KINGSVILLE, ON – Greenway Greenhouse Cannabis Corporation, a cultivator of greenhouse cannabis for the Canadian market, reported its interim financial statements for the quarter ended September 30, 2024.
Highlights
- Greenway produced a net revenue of $1,806,957 in Q2 2024, compared to $1,185,611 in the same quarter in 2023, representing a 52% increase.
- For the six months ended September 30, 2024, Greenway’s net revenue increased from $2,359,800 to $4,201,116, representing 78% growth compared to the same period in 2023.
- Greenway’s main CPG brand MillRite maintained its position as the #2 ranked brand of pre-rolls in its size segment, including having the #2 ranked indica and #2 ranked sativa pre-roll SKUs in the segment.
- Quarter over quarter, MillRite saw a 71% increase in the total number of units sold.
- Greenway continues to see an increase in the domestic wholesale price of cannabis, realizing $1.22 per gram this quarter, an increase from $0.84 per gram over a period of 12 months.
- Net cash provided by operating activities of $743,731 compared to cash used of $664,171 in the same quarter of the previous year.
- Greenway reported a negative Adjusted EBITDA of $253,010, compared to a negative Adjusted EBITDA of $112,221 in the same quarter in the previous year.
- 1,484 kilograms or kilogram equivalents sold in the period, compared to 1,226 in the same quarter in the previous year, a 21% increase.
- An average cash cost per gram for the quarter of $1.00, comprised of all crop inputs and wages, all packaging, shipping and facility repairs and maintenance.
- A weighted average cash cost per gram of $0.93 of finished goods inventory on hand as at September 30, 2024.
- The company maintains its status of being fully up to date on all excise tax payments.
“As a team, we are elated to see that last year’s revenues increase by over 50% year over year, and by over 70% so far this fiscal year. We have sold more product at a higher average price this year than last, and this performance reflects our focus and commitment to producing quality cannabis, and finding the best partners and pathways to bring it to consumers,” said Jamie D’Alimonte, CEO of Greenway. “We have also seen our MillRite brand maintain itself as the #2 ranked pre-roll in its size category, while achieving the #2 Indica and Sativa pre-roll in the size category over the same time. Quarter over quarter, we have seen the total number of units sold increase by over 70%. Our plan to deliver high quality, affordable products to Ontario users is working. I look forward to introducing additional SKUs in the New Year.”
A copy of the interim financial statements for the quarter ended September 30, 2024, and 2023 were 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 Sedar+. All amounts refer to Canadian dollars.
Non-IFRS Measures
Management uses a non-IFRS measure to assess the Company’s performance. Non-IFRS measures do not have any standardized meaning under IFRS and are not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.
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.
