Entourage Appoints Finance Executive Vaani Maharaj as New Chief Financial Officer and Updates Timing of Q4 and Full-Year 2021 Financials to April 26
- Ms. Maharaj to succeed Beth Carreon who is stepping down from CFO role effective May 4, 2022
- Company also reaffirms preliminary fiscal year 2021 record revenue of $54.8 Million(1)
- Management to host financial results conference call on April 26, 2022 at 10 a.m. Eastern
Toronto, Canada, March 24, 2022 – 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 is pleased to announce the appointment of Vaani Maharaj, a seasoned financial executive with broad experience in corporate finance, healthcare and consumer-packaged goods (CPG). She joins the Company as incoming Chief Financial Officer (CFO) and succeeds Beth Carreon, who will be stepping down from her role as CFO effective May 4, 2022, to pursue an opportunity outside the industry.
Most recently, Ms. Maharaj served as Vice President of Finance, Operations at Amica Senior Lifestyles where she led the operations finance team across North America responsible for shared services, development accounting, business performance, and strategic analysis. An accountant with a CPA-CA Ontario designation, she has over 15 years of finance leadership experience at top-tier organizations including General Mills, Chartwell Retirement Residences, and BDO Canada.
“Over the past year, Entourage experienced a transformative period of commercial expansion and 54 per cent record revenue growth, rooted in a solid system of financial discipline and controls established by Beth as our CFO. We appreciate her leadership and contributions throughout this milestone year, and we thank her for welcoming Vaani to our team and assisting in her transition as we move into a period of sustainable growth and financial stability,” said George Scorsis, CEO and Executive Chair, Entourage. “Vaani is a seasoned and inspiring leader that brings forward a drive for execution and top-line performance. Her extensive experience in leading cross-functional teams will be integral to our success going forward as we establish new commercial growth targets to drive further revenue growth and build greater shareholder value.”
Ms. Maharaj will be based out of Entourage’s corporate office in Toronto, where she resides.
Fourth Quarter and Fiscal Year 2021 Financial Filings
The Company also announced today that it plans to file its fourth quarter and full-year 2021 financial statements and management’s discussion and analysis by Tuesday April 26, 2022. Entourage will host a conference call at 10 a.m. Eastern time on April 26th to review the results, provide an operational update, discuss recent milestones and provide more details about the financial performance for the period.
Entourage also previously reported preliminary unaudited total revenues of $54.8 million for the fiscal year ended December 31, 2021(1), an increase of 54 per cent year-over-year, representing a record year of sales growth and expanded market share across its adult-use and medical sales channels.
Conference Call Details:
The conference call will be hosted by CEO George Scorsis and current CFO Ms. Carreon. Management will be available for questions following opening remarks.
Date:
Tuesday, April 26, 2022
Time:
10 a.m. Eastern Time
Dial-in Number:
Canada/USA: 1-800-319-4610.
International Toll: 1-604-638-5340
Participants, please dial in and ask to join the Entourage call
Replay Dial-in:
Canada/USA: 1-800-319-6413.
International Toll: 1-604-638-9010
Replay Access Code: 8486
Available after 12:00 p.m. Eastern Time, until May 26, 2022
To read Entourage’s recent Shareholder Newsletter 2022, visit our website here. To access our corporate video, visit us here and to access our latest investor presentation and corporate deck here.
About Entourage Health Corp.
Entourage Health Corp. (formerly WeedMD Inc.) 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, outdoor and processing facility located in Strathroy, ON as well as a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. 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. In 2021, Entourage acquired craft cultivator CannTx Life Sciences Inc. which operates out of its state-of-the-art micropropagation and specialty extraction facility in Guelph, Ontario. Entourage’s elite adult-use product portfolio includes craft brand Royal City Cannabis, Color Cannabis and Saturday Cannabis – 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. Entourage recently announced an exclusive collaboration with The Boston Beer Company subsidiary to launch cannabis-infused beverages in Canada.
For more information, please visit us at www.entouragehealthcorp.com.
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For further information, please contact:
For Investor Enquiries:
Valter Pinto or Scott Eckstein
KCSA Strategic Communications
1-212-896-1254
entourage@kcsa.com
For Media Enquiries:
Marianella delaBarrera
SVP, Communications & Corporate Affairs
416-897-6644
marianella@entouragecorp.com
(1) Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information" and “Financial Outlook”.
Financial Outlook
This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the Company’s forecasted revenue for the fiscal year ended December 31, 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward Looking Information” below. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward Looking Information" below, it should not be relied on as necessarily indicative of future results.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon Entourage's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information included in this press release includes, but is not limited to, statements in respect of the Company’s forecasted revenue for the fiscal year ended December 31, 2021 and the anticipated achievement of profitability.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of Entourage to implement its business strategies; the COVID-19 pandemic; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Entourage does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Entourage to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in Entourage’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE