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Greenway Greenhouse Cannabis Corporation reports news on its role as a federally licensed cultivator of greenhouse cannabis for the Canadian market. Company updates regularly cover interim and annual financial statements, IFRS reporting, MD&A commentary, Adjusted EBITDA reconciliation, production costs, yield optimization, product mix and wholesale pricing.
Greenway news also covers dried-flower supply, MillRite pre-roll products, cultivation capacity and Health Canada licensing matters. International updates include wholesale sales channels serving medical cannabis markets in Europe and Australia and the company's U.K. supply agreement with 4C LABS.
Greenway Greenhouse Cannabis (GWAYF) reported significant growth in 2024, achieving record revenue of $2.394m in Q1 FY2025 and its first positive cash flow from operations. The company expanded its grow space by 40% compared to 2023, resulting in a 48% increase in total grams sold and 52% revenue growth.
Key achievements include surpassing 20,000 and 30,000 KG cannabis sales milestones, launching MillRite and EPIC Cannabis Co brands in the Canadian recreational market, and obtaining CUMS-GAP and GACP certifications for international sales. MillRite has become the #2 selling brand of pre-rolls in its size segment. The company also acquired Choice Growers' CPG brands, which have generated millions in revenue since 2022.
On December 31, 2024, Greenway issued 150,000 common shares at $0.35 per share from Convertible Debentures issued in October 2023.
Greenway Greenhouse Cannabis (CSE: GWAY, OTCQB: GWAYF) has announced the acquisition of Choice Growers Cannabis Inc.'s consumer packaged goods brands through an asset purchase agreement dated December 17, 2024. The deal includes all CPG brands, SKUs, listings, trademarks, and associated intellectual property.
The purchase consideration consists of existing debt owed by Choice Growers to Greenway and a six-year royalty payment structure based on Net Revenue. The acquired portfolio includes popular cannabis brands such as Grapefruit God Bud, The Jeffrey, Watermelon Pebbles, Pink Lemonade, Duke Nukem, Tangerine Dream, and Blackberry Cheesecake.
This marks Greenway's first brand acquisition from another licensed cannabis producer, aimed at expanding their CPG presence in the Canadian cannabis market and reaching a broader national audience.
Greenway Greenhouse Cannabis reported Q2 2024 financial results with net revenue of $1,806,957, marking a 52% increase from Q2 2023. Six-month revenue grew 78% to $4,201,116. The company's MillRite brand maintained its #2 position in pre-rolls, with a 71% increase in units sold quarter-over-quarter. Cannabis wholesale prices improved to $1.22 per gram from $0.84. Despite positive revenue growth, the company reported negative Adjusted EBITDA of $253,010. Total volume sold increased 21% to 1,484 kilograms, with an average cash cost per gram of $1.00.
Greenway Greenhouse Cannabis (CSE: GWAY) (OTCQB: GWAYF) has surpassed 30,000 KG of cannabis product sold since its inception, highlighting the company's growth and market demand. CEO Jamie D'Alimonte emphasized Greenway's strategic positioning in the evolving cannabis industry, noting they have quadrupled growing capacity and are prepared for further expansion if demand continues to rise.
The company also reported results from its recent Annual General Meeting, where shareholders re-elected Jamie D'Alimonte, Carl Mastronardi, Dennis Staudt, and Marty Komsa as Directors. MNP was reappointed as auditors, and the company's rolling stock option plan was approved. President Carl Mastronardi expressed gratitude for shareholder support and anticipates significant company developments in the coming year.
Greenway Greenhouse Cannabis (CSE: GWAY, OTCQB: GWAYF) reported record-breaking financial results for Q1 2024 ended June 30. Highlights include:
- Net revenue of $2,394,159, up 104% year-over-year
- Positive Adjusted EBITDA of $316,431, compared to $16,408 in Q1 2023
- Positive net cash flow from operations of $55,418
- 2,153,628 grams of cannabis sold, a 94% increase year-over-year
- Average cash cost per gram of $0.73
The company attributes its success to quality cannabis production, strategic partnerships, and efficient operations. Greenway's MillRite pre-rolls ranked second in sales for their category in Ontario, and the company completed its first harvest for international markets.
Greenway Greenhouse Cannabis (CSE: GWAY) (OTCQB: GWAYF) reported its audited annual financial statements for the year ended March 31, 2024. Key highlights include:
- Total grams sold increased 33% to 5,548,692
- Net revenue decreased 7% to $5,230,194
- Q4 net revenue increased 9% year-over-year to $1,482,194
- Average cash cost per gram of $0.74, within management's target
- Liabilities decreased 59% to $1,390,240
- Closed $3,500,000 private placement
- Launched first consumer products in Ontario
The company noted challenging market conditions but saw prices rebound in Q4. Greenway is expanding into international cannabis and domestic consumer markets to diversify revenue streams and increase value per gram produced.
Greenway Greenhouse Cannabis (CSE: GWAY) (OTCQB: GWAYF) announced the launch of Pink Moon, a new product in their MillRite line, available in Ontario. Pink Moon will be offered in a 2 x 0.5 gram pre-roll format. MillRite is now the #2 ranked brand of pre-rolls in Ontario by total retail sales, and its Lavender Haze pre-rolls have achieved a similar ranking over the past three months. The addition of Pink Moon provides both Indica and Sativa options in the Ontario market. Greenway aims to capture a larger share of the cannabis market, which comprises over 60% of sales in the whole flower and pre-roll segments.
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