TORONTO, March 30, 2022 (GLOBE NEWSWIRE) -- 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.