Entourage Health Corp. ETRGF ENTG (FSE:4WE) a Canadian producer and distributor of cannabis products confirmed it has signed an amendment to its senior secured amended and restated credit facility entered into on October 28, 2022.
The amendment provides a waiver to the breach of certain financial covenants for the period ended September 30, 2022 and modifies certain of the financial covenants set out in the credit facility. Specifically, the EBITDA target covenant was modified to reflect the company’s updated strategic plan as announced by the company on November 15, 2022.
Additionally, the liquidity covenant was amended to provide that the company must maintain liquidity coverage of not less than $5 million at all times. The amendment also requires additional security in the form of $2 million to be maintained in a blocked account held by the senior lender, to be applied against the credit facility in certain events.
Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.
Photo by Esteban Lopez on Unsplash
Related News
Entourage Health's Stock Drops On Credit Facility Upsizing
Entourage Launches Direct-To-Patient Medical Cannabis Marketplace 'Syndicate'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!