Greenway Greenhouse Cannabis Corporation acknowledges one year of successful operations since being licensed for cultivation on February 5, 2021.
“We are proud of our team and what we have accomplished over our first year of operations, owing to the tireless efforts in the years of planning it took to get us here,” said Carl Mastronardi, President of Greenway Greenhouse.
“Our first year of operations has been a resounding success, I can’t think of a better and more sustainable way to enter the Canadian cannabis industry,” said Jamie D’Alimonte, CEO of Greenway Greenhouse. “We’re starting as a ‘right-sized’ operator that will never stray from the core fundamentals that have guided us to success.”
Product Development and Improvement
- Thirty cultivation lots of 250-2000 plants
- THC potency improved by over 33%
- Terpene production and retention improved by over 25%
Since cultivation began at Greenway Greenhouse, thirty lots ranging from 250 to 2000 plants have passed either completely, or in part, through growth, processing, and sale.
Since initial crops, Greenway cultivation has seen marked improvements in cannabinoid potency, terpene retention, visual appeal, and overall product quality. Continued cultivation optimizations and cultivar-specific adjustments have increased THC potency by over 33%, and improvements to growth and processing have increased terpene production and retention by over 25%.
“With every crop so far, we have seen improvements in all of our key quality metrics and performance indicators. Greenway Greenhouse maintains a culture of quality and constant improvement that pervades every aspect of our operations,” said Nicholas Nedin, Director of Product Development and Quality Assurance at Greenway Greenhouse.
Capital Position
- Private placement of 7,272,728 Units closed on December 24, 2021
- Each Unit consists of one common share and one common share purchase warrant
- Agreed to use reasonable commercial efforts to list the warrants on the CSE
- To be used for capital expenditures for additional greenhouse acreage
In December, 2021, Greenway Greenhouse announced the closing of its private placement (the “Offering”) as previously announced on November 23, 2021. The net proceeds from the offering are intended to be used for capital expenditures for additional greenhouse acreage, general working capital requirements and other corporate purposes.
The Offering consisted of the issuance of 7,272,728 units (each, a “Unit”) at a price of $1.10 per Unit for aggregate proceeds of $8,000,000. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant (each a “Warrant”) with each Warrant being exercisable for one Common Share at an exercise price of $1.65 for a period of nine months from the date of issuance (ending September 24, 2022), subject to adjustment upon certain customary events.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months and a day from the date of issuance (ending April 24, 2022). Subject to the minimum requirements of the Canadian Securities Exchange (the “CSE”), the Company has agreed to use reasonable commercial efforts to list the warrants on the CSE at the end of the applicable four month statutory hold period.
Capital Resilience and Ownership
In September 2021, Greenway Greenhouse filed its final non-offering prospectus with the Ontario Securities Commission in order to qualify the Company as a reporting issuer in Ontario, listing its common shares on the Canadian Securities Exchange (the “CSE”). Greenway remained majority owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse grown produce within the Del Fresco Group of companies.
On November 23, the Company signed an exclusive fiscal advisory agreement with Abingdon Capital Corporation (“Abingdon”), an exempt market dealer, to advise the Company for this private placement as well as for ongoing capital markets advice.
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.
