Greenway Announces Third Quarter Financial Statements

KINGSVILLE, ON, Feb. 28, 2024 /PRNewswire/ – Greenway Greenhouse Cannabis Corporation (CSE:GWAY) (OTCQB:GWAYF) (“Greenway” or the “Company”), a cultivator of high-quality greenhouse cannabis for the Canadian market, today reported its interim financial statements for the third quarter ended December 31, 2023.

Highlights:

The Company announced the closing of a non-brokered private placement for gross proceeds of $3,500,000, indicating continued investor support in an environment where fundraising is challenging in the cannabis industry
Over the quarter, the Company reported $1,388,200 in revenue
This is an increase of over 33% from the same quarter in fiscal 2023, and the second-best revenue quarter in the Company’s history
The Company sold 1,651,425 grams equivalent of cannabis; the highest amount sold in one quarter
An average cash cost per gram expensed for the quarter of $0.72, within the range of management’s $0.75 cash cost per gram target
A weighted average cash cost per gram of $0.75 of finished goods inventory on hand as at December 31, 2023
Subsequent to the quarter, the Company appointed Kyle Appleby as CFO

“I am pleased to see a large increase in revenue compared to last year. Much like other wholesalers in the industry, this quarter continued to see price compression across the industry, which we have also felt,” said Jamie D’Alimonte, CEO. “To balance out the price compression we sold the most amount of biomass we have ever moved. This is one of the reasons we have chosen to move forward with our own brands, that will be launching in Ontario over the coming weeks.”

“Over the course of this quarter, we saw some weather fluctuations that were well outside the norm for our region. Even with these adverse conditions, we were able to keep our costs within our management target of a $0.75 cash cost per gram,” said Carl Mastronardi, President. “We are continuing to test out new cultivars and varieties, so we can make sure we are better able to better handle these shifts in weather patterns moving forward.”

A copy of the interim financial statements for the quarter ended December 31, 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

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