Entourage Health has amended its existing credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada to add an additional $20 million in non-dilutive funding. The Credit Facility will be used by Entourage for general working capital purposes as the Company continues to focus on sustainable profitable growth, part of which will be driven by upgrading and standardizing its cultivation practices with recently acquired tissue culture business, and by introducing new genetics for high-margin products expected to drive commercial growth in 2022.
“With the recent integration of our renowned tissue culture business and addition of new genetics, our cultivation team is enhancing our Strathroy facility using the latest science-based plant performance data, and executing on our promise to meet evolving consumer and patient preferences with premium products,” said George Scorsis, Interim CEO and Executive Chairman, Entourage. “With our enhanced propagation techniques and upgraded suite of products, we are setting a clear path to reaching our profitability goals in late 2022.”
"This added support from our trusted partner and strategic investor, LiUNA Pension Fund, provides us with significant non-dilutive financing which will enhance our liquidity position and provide additional working capital to drive sales and pursue targeted growth initiatives," says George Scorsis, Interim CEO and Executive Chairman.
Entourage recently outlined its cultivation and commercial plans for expansion into the premium product market and also announced new products to its direct-to-patient medical marketplace, Starseed Medicinal, which now has over 40 SKUs including cannabis-infused soft chews.
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