KINGSVILLE, ON, Aug. 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 quarter ended June 30, 2024.
The Company is pleased to report the following results for the quarter ended June 30, 2024:
Highlights:
Greenway set a number of new milestones this quarter, having achieved its highest net revenue & Adjusted EBITDA results to date. Furthermore, Greenway also achieved positive net cash flow provided by operating activities, and the highest amount of cannabis sold in a quarter to date
Net revenue of $2,394,159 in the quarter, compared to $1,174,189 in the same Quarter in the previous year, a 104% increase
Greenway reported a Positive Adjusted EBITDA of $316,431, compared to $16,408 in the same Quarter in the previous year
Cost of sales comprised of $1,567,437 of cash expenses and $483,800 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 14%
Positive net cash provided by operations in the quarter of $55,418
2,153,628 grams or grams equivalent sold in the period, compared to 1,107,536 in the same Quarter in the previous year, an 94% increase
Greenway saw an increase in the domestic wholesale price of cannabis, which continues to rebound
An average cash cost per gram expensed for the quarter of $0.73, comprised of all crop inputs and wages, all packaging, shipping and facility repairs and maintenance
A weighted average cash cost per gram of $0.59 of finished goods inventory on hand as at June 30, 2024
"We are thrilled to announce a record-breaking quarter, achieving a record net revenue, EBITDA, and achieved a positive net cash flow provided by operating activities. 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 achieved this while still keeping our cost of production low, and our yields high. This combination is what we believe separates us from other public cannabis companies in Canada."
"This is the first full quarter that includes sales of our branded products, and I'm pleased to share that our ...
