Greenway Greenhouse Cannabis Corporation (GWAY, GWAYF), a Canadian cannabis cultivator, has reported impressive financial results for the first quarter ended June 30, 2024. The Ontario-based company achieved its highest net revenue and adjusted EBITDA to date, marking a significant milestone in its growth trajectory.
Greenway’s Q1 2024 highlights include:
*
Record Net Revenue:
Revenue reached CA$2.4 million ($1.8 million), representing a 104% increase compared to the same period last year.*
Positive Adjusted EBITDA:
Adjusted EBITDA reached CA$316,431, a significant improvement from CA$16,408 in the first quarter of fiscal 2023.*
Increased Cannabis Sales:
The company achieved its highest amount of cannabis sold in a single quarter to date.*
Positive Cash Flow:
Greenway reported positive net cash flow provided by operating activities.CEO Jamie D’Alimonte attributed the strong performance to the company’s dedication to quality cannabis production, cost optimization, and strategic partnerships. He highlighted the success of Greenway’s MillRite pre-rolls, which ranked second highest in Ontario within their size category.
“This performance reflects our focus and commitment to producing quality cannabis, and finding the best partners and pathways to bring it to consumers,” said D’Alimonte. “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.”
Looking ahead, Greenway is expanding its reach into international markets. The company recently completed its first harvest for international distribution, marking a key step in its global growth strategy.
“This is the first full quarter that includes sales of our branded products, and I’m pleased to share that our MillRite pre-rolls ranked as the second highest-selling in Ontario within their size category,” added D’Alimonte. “Additionally, we recently completed our first harvest intended for international markets, the next step in distributing Greenway cannabis globally.”
