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Greenway Greenhouse Cannabis Corporation: Q3 Financial Highlights

Greenway Greenhouse Cannabis Corporation, a recognized player in the Canadian cannabis market, has announced its impressive financial performance for the third quarter ending December 31, 2024. This report indicates a remarkable growth trajectory, showcasing the company's resilience and strategic direction in a competitive sector.

Revenues on the Rise

In the third quarter of fiscal 2025, Greenway achieved a net revenue of $1,676,721, marking a 21% increase compared to the same quarter in fiscal 2024. This growth trend is not just a one-off; over the nine-month period ending December 31, 2024, the company's total net revenue reached $5,877,837, which is 57% higher than the net revenue of the same period in 2023. These figures highlight Greenway's strong market positioning and operational effectiveness.

Notably, the increase in product prices has significantly contributed to the company's bottom line, with the price per gram rising from $1.22 in the previous quarter to $1.58 this quarter, an impressive 30% jump.

EBITDA and Cash Position

Beyond revenues, Greenway also reported a positive Adjusted EBITDA of $85,758 for the three months ended December 31, reflecting operational efficiency amid rising expenses. The company's cash flow position has notably improved, with net cash provided by operating activities amounting to $748,267 over the same nine-month period, a stark contrast to the $1,804,206 net cash used during the comparable period in 2023. This shift positions Greenway favorably as it continues to expand its operations.

Market Presence and Product Launches

Greenway's commitment to innovation is evident in its product offerings. Their flagship MillRite brand has held a prominent market position, currently ranked as the #2 pre-roll brand within its category. The company’s product expansion strategy includes the recent launches of new SKUs: Lavender Haze, Pink Moon, and Blue Crush, along with additional brands such as Jeffrey, Grapefruit God Bud, Watermelon Pebbles, Pink Lemonade, Duke Nukem, Tangerine Dream, and Blackberry Cheesecake. This variety caters to a broader consumer base, responding to diverse market demands.

Looking Ahead

President Carl Mastronardi expressed optimism regarding Greenway’s ongoing sales growth, attributing it to the quality of their products and the strength of the team. He stated, "We are witnessing a rebound in the Canadian cannabis industry, and Greenway is at the forefront of this growth. Our focus remains on capturing maximum value through emerging markets and expanding our distribution channels both domestically and internationally."

As Greenway continues to innovate and expand its presence, it demonstrates a firm commitment to being a leader in the cannabis market. Investors and stakeholders alike should keep an eye on this developing story as Greenway positions itself for continued success.

Additional Financial Information

A complete set of the unaudited condensed interim financial statements for the three and nine months ending December 31, 2024, as well as the Management's Discussion and Analysis, can be accessed on the Company’s profile at SEDAR+. All amounts are expressed in Canadian dollars, underlining the firm's operational focus in Canada.

This update serves to inform stakeholders about Greenway's performance and future directions as the cannabis market evolves.