Entourage Health Extends Senior Secured Credit Facility Maturity Date
March 30 2022 - 11:07AM
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 confirmed today it has signed an
additional amendment (the “
Amendment”) to its
senior secured credit facility entered into on March 29, 2019 (the
“
Credit Facility”). The Amendment modifies the
terms under which Entourage secured up to $39 million of debt
financing over a three-year term ending in 2022.
Under the terms of the Amendment, the Company
secured an extension of the maturity date of the Credit Facility
from March 28, 2022 to May 31, 2022, and a deferral of certain of
its financial covenants to May 31, 2022, subject to certain
conditions. A copy of the Amendment will be made available on the
Company’s SEDAR page.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.)
and CannTx Life Sciences Inc., licence holders 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 and processing facility located in Strathroy, ON; a
fully licensed 26,000 sq. ft. Aylmer, ON processing facility,
specializing in cannabis extraction; and a micropropagation, tissue
culture and genetics centre-of-excellence in Guelph, Ontario. 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. Entourage’s elite adult-use product portfolio includes
Color Cannabis, Saturday Cannabis and Royal City Cannabis Co. –
sold across eight provincial distribution agencies. The Company
also maintains strategic relationships in the seniors’ market and
supply agreements with Shoppers Drug Mart. It is 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. Under a collaboration with The Boston Beer Company
subsidiary, Entourage is also the exclusive distributor of
cannabis-infused beverages in Canada, expected to launch in
2022.
For more information, please visit us at
www.entouragehealthcorp.com
Follow Entourage and its brands on LinkedIn
Twitter: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
Instagram: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
For further information, please
contact:
For Investor Enquiries:Valter
Pinto or Scott EcksteinKCSA Strategic
Communications1-212-896-1254entourage@kcsa.com
For Media Enquiries:Marianella
delaBarreraSVP, Communications & Corporate
Affairs416-897-6644marianella@entouragecorp.com
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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
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