Greenway Greenhouse Cannabis Corporation, a cultivator of high-quality greenhouse cannabis for the Canadian market, today reported its audited annual financial statements for the year ended March 31, 2023.
A copy of the audited annual financial statements for the year ended March 31, 2023 are 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.sedarplus.ca. All amounts expressed in this press release refer to Canadian dollars.
The Company is pleased to report the following results for the year ended March 31, 2023:
Highlights
- Over the fiscal year, Greenway reported a Positive Adjusted EBITDA of $603,188 on $5,621,933 of revenue, a 183% increase in revenue over the prior fiscal year
- Cost of sales comprised of $3,154,061 of cash expenses and $853,333 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 29%
- An average cash cost per gram expensed for the year of $0.76, comprised of all crop inputs and wages, bulk packaging, shipping and facility repairs and maintenance
- Inventory impairment of $354,256, comprised of $278,616 of cash costs and $75,640 of amortization costs, due to low market prices for wholesale cannabis as at March 31, 2023
- A weighted average cash cost per gram of $0.58 of finished goods inventory on hand as at March 31, 2023
- Expanded into new markets, with over 96% of Canadian cannabis users now having access to Greenway cannabis
- Increased licensed cultivation area, and received a Standard Processing License
- In December, 2022, Greenway listed its common shares on the OTCQB® Venture Market (“OTCQB”), under the ticker symbol GWAYF
- Recognized a gain on the sale of the surplus asset of $193,484
“Our team is proud of what we have been able to accomplish this year, from the large increase in revenue and ensuring our product is available to as many Canadians as possible” said Carl Mastronardi, President of Greenway. “We have another full year under our belts of growing great products, delivering value to our customers, and creating memorable experiences for consumers.”
“We have been able to maintain one of the lowest costs of production across the Canadian market, while at the same time we have increased our production and our potency,” said Jamie D’Alimonte, CEO of Greenway. “Greenway has hit significant milestones this year; new licenses, new customers and new cultivars. I am excited about having our own Processing License, as it provides a pathway for more Canadians to experience Greenway brands and products.”
For a full breakdown click here.
About Greenway
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.
