Greenway Greenhouse Cannabis Corporation (CSE:GWAY) has released its unaudited interim financial statements for the three and nine-month periods ending December 31, 2021, reporting a positive adjusted EBITDA for the second consecutive quarter.
Financial & Business Highlights
- Generated cannabis revenue of $1.9 million, representing a 2.5% increase from the previous quarter.
- The cost of sales was $958,924 resulting in a gross margin before inventory impairment and fair value adjustments of 19.2%.
- Greenway has had two consecutive quarters producing an adjusted positive EBITDA, totaling $20,223.
- Net loss amounted to $460,431.
- Gross profit, before inventory impairment and fair value adjustments, was $227 262.
- Completed a private placement financing of units consisting of common shares and warrants for aggregate gross proceeds of $8 million for the purpose of expanding both the cultivation and nursery facilities.
- Greenway cannabis can be found in five provinces.
Management Commentary
"We are thrilled to report positive Adjusted EBITDA for a second consecutive quarter," Jamie D'Alimonte, the company's CEO, said. "We are continuing to focus on the quality of the product we produce, and the results have been great so far. Through our B2B partners, our products are now in five provinces and selling quickly. Our team understands the importance of getting our product to as many end consumers as possible."
"We are continuing the drive towards profitability. I am proud of what we have been able to accomplish so far, but I believe our best is yet to come," Darren Peddle, the company's CFO, said. "Through COVID and some dramatic weather systems this quarter, we managed to increase our revenue over the previous quarter and maintain an adjusted positive EBITDA. This is in no small part thanks to the wonderful leadership team we have assembled with generations of growing experience."
Photo: Courtesy of Markus Winkler on Unsplash
