Greenway Cannabis Co. Doubles Q1 Net Revenue YoY, Highest Adjusted EBITDA Results To Date

Greenway Greenhouse Cannabis Corporation GWAY GWAYF, a Canadian cannabis cultivator reported its interim financial statements on Wednesday for the first quarter ended June 30, 2024.

The Ontario-based company said it has achieved its highest net revenue and adjusted EBITDA results to date. The company also achieved positive net cash flow provided by operating activities, and the highest amount of cannabis sold in a quarter to date.

"This performance reflects our focus and commitment to producing quality cannabis, and finding the best partners and pathways to bring it to consumers,” said CEO Jamie 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.”

Read Also: Greenway’s Full-Year Net Loss Widens, Sees Rebound In Q4 As Revenue Increases 9% YoY

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Q1 2024 Financial Highlights

• Net revenue totaled CA$2.4 million ($1.8 million) in the quarter, compared to CA$1.8 million in the prior year's period, representing a 104% year-over-year increase.
• Cost of sales comprised of CA$1.5 million of cash expenses and CA$483,800 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 14%.
• Gross profit totaled CA$342,922, compared to CA$260,884 in the prior year's period.
• Operating loss amounted to CA$272,429, representing an improvement from an operating loss of CA$929,796 in the first quarter of last year.
• Loss and comprehensive loss totaled CA$541,478, an improvement from CA$1.1 million loss in the prior year's period.
• Adjusted EBITDA came in positive at CA$316,431, compared to CA$16,408 in the first quarter of fiscal 2013.

“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,” D’Alimonte added. “Additionally, we recently completed our first harvest intended for international markets, the next step in distributing Greenway cannabis globally.”

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