Cannabis firm Entourage Health frets about future amid CA$123.1M annual loss
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.
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.
In the context of a shrinking medical marijuana market, some Canadian companies are focusing on selling medical cannabis to patients whose purchases are covered by employee health benefit plans, citing improved customer retention and consistency.
Canadian cannabis company Entourage Health Corp. is laying off roughly 35% of its staff as it ends its cultivation operations and sources adult-use and medical marijuana from Hexo Corp via a new supply agreement.
A former chair of Canadian cannabis producer WeedMD illegally tipped off a longtime acquaintance about an unannounced greenhouse deal, which led to insider trading, Ontario’s securities regulator has alleged.
While capital has become more accessible for many marijuana firms, sometimes the decision to extend funds is more about protecting a position than actually supporting a cannabis operator’s trajectory.
No licensed producer in Canada has managed to gain and hold more than one-fifth of the country’s cannabis market since legalization, even though the largest companies have spent – and lost – billions of dollars trying.
Aylmer, Ontario-based WeedMD announced the sale of its Starseed Medicinal subsidiary in Bowmanville, Ontario, for 2.5 million Canadian dollars ($2.1 million) in cash to Final Bell Canada, less than two years after the cannabis producer paid more than CA$50 million to acquire the business.
More and more Canadian cannabis growers have taken to the great outdoors over the past year, seeking fresh air and sunshine for their crops despite some high-profile pullbacks from open-air cultivation.