Canadian cannabis producer and distributor Entourage Health Corp. (TSXV:ENTG) (OTCQX:ETRGF) (FSE:4WE) announced its second quarter financial results on Tuesday for the three-month period ending June 30, 2024.
The Toronto-based company reported a total revenue of CA$12.2 million ($9 million), including net revenue of $9.3 million before excise duties and discounts, representing a decrease from CA$13.4 million in the prior year's period. The company touted "strong impact" with new product launches in Alberta, Ontario and British Columbia.
Entourage also said it continues to see positive outcomes from its restructuring initiatives, with selling, general and administrative expenses showing a year-over-year drop.
- Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.
"Overall, our year-to-date performance aligns with our expectations and prior achievements," said George Scorsis, the company's CEO and chair. "As we move into Q3 and beyond, we are optimistic about the opportunities ahead."
Q2 2024 Cannabis Earnings
- Gross profit before changes in fair value amounted to CA$ 720 000, down from CA$2.15 million in the prior year's period.
- Net loss and comprehensive loss was 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 CA$3.5 million adjusted EBITDA loss in the prior year's period.
What's Next
The company is focused on expanding our distribution channels across Canada, launching targeted products to satisfy diverse consumer preferences as well as forming strategic partnerships to scale operations and meet demand.
Read Also:
- Cannabis Co. Entourage Health Reports 126% YoY Increase In 2023 Gross Profit, Cuts Losses Significantly