Strategic Cost Management Signals Stronger Financial Health and Future StabilityGross profit before fair value changes reached $2.4 million, reflecting a 126% year-over-year increase.Company demonstrates financial gains with a 23% reduction in the cost of goods sold.SG&A declined 14% compared to the previous year.Color Cannabis secures a #6 spot in the national pre-roll market. TORONTO, April 30, 2024 (GLOBE NEWSWIRE) Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE: 4WE) ("Entourage"
Canadian cannabis producer and distributor Entourage Health Corp., announced on Tuesday its financial results for the fiscal year that ended Dec. 31, 2023. The Toronto-based company reported a total net revenue of CA$40.7 million ($29.8 million) in 2023, slightly down from CA$40.9 million in 2022. However, gross profit before fair value changes reached CA$2.4 million in the same period, representing a 126% year-over-year increase. "In 2023, Entourage made significant strides, advancing production and diversifying our market presence with innovative products," George Scorsis, CEO and executive chair, said. "Dime Bag's success is a prime example quickly rising to become one of Ontario's fastest-growing pre-roll brands and maintaining its market leadership for two consecutive quarters. Driven by surging demand for our products and the effectiveness of our enhanced business model, we're achieving growth while improving cost efficiency, firmly estab