Greenway Greenhouse Cannabis Corporation, a cultivator of high-quality greenhouse cannabis for the Canadian market, today reported its interim financial statements for the quarter ended June 30, 2023. The Company is pleased to report the following results for the quarter ended June 30, 2023:
Highlights:
- Over the quarter, Greenway reported a Positive Adjusted EBITDA of $16,408 on $1,174,189 of revenue
- This is Greenways fifth consecutive quarter with Positive Adjusted EBITDA
- Cost of sales comprised of $747,170 of cash expenses and $214,361 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 18%
- An average cash cost per gram expensed for the quarter of $0.67, comprised of all crop inputs and wages, bulk packaging, shipping and facility repairs and maintenance
- A weighted average cash cost per gram of $0.66 of finished goods inventory on hand as at June 30, 2023
“We continue to deliver on what we believe separates us from our competitors, and that is our low cost and high quality production”, said Carl Mastronardi, President of Greenway. “We will continue to find ways to innovate and improve our growing techniques as we believe we can maintain our current costs while increasing our already high quality.”
“As we prepare to move into the consumer market, Greenway has been able to maintain our low overheads and cost of sales”, said Jamie D’Alimonte, CEO of Greenway. “I am proud that we have been able to deliver another Positive Adjusted EBITDA quarter, marking our fifth in a row. We will continue to see Greenway deliver on its progress down the pathway to profitability.”
A copy of the interim financial statements for the quarter ended June 30, 2023 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 profil
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.
