Entourage Health Corp., a Canadian cannabis producer and distributor, announced its second-quarter financial results for the three months ending June 30, 2024. The Toronto-based company reported a total revenue of CA$12.2 million ($9 million), representing a decrease from CA$13.4 million in the same period last year. This includes net revenue of $9.3 million before excise duties and discounts.
Despite the revenue decline, Entourage highlighted the positive impact of new product launches in Alberta, Ontario, and British Columbia. The company also noted that its restructuring initiatives are showing positive results, with a year-over-year decrease in selling, general, and administrative expenses.
“Overall, our year-to-date performance aligns with our expectations and prior achievements,” said George Scorsis, the company’s CEO and chair. “As we move into Q3 and beyond, we are optimistic about the opportunities ahead.”
Entourage’s gross profit before changes in fair value amounted to CA$720,000, down from CA$2.15 million in the same quarter of fiscal 2023. The company also reported a net loss and comprehensive loss of CA$10.3 million, up from CA$9.6 million in the same quarter of fiscal 2023. Adjusted EBITDA came in negative at CA$3.2 million, down from a CA$3.5 million adjusted EBITDA loss in the prior year’s period.
Looking ahead, Entourage is focused on expanding its distribution channels across Canada, launching targeted products to appeal to diverse consumer preferences, and forming strategic partnerships to scale operations and meet demand.
