Greenway Greenhouse revenue increases 104% in the first quarter

Greenway Greenhouse Cannabis Corp. (CSE: GWAY) (OTCQB: GWAYF) released its interim financial statements for the first quarter 30 JuneGreenway announced that its revenue increased by 104% to C2.4 million US dollars in the quarter compared to C1.2 million US dollars in the same quarter last year. This was also a big improvement over fourth quarter revenue of 1.4 million Canadian dollars.

The Company reported a net loss of C$541,478 for the quarter, a decrease from the prior year’s net loss of C$1.1 million. The Company had cash and short-term deposits of C$1.6 million at the end of the quarter.

“We are pleased to announce a record quarter where we achieved record net sales, EBITDA and positive net cash flow from operations. This performance reflects our focus and commitment to producing high-quality cannabis and finding the best partners and ways to bring it to consumers,” said CEO Jamie D’Alimonte. “We accomplished this while keeping our production costs low and our returns high. This combination is what we believe sets us apart from other publicly traded cannabis companies in Canada.”

Greenway Greenhouse told investors that it set new milestones this quarter: it achieved its highest net sales and adjusted EBITDA, as well as its highest gram and gram equivalent sales. In addition, the company reported that it achieved positive net cash flow from operating activities for the first time since March 31, 2023.

“This is the first full quarter to include sales of our branded products, and I am pleased to report that our MillRite Pre-Rolls ranked second best-selling in Ontario within their size category. In addition, we recently completed our first harvest for international markets, the next step in the global distribution of Greenway cannabis,” said D’Alimonte.

Despite the positive development, Greenway remains a successful operation. As of June 30, the company had a working capital deficit of C$940,130 and a cumulative deficit of C$18.3 million.