Greenway Greenhouse Cannabis Corporation brought in $1.7 million in net revenue in the third quarter ended December 31, 2024 (Q3 2025), a 21% year-over-year increase.

Although the company reported a net loss of $675,076 in its most recent quarterly report, this was down from a loss of $1.6 million in the same quarter the previous year. 

The Ontario-based cannabis producer sold the equivalent of 1,063,044 grams of cannabis in the three months ended December 31, 2024, at a net sales price of $1.58 per gram. This was a decrease in total grams sold (1,484,040) from the previous quarter but an increase from the previous quarter’s $1.22 per gram price. 

“I am pleased to see that we continue to improve our sales compared to previous periods, and it is because of our strong product and team that this quarter has shown a 21% increase from the same quarter in FY24,” said Carl Mastronardi, president of Greenway. “Over the first three quarters of the year, we have achieved a 57% increase in net revenues. 

“The Canadian cannabis industry is rebounding, and Greenway is helping to lead the charge. As we continue to see the price of wholesale cannabis increase, we are looking toward new and emerging markets to ensure we are capturing the maximum value of our product. I am proud that consumers around the world have begun to be able to experience our product, and we will continue to expand our distribution both domestically and internationally.”

Greenway’s cost per gram also decreased from the previous quarter, from $0.93 in Q2 2024 to $0.78 in Q3 2024. The company says its costs per gram fluctuate due to seasonal, environmental and varietal factors that affect crop yields, noting that the cost per gram sold in the second quarter and into the third quarter cost of sales was impacted by a “number of unique production challenges associated with certain high-THC cannabis cultivars.”

Greenway has also begun revitalizing its existing cultivars to optimize their performance. Its research and development expenses for the three and nine months ended December 31, 2024, were $22,024 and $43,515, respectively.

This includes collaborating with cannabis nursery Segra International Corp. to “clean and rejuvenate” its four best-performing cultivars. The company says these efforts are aimed at supporting yield recovery as part of the production challenges that may be attributed to genetic drift.

The company incurred $10,285 in excise taxes in the most recent quarter and says it is current with all of its excise tax obligations. On October 4, 2024, the company announced that it had surpassed 30,000 kg of product sold since its launch.

Greenway sells cannabis in Canada through its EPIC Cannabis Co. and MillRite brands, as well as through the wholesale cannabis market.

In December 2024, Greenway also entered into an asset purchase agreement with Choice Growers Cannabis Inc. to acquire the company’s consumer brands. 

The deal included a write-off of Choice Growers debt to Greenway and a royalty payment equal to varying percentages of net revenue over a period of six years.

The acquisition includes all of Choice Growers’ brands, including Grapefruit God Bud (also known as Grape God), The Jeffrey, Watermelon Pebbles, Pink Lemonade, Duke Nukem, Tangerine Dream, and Blackberry Cheesecake.

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