One of Southwestern Ontario’s largest pot producers has changed its name after acquiring a Guelph-based cannabis company, but no jobs will be lost, its chief executive says.
WeedMD is acquiring CannTx in a $17.5-million all-stock deal and changing its corporate name to Entourage Health Corp., the company announced Wednesday.
“It really is that transformation and evolution of WeedMD,” interim Entourage chief executive George Scorsis said.
“The business has become a lot more sophisticated and it has evolved to a point that we’re not just delivering weed. We are delivering medicines to people, we are delivering consumer-packaged goods to consumers.”
The new name is a play on the marijuana industry term “entourage effect,” the theory that various cannabis compounds work together to create unique effects.
“And that is symbolic of our organization as well,” Scorsis said. “. . . Our organization is based on the people and the sum of all the people provide us with the entourage effect.”