- Entourage Health (ENTG) has recorded a record $14.9 million in revenue for the third quarter of 2021
- The company also sold a record 4,136 kilograms of adult-use and medicinal products
- Due to inventory costs and packaging write-downs, the company recorded a gross loss of $4.2 million this quarter
- The company has signed several recent business agreements with companies and launched new product lines
- Entourage Health is a licence holder producing and distributing cannabis products for both the medical and adult-use markets
- Shares in Entourage Health Corp. (ENTG) are down 4.17 per cent, trading at $0.115 per share
Entourage Health (ENTG) has recorded a record $14.9 million in revenue for the third quarter of 2021.
This represents a 94 per cent increase year-over-year and the fourth quarter of consecutive growth for the cannabis company.
In July, the company announced that it had decided to change its name from WeedMD to Entourage Health. Since then, Entourage has introduced new products and expanded its existing product portfolio.
Record growth in adult-use and medicinal sales led to record amounts of dried cannabis sold during the quarter, coming in at 4,136 kilograms compared to 2,098 kilograms sold in Q3 2020.
Selling, general, and administrative expenses were lower than previous quarters, coming in at $4.5 million compared to $10.4 million in Q2 2021 and $5.3 million in Q3 2020.
Due to inventory costs and packaging write-downs, the company recorded a gross loss of $4.2 million this quarter, compared to a gross profit of $3.1 million in Q2 2021 and $0.1 million in Q3 2020.
With the acquisition of CannTx earlier this month, Entourage CFO Beth Carreon said that the company expects “to deliver synergies, accelerate site optimization initiatives to drive further efficiencies in our production, and introduce higher-margin innovative product formats to support our objective of delivering profitable growth.”
The company has signed several recent business agreements with companies including The Boston Beer Company and Ontario-based Peak Processing Solutions.
Its new and expanded product lines include Fire & Flower CBD softgels, Mary’s Medicinals Transdermal Patche, Color Cannabis, and Saturday Cannabis.
Entourage Health is a licence holder producing and distributing cannabis products for both the medical and adult-use markets.
Shares in Entourage Health Corp. (ENTG) are down 4.17 per cent, trading at $0.115 per share as of 2:29 pm ET.
