Greenway Achieves Positive Adjusted EBITDA In First Reported Quarter of Revenue

Published: November 29, 2021

Greenway Achieves Positive Adjusted EBITDA In First Reported Quarter of Revenue

Greenway Greenhouse Cannabis Corporation, a cultivator of high quality greenhouse cannabis for the Canadian market, is pleased to announce the release of its unaudited interim financial statements for the three and six month periods ending September 30, 2021 and to report positive adjusted EBITDA for the second quarter.

The Company operates a 10,000 square foot licensed nursery and a 41,750 square foot licensed greenhouse, equipped with an additional 15,000 square feet of processing space. The licensed greenhouse is a retrofitted facility within a 1,800,000 square foot, high tech produce greenhouse.

A copy of the unaudited interim financial statements for the three and six months ending September 30, 2021 prepared in accordance with International Financial Reporting Standards (IFRS) and the related Management’s Discussion and Analysis are available under the Company’s profile on www.sedar.com. All amounts expressed in this press release refer to Canadian dollars.

The Company is pleased to report the following results for the three months ended September 30, 2021 and that it has achieved positive Adjusted EBITDA(1) for such period:

Three months ended September 30, 2021

Revenue

$1,156,930

Gross Profit, before fair value adjustments

$532,263

Net Income (Loss)

$(1,268,104)

Adjusted EBITDA

$272,444

“We are thrilled to report positive Adjusted EBITDA in our first quarter of revenue”, says Jamie D’Alimonte, CEO. “But more importantly we are pleased with the premium product that we are producing. Consumers are noticing the consistent high quality of our cannabis, such as our Sun County Kush pre-rolls. Our entire team is very excited for Greenway’s future.”

“Attaining positive Adjusted EBITDA at this stage is a testament to the cultivation expertise of our team. We believe that we have the available infrastructure and team in place to scale up aggressively in a responsible and sustainable manner and the ability to meet our business plan of becoming one of the largest and trusted suppliers for high quality cannabis. This is just the beginning for Greenway.”  states Darren Peddle, CFO.

The Company would also like to announce that it has granted Dennis Staudt, a director of the Company, options to purchase up to an aggregate of 500,000 common shares in the capital of the Company pursuant to the Company’s incentive stock option plan. Each option is exercisable for one common share at an exercise price of $1.35, being the closing price of the common shares on the Canadian Securities Exchange (the “CSE”) on November 25, 2021. The options are exercisable for a period of three years from the date of grant and are subject to certain vesting criteria.

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

About Greenway Greenhouse Cannabis Corporation
Greenway Greenhouse Cannabis Corporation (CSE:GWAY) is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway Greenhouse is headquartered in Kingsville, Ontario, and leverages the agriculture and cannabis expertise of its experienced team to be a leading greenhouse cannabis cultivator in Canada. Updates can be followed on InstagramTwitterFacebook, and LinkedIn.

Note:

(1)  Adjusted EBITDA is not a measure under IFRS. Please refer to page 1 of the Company’s Management’s Discussion and Analysis for an explanation of the composition of Adjusted EBITDA, an explanation of how it provides useful information to an investor and a quantitative reconciliation to the most directly comparable financial measure under IFRS, all of which is hereby incorporated by reference in this press release.

Recent News

View All News Items

Latest Article

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

At any step in the cannabis supply chain, your labeling system should allow for full control and traceability, from seed to sale. Implementing lean principles and labeling best practices across the cannabis supply chain can help you streamline your seed-to-sale labeling process and help you gain control.

Click below to read the full blog and learn how to reduce waste, cut costs, and gain efficiency with cannabis labeling: https://bit.ly/2KwZ5IQ

Read Article