Canadian cannabis company Entourage Health Corp. reported a net loss of 123.1 million Canadian dollars ($90 million) for its 2022 fiscal year amid declining revenue.
Entourage, previously known as WeedMD, warned in a regulatory filing about “material uncertainty that may cast a significant doubt about the company’s ability to continue as a going concern.”
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The Aylmer, Ontario-based company said it “has sufficient cash on hand to service its liabilities and fund operating costs for the immediate future with the additional sources of funding actually received in February 2023, as well as additional funding expected during 2023.”
“However, there is uncertainty as to how long these funds will last,” the filing noted.
Entourage announced in November that it was laying off more than a third of its staff, ending its cultivation operations and sourcing cannabis from Hexo Corp.
The company’s total revenue for 2022 was CA$54.5 million,
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