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 September 30, 2023. The Company is pleased to report the following results for the quarter ended September 30, 2023:
Highlights:
- The Company announced the planned launch of its first branded products with the OCS, to be on store shelves in February of 2024. Management is pleased to transition a portion of production to retail sales with the introduction of two new brands to the consumer market: EPIC and MillRite.
- In a recent private placement, the Company was oversubscribed for $3.5 million in gross funds, indicating continued investor support in an environment where fundraising is challenging in the cannabis industry.
- Over the quarter, Greenway reported $1,185,611 of revenue
- Cost of sales comprised of $826,836 of cash expenses and $229,577 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 11%
- 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 September 30, 2023
“As the greater cannabis market feels price compression, we as wholesalers are feeling the same pressure. Although I am pleased we sold more cannabis this quarter than we did in the same quarter last year, we must continue to strive for innovative strains that differentiate us,” said Jamie D’Alimonte, CEO of Greenway. “We continue to operate a highly-skilled and streamlined team, which continues to deliver one of the lowest costs of production in the industry – one I am confident will help steer us back towards profitability.”
“While this quarter’s revenue experienced a slight dip at $1,185,611, our unwavering dedication to maintaining an industry-leading production cash cost of $0.75 per gram positions us strategically in the cannabis landscape. We understand the market’s fluctuations and are steadfast in our commitment to optimizing processes and seizing opportunities. Our focus remains unwavering on turning Greenway into a household name, with the next step of that being launching our own consumer brands in early 2024.”
A copy of the interim financial statements for the quarter ended September 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 profile on www.sedarplus.ca. All amounts expressed in this press release refer to Canadian dollars.
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.
