WeedMD To Rebrand And Become Entourage Health Corp As Part Of Its 'Evolution'

Author: Nina Zdinjak | July 06, 2021 09:22am

Cannabis producer WeedMD Inc. (TSXV:WMD) (OTCQX: WDDMF) will change its corporate name to Entourage Health Corp. in the coming months.

On Monday, the Toronto-based company posted the results of its special June 30 shareholders meeting in which the name change was approved, among other motions. More details on the approved corporate rebrand and the start of trading company shares on the TSX Venture Exchange under the new name will be provided shortly.

WeedMD noted that while the company will start doing business as Entourage Health Corp., its Health Canada license will remain under its subsidiary WeedMD RX Inc.

Other Motions Approved

All proposals were approved by the company’s shareholders including:

Re-election to its board directors of Jason Alexander, Lu Cacioppo, Bruce Croxon, G. Edmund King, Gail Paech and George Scorsis;
Re-approval of its WeedMD’s Omnibus Incentive Plan;
RSM Canada LLP’s appointment as the WeedMD’s auditor;

In other news, the company reported that its previously announced Management Cease Trade Order of April 21, 2021 was lifted July 2 following the company’s filing of the required earnings reports.

“This is truly an exciting and transformative time for our Company,” George Scorsis, interim CEO and executive chair stated. “WeedMD’s values and principles will always be at the heart of who we are - advocates for our patients, consumers, shareholders and communities upholding a standard that delivers on quality, sustainability and experience – now rooted in Entourage Health Corp.”

Scorsis added that this rebranding symbolizes the company’s evolution since its launch when it was one of the first licensed producers to rolling out its award-winning brands and merging with Starseed Medicinal.

“We are now looking to develop and expand into new markets and our cannabis experts that make up Entourage Health will expedite and bolster our growth for years to come. I thank our employees, partners and most importantly our shareholders for their unwavering trust and commitment to our success,” Scorsis concluded.

Recent News

At the end of June, WeedMD posted first-quarter gross revenue of CA$12.9 million ($10.46 million), up by 7% from its previous guidance report for the period. It also disclosed 102% sequential net revenue growth reaching CA$10.3 million and an adjusted EBITDA loss of CA$400 000, compared to a CA$31.6 million loss in the prior period

In March, the cannabis company managed to raise $17.25 million via a bought deal short-form prospectus offering of its units, with Eight Capital and Canaccord Genuity Corp., as the co-lead underwriters, along with INFOR Financial Inc, in front of the syndicate of underwriters.