Greenway Greenhouse Cannabis Corporation reported net revenue of nearly $2.4 million in the first quarter of 2025 ended June 30, 2024, and a $541,478 loss after operating expenses.
The Ontario cannabis producer, which sells under its EPIC Cannabis Co. and MillRite brands, as well as in the B2B wholesale market, saw a 104% increase in net revenue compared to the same period in 2023, along with a 94% increase in grams or grams equivalent sold compared to Q2 2023. This is the second reporting period Greenway has included sales of its branded products.
Greenway’s losses were also down significantly from the same period in the previous year and the previous quarter.
“We are thrilled to announce a record-breaking quarter, achieving a record net revenue, EBITDA, and achiev[ing] a positive net cash flow provided by operating activities,” said Jamie D’Alimonte, CEO of Greenway.
“This performance reflects our focus and commitment to producing quality cannabis and finding the best partners and pathways to bring it to consumers. 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.”
The company also recently received CUMS-GAP and GACP certifications for the purpose of international sales. Subsequently, Greenway says it has now harvested its first crop, intended for export.
Greenway expected an average yield per plant of 125 grams in 2024, down from 170 grams in 2023, with the estimated selling price of dried flower staying level at $1.10 per gram. The post-harvest cost to complete and sell that gram of cannabis increased from $0.45 in 2023 to $0.45 in 2024.
Greenway’s EPIC Berry Sunset products became available for purchase in Ontario in this most recent quarter. Greenway operates a cannabis nursery facility in Kingsville, Ontario, and a flowering and processing facility in Leamington, Ontario. It is a majority-owned subsidiary of Sunrite Greenhouses Ltd.
As of June 30, 2024, Greenway reports a working capital deficiency of $940,130 and an accumulated deficit of $18,294,141. The company says it has insufficient cash to pay creditors for its current working capital obligations and operations for the next twelve months. Its ability to continue as a going concern depends on its ability to get sufficient additional funding and generate enough revenues and positive cash flows from its operating activities to meet its obligations and fund its planned investments and operations.
