Greenway Greenhouse Cannabis Corporation released a general corporate update regarding inventory, the development of a new product, as well as an update on the retrofit of 125,000 ft2 of cultivation space.
Greenway is happy to announce that over the course of its first 5 reporting quarters, Greenway has not destroyed any finished product. The Company would like to emphasize, per the financial statements as of June 30, 2022, that inventory is not accumulating. Greenway is a cultivator of high-quality cannabis that has achieved sales velocity due to its value proposition to its customers.
During the quarter ending December 31, 2021, Greenway reported an impairment expense of $211,395. Management notes that this was not destroyed product, but a particular new genetic that failed to meet the Company’s high standards for THC content. In a subsequent period, the product was sold as extraction grade quality. The Company is committed to sell all inventory in its secured storage.
Introducing “Strain X” A New Strain
Greenway is pleased to announce a new strain that is becoming commercially available, with an announcement of the commercialization name coming soon. “Strain X” is a sativa leaning hybrid, that brings a unique smell and flavour profile to Greenway’s already robust offerings. Heavily featuring Limonene, Ocimene and Humulene; this new strain offers another cultivar in the Greenway line-up that is very distinct. Strain X has consistently tested in excess of 26% THC, a 2%+ Terpene profile and is consistent with Greenway’s focus on high yields by averaging over 175 grams per plant. The cultivar is proprietary to Greenway, and was both developed and fostered by Greenway’s Master Grower, Jawad Skieneh.
OCS Shipping and Distribution
Greenway is pleased to see that distribution from the Ontario Cannabis Store to retail stores has fully resumed, and through Greenway’s multiple brand partners we are starting to see product levels in stores return to where they were prior to the distribution issue. Greenway is also closely monitoring the situation currently occurring in British Columbia. Greenway has not yet seen any adverse effects, and we hope for a quick resolution.
Greenway is pleased to announce that our expansion plan is still on time and on budget to be operational in Q1-2023. Over the last 30 days the expansion has seen the completion of new electrical and venting systems, the completion of the exterior insulated steel panel walls, and the underground drainage systems in the greenhouse portion of the expansion. In the processing area Greenway has finished pouring all new concrete, has finished epoxying both the first and second floors, main floor wall partitions are being installed, and we are in the process of installing new HVAC systems.
“Our team is aware of recent news about the significant amount of cannabis that has been destroyed across the industry. This may be an issue for other companies but Greenway has not destroyed any finished product.” said Darren Peddle, CFO of Greenway. “This is why we started the Company at a small scale, as a right sized operator – so we can focus on quality and sell what we grow.”
“I am excited to show off our new strain, “Strain X”. This strain is completely unique to Greenway, and helps expand our offerings to more fully represent all of the distinct demands of the cannabis consumer. Our first full batch has already presold, proving how well it adds itself to our current offerings “said Carl Mastronardi, President of Greenway. “We are also pleased to hear and see through our partners that the OCS distribution issue seems to be behind us, and consumers are able to find Greenway cannabis across the province.”
“I am proud of what our sales and cultivation teams have been able to accomplish so far. We are growing some phenomenal product, and we are finding places for it in the B2B market. At the end of the day, just like in produce, we know you must be able to sell what you grow to be successful,” Jamie D’Alimonte, CEO of Greenway. “The retrofit of both our greenhouse and production areas remains both on time and on budget, something we could not have done without the experience and dedication of our leadership team.”
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.