaudited revenue highlights for the three months ended March 31, 2022. First quarter 2022 record total revenues of $17.4 million represent 35% growth year-over-year, reflecting continued increased sales of higher-margin, direct-to-consumer and direct-to-patient products. Revenue from adult-use and medical channels increased substantially quarter-over-quarter, driven by expanded product availability across retail outlets, broader distribution channels and customer acquisition initiatives.
Revenue Highlights
Q1 2022(1) Q1 2021 Change
($000's) ($000's) %
Net Revenue by Channel
-----------------------
Medical 8,538 5,779 47%
Adult-Use 8,606 7,110 21%
Bulk 217 100%
Total Revenue 17,361(1) 12,889 35%
------------------------ ---------- -------- ------
Corporate Highlights During and Subsequent to 2021
Leadership Appointments and Corporate News
-- In 2021, the Company announced a corporate name change and rebranding
from "WeedMD Inc." to "Entourage Health Corp." The Company's common
shares are publicly traded on the TSX Venture Exchange under the new
ticker symbol "ENTG" and U.S.-based OTC market under "ETRGF".
-- Appointed Executive Chairman, George Scorsis, as interim Chief Executive
Officer in January 2021, and subsequently named permanent CEO in 2022.
-- Also in January 2021, Jason Alexander was appointed to the Company's
Board of Directors and named Chair of Governance Committee and SVP of
Legal Affairs Vincent Doré named Corporate Secretary.
-- In November 2021, the Company announced the appointments of: Joseph Mele
to Chief Commercial Officer; James Afara (formerly Chief Operation
Officer of CannTx Life Sciences) to SVP of Strategic Sourcing and Quality
Assurance; and Pat Scanlon (co-founder of CannTx Life Sciences) as Head
of Cultivation.
-- Following the closing of the CannTx acquisition, Entourage announced on
November 1, 2021 the appointments of new Board directors Andrew Bulmer
and S. Randall Smallbone.
-- In December 2021, the Company confirmed its certification as an Ontario
Living Wage Employer, becoming one of only three cannabis cultivators
with this distinction.
-- In April 2022, Entourage announced the appointment of veteran finance
executive Vaani Maharaj as CFO, succeeding Beth Carreon, effective May 4,
2022.
Business Transformation Initiatives and CannTx Life Sciences Acquisition
-- In early 2021, the Company relocated its medical packaging, labelling and
distribution activities from Bowmanville, to its Aylmer, Ontario facility
which also houses the Company's extraction hub. The move improved
operational efficiencies and aligned its cost structure, following the
subsequent news in June 2021 that Entourage sold its fully licensed
Bowmanville operating assets to Final Bell Canada Inc.
-- Entourage announced in July 2021, it had signed an acquisition agreement
to purchase Guelph-based craft cultivator CannTx Life Sciences Inc. The
acquisition closed on November 1, 2021.
(MORE TO FOLLOW) Dow Jones Newswires
May 09, 2022 10:49 ET (14:49 GMT)
Hang on tight! Could be quite a ride!
4Q is going to be HUGE!
Here a quick take, for 9 months they did 31.7M and reporting 54.8M for full year. So 4Q revenue should be 23.1M 3Q revenue was only 14.9M. +55% Q/Q.
Market cap of 24M trading at less than .5 sales, and grew sales +54% y/y
Entourage Health Announces Preliminary Fiscal Year 2021 Record Revenue of $54.8 Million with Q4and Full-Year 2021 Financials to be filed by April 1, 2022• FYE2021 revenues up 54% over prior year due to record sales and expanded market share.
And, They partner with Unions and Insurance companies for medical paid by insurance companies.
WDDMF changed to ETRGF:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
Effective July 16,2021 WeedMD Inc. will change to Entourage Health Corp.:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
WDDMF...1862...https://finance.yahoo.com/news/weedmd-reports-first-quarter-2021-111500137.html
Total revenue (before excise duties) of $12.9 million in Q1 2021, represents over 7% favourability over the $12.0 million Q1 2021 guidance previously provided
Net revenue of $10.3 million in Q1 2021, represents a 102% sequential increase over Q4 2020, reflecting record sales of higher-margin, direct-to-consumer, and direct-to-patient products
Reports significant improvement in SG&A expenses, down 66% from previous quarter
Gross Profit Before Fair Value Changes improved over $22 million sequentially from Q4 2020
Adjusted EBITDA sequential improvement of over $31 million versus Q4 2020, reflecting improved gross profit and reduced expenses resulting from optimization initiatives
WDDMF...251...TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis announced today it has signed and closed a definitive agreement (the “Agreement”) to sell all the shares of its subsidiary’s operating entity, Starseed Medicinal Inc., which had been operating out of the production facility located on Bennett Road North in Bowmanville, Ontario (the “Bowmanville Facility”), to Final Bell Canada Inc. (the “Purchaser”) for C$2.5 million in cash. Starseed Medicinal Inc. is the licence holder for the Bowmanville Facility, which is licensed by Health Canada under the Cannabis Act (Canada) for cultivation, processing and sale of dried cannabis and cannabis extracts, and to conduct research. Net proceeds of the sale will primarily be used by WeedMD to pay down its debt.
Whats the problem here? Debt /revenues/ dilution???
Grim
Whats their financial situation here? They dumping shares too?
Why go to a dollar now 1/3
Thx
Grim
Is there some reason why they do not make it clear Canadian dollar or U.S. dollar??
$0.48C or $0.48US ???????????????????????????????
WDDMF...43...Hit $1 on the "W" Pattern Breakout .253 alert...Back in on the dip as the 50/200 Cross...
Looking for $1 plus Breakout on the next leg...imo...we shall see...
georgie18 Wednesday, 01/20/21 06:04:49 AM
Re: None 0
Post #
1184
of 1190
WDDMF...253..."W" Pattern setting up here with an .30 range confirmation point and a Resistance Neckline in the .60 range...
Looking to Break/Hold the 200ma Resistance point...imo...we shall see...
https://www.otcmarkets.com/stock/WDDMF/profile
Chart...https://schrts.co/SUCkxtEn
i havent sold a share but be warned this is not an investor friendly company
i know you dont know me i have been gone for years but not really
WDDMF Agreement PP $0.82. Current Price $0.55
https://finance.yahoo.com/news/weedmd-inc-announces-15-million-012300003.html
WDDMF Enters Agreement w/ 8 Capital purchase at $0.82. It's at $0.55.
https://finance.yahoo.com/quote/%5EDJI?p=%5EDJI
Highlight:
TORONTO, Feb. 10, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (“WeedMD” or the “Company”) (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce that it has entered into a letter of engagement with Eight Capital, under which Eight Capital has agreed to purchase, as joint bookrunner and co-lead underwriter along with Canaccord Genuity Corp. (the “Co-Lead Underwriters”), 18,293,000 units of the Company (the “Units”), on a “bought deal” basis pursuant to a filing of a short form prospectus, subject to all required regulatory approvals, at a price per Unit of $0.82 [color=green][/color](the “Issue Price”) for gross proceeds of $15,000,260 (the “Offering”).
WDDMF...41...Breaking out here on the "W" Pattern...imo...we shall see...
georgie18Today at 4:02 PM
georgie1801/20/2021
WDDMF...253..."W" Pattern setting up here with an .30 range confirmation point and a Resistance Neckline in the .60 range...
Looking to Break/Hold the 200ma Resistance point...imo...we shall see...
WeedMD Weekly momentum in play! weekly chart primed for more.
https://www.tradingview.com/chart/WDDMF/Afn7trM7-WDDMF-WeedMD-Weekly-50X-Examination/
WDDMF...253..."W" Pattern setting up here with an .30 range confirmation point and a Resistance Neckline in the .60 range...
Looking to Break/Hold the 200ma Resistance point...imo...we shall see...
https://www.otcmarkets.com/stock/WDDMF/profile
Chart...https://schrts.co/SUCkxtEn
Outstanding Shares
210,261,714
01/15/2021
Restricted
29,137,889
01/15/2021
Unrestricted
181,123,825
01/15/2021
Held at DTC
2,859,872
01/15/2021
$WDDMF - WeedMD Weekly 50X Examination
Taking a look into WeedMD's weekly chart and wow does this look tight yo. Weekly 50SMA squeeze setup indicating more waves to come. This chart reminds me of SNDL chart for some reason. Anyhow similar setup flashing all around the mj sector.
https://www.tradingview.com/chart/WDDMF/Afn7trM7-WDDMF-WeedMD-Weekly-50X-Examination/
info
WeedMD Inc . is the publicly-traded parent company of WeedMD Rx Inc. , a federally-licensed producer of 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, Ontario. WeedMD also operates CX Industries., a wholly-owned subsidiary of WeedMD Inc ., from the Company’s fully-licensed 26,000 sq . ft . Aylmer, Ontario production facility which specializes in cannabis extraction and processing. - Solid
I like what I see, X markz the spot
This stock is such a sleeper. In bed with an insurance company? Once States go legal and they provide all construction workers with weed covered by insurance? I mean the numbers will friggin fly. Again, states need to figure it out at a federal level. But remeber one thing....... insurance company, what are they great at? MONOPOLY
WeedMD Enters into Binding Term Sheet for $30 Million Credit Facility with LiUNA Pension Fund.
https://ih.advfn.com/stock-market/TSXV/WMD/stock-news/83321146/weedmd-enters-into-binding-term-sheet-for-30-mill
Conference Call Details:
Date: Thursday, September 24th, 2020
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 WeedMD call
Replay Dial-in: Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010
Replay Access Code: 5146
Available after 12:00 p.m. Eastern Time, until October 24, 2020
https://www.weedmd.com/weedmd-to-file-second-quarter-2020-financials-on-september-23rd/
WeedMD Reports First Quarter 2020 Financial Results and Posts Record Revenue of $12.2 Million
WeedMD to File Second Quarter 2020 Financials on September 23rd
Yea man, you called it! Will it go up, is this bottom? Are you gonna buy back in?
see i told you all/ should i tell you how it ends? stay Corvid safe
and if you dont like this one try this
about to get ugly in Canada, ugly good for me
Health care reimbursements. I think this is BIG
https://www.globenewswire.com/news-release/2020/02/10/1982228/0/en/WeedMD-Subsidiary-Starseed-Medicinal-Signs-Innovative-Benefits-Provider-myHSA-to-Medical-Cannabis-Program.html
Acquisition of Starseed:
https://www.newcannabisventures.com/weedmd-to-acquire-starseed-medicinals-for-78-millions-in-stock/
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