#Canada #Greenway #Cannabis #Kingsville #MillRite

Greenway Greenhouse's 2024 Year in Review

On January 2, 2025, Greenway Greenhouse Cannabis Corporation, based in Kingsville, Ontario, proudly shared its accomplishments from the past year, showcasing significant advancements in the Canadian cannabis market. The company focuses on high-quality greenhouse cannabis cultivation and has made remarkable strides in expanding its market presence and revenue streams.

Key Accomplishments

1. Record Revenue and Positive Cash Flow: In fiscal Q1 of 2025, Greenway hit a record revenue of $2.394 million, marking its first positive cash flow from operations.
2. Increased Growing Capacity: The company utilized 40% more growing space in 2024 compared to the previous year. This increase facilitated a 48% rise in total grams sold and a 52% spike in total revenue.
3. Sales Milestones: Greenway reached significant sales milestones, surpassing both the 20,000 kg and 30,000 kg marks for cannabis products sold, achieving these results at an accelerated pace.
4. Introduction of New Brands: The launch of two new brands, MillRite and EPIC Cannabis Co, allowed Greenway to break into the consumer-packaged goods (CPG) sector, diversifying their portfolio and boosting revenues beyond just wholesale cannabis.
5. Successful New Products: Throughout 2024, Greenway introduced several new products, including pre-rolls and whole flower SKUs. Notably, MillRite became the second-best-selling pre-roll brand in its segment shortly after its release.
6. International Certifications: In April, Greenway received important CUMS-GAP and GACP certifications, enabling the company to sell its cannabis product internationally.
7. Recognition in Industry Publications: The management team was featured in the Canadian Securities Exchange magazine, emphasizing their unique expertise and strategic approach to navigating the cannabis industry.
8. Acquisition of CPG Brands: To cap off the year, Greenway acquired all CPG brands from Choice Growers, which had generated significant revenue across Canada since their launch in 2022.

Management Insights

Carl Mastronardi, President of Greenway, highlighted the success of 2024, stating, "We grew every sector of our wholesale business, released exciting new cultivars, and expanded into both the domestic CPG and international wholesale markets. Our initial launch into the CPG space has been a strong success, becoming the #2 ranked brand and SKU in its category." His optimism for the future was clear as he conveyed confidence that Greenway is well-positioned for further growth in the thriving cannabis industry, asserting that the best days are yet to come.

Financial Developments

As part of its ongoing financial management, Greenway issued 150,000 common shares on December 31, 2024, resulting from convertible debentures that had been issued in October 2023. The shares were priced at a deemed value of $0.35 and are subject to a hold period of over four months. This move will not create any new control individuals within the corporation, reaffirming its stable governance.

A Forward-Looking Perspective

Greenway's trajectory in 2024 exemplifies the potential of the cannabis sector in Canada and worldwide. As the company strategizes for the future, they plan to build on their successes to enhance shareholder value and broaden their footprint in the market. The integrations of new CPG brands, innovations in product offerings, and expanding operational capacity demonstrate their commitment to evolving alongside industry trends.

In summary, Greenway Greenhouse Cannabis Corporation's achievements in 2024 position it strongly within the competitive landscape of the cannabis market and lay the foundational groundwork for continued success in the upcoming years.