Greenway Greenhouse Cannabis Corporation released a corporate update, including an update on the retrofit of 125,000 ft2 of cultivation space, the development of new strains, and the increase of its customer base
Greenway is pleased to announce that over the last two quarters we have diversified our customer base significantly. Greenway has doubled the amount of unique B2B customers since the end of March 31, 2022.
Developing New Strains
Greenway is pleased to announce we have entered into partnerships with multiple Licensed Producers, to flower out their genetics in Greenway’s greenhouse to ascertain if they meet Greenway’s rigorous standards for quantity and quality. This is with the intention of potentially entering into contract growing arrangements once Greenway’s expansion is completed.
Greenway is also in the final stages of product development of Greenways own genetics, with the intention of introducing it to our B2B partners in the next quarter. The Company is continually developing its own genetics from our genetic library to help diversify the B2B cannabis market.
Greenway is pleased to announce that it has finished installing the new electrical and venting systems, as well as insect netting in the greenhouse portion of the retrofit. The Company has installed exterior insulated steel panel walls and the underground drainage system.
Greenway has also finished installing the first-floor support structure and the second-floor steel substructure, and has completed pouring the concrete for both floors. The Company is beginning to pour epoxy for the processing area, and beginning the HVAC installation process.
“I am extremely proud of the Greenway team, for everything we have been able to do over the last few months. From doubling our customer base to beginning new genetic partnerships, Greenway is on a great path towards true profitability” said Darren Peddle, CFO of Greenway.
“After our expansion, Greenways cultivation area will be roughly 167,000 ft2, and we will have almost 22,000 ft2 of wholesale processing space, with the ability to continue to expand into the entire 1.8 million ft2 facility when the demand is there. We are still on pace to deliver this expansion on time and on budget.” said Jamie D’Alimonte, CEO of Greenway. “We know that to be competitive in the current cannabis market companies need to continuously bring out new and unique genetics. We are looking to deliver on that with both our own new in house genetic and through strategic partnerships.”
The Company would also like to announce that it has granted Stock Options to directors, officers and employees of the Company, options to purchase up to an aggregate of 1,150,000 common shares in the capital of the Company pursuant to the Company’s incentive stock option plan. Each option is exercisable for one common share at an exercise price of $1.10, being above the closing price of the common shares on the Canadian Securities Exchange (the “CSE”) on August 5, 2022. The options are exercisable for a period of five years from the date of grant and are subject to certain vesting criteria.
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.