TORONTO, January 03, 2023 — Entourage Health Corp. (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 amendment (the “Amendment”) to its senior secured amended and restated credit facility entered into on October 28, 2022 (the “Credit Facility”).
The Amendment provides a waiver to the breach of certain financial covenants for the period ended September 30, 2022 and modifies certain of the financial covenants set out in the Credit Facility. Specifically, the EBITDA target covenant was modified to reflect the Company’s updated strategic plan as announced by the Company on November 15, 2022. Additionally, the liquidity covenant was amended to provide that the Company must maintain liquidity coverage of not less than $5 million at all times. The Amendment also requires additional security in the form of $2 million to be maintained in a blocked account held by the senior lender, to be applied against the Credit Facility in certain events.
A copy of the Credit Facility amendment and the Amended and Restated Credit Agreement will be made available under the Company’s profile on SEDAR at www.sedar.com
About Entourage Health Corp.
Entourage Health Corp. is the publicly traded parent Company of Entourage Brands Corp. 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 state-of-the-art hybrid greenhouse and processing facility located on 158-acres in Strathroy, ON; a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With its Starseed Medicinal 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. With the launch of Syndicate, Entourage now hosts another unique medical marketplace that offers patients a collective of Canadian micro-cultivators’ products, along with Entourage’s family of brands. Entourage’s elite adult-use product portfolio includes Color Cannabis and Saturday Cannabis – sold across eight provincial distribution agencies. 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 ‘TeaPot’ in Canada, which launched in summer 2022, starting in select provinces.
