Shareholders of Canadian cannabis company Entourage Health Corp. have approved the company’s plan to go private.
Under the proposal, parties related to the LIUNA Pension Fund of Central and Eastern Canada – 1001095275 Ontario and guarantor 243753 Ontario – will purchase all the issued and outstanding common shares of Entourage for 0.005 Canadian dollars ($0.0035) per share, according to a company news release.
The deal is expected to be completed by March 31, pending court approval and other conditions.
After the deal closes, Entourage’s shares traded under ENTG will be delisted from the TSX Venture Exchange, the release noted.
The LIUNA Pension Fund is a retirement plan associated with the Laborers’ International Union of North America.
When Entourage announced its intention to go private in December, Jason Alexander, the company’s director and chair of the special committee of independent directors, said in a statement the deal would ensure shareholders would receive “immediate, tangible value while positioning the company for future growth and flexibility.”
Entourage, which produces and distributes cannabis for both medical and adult use, operates a licensed processing facility in Aylmer, Ontario.
Its brands include Starseed Medicinal, Color Cannabis and Saturday Cannabis, according to the release.
