Greenway Greenhouse Cannabis Reports Record-Breaking Year in 2024

Greenway Greenhouse Cannabis Corporation, a leader in Canada’s cannabis cultivation industry, has marked 2024 as a milestone year with exceptional growth across key performance metrics. The company, headquartered in Kingsville, Ontario, celebrated significant advancements in revenue, operational expansion, and market diversification.

Unprecedented Revenue Growth and Operational Milestones

Greenway achieved record-breaking revenue of $2.394 million in the first quarter of Fiscal Year 2025, marking its first instance of positive cash flow from operations. This financial achievement underscores the company’s strategic focus on scaling its operations while maintaining profitability.

The company expanded its growing space by 40% compared to 2023. This allowed for a 48% increase in total grams sold and a 52% rise in revenue. These gains helped Greenway surpass the 20,000 and 30,000 kilogram milestones for cannabis product sales within the year.

“We’ve grown every sector of our wholesale business and expanded into new market segments,” said Carl Mastronardi, Greenway’s President. “These results are a testament to our team’s dedication and strategic execution.”

Expansion into Consumer Packaged Goods Market

One of Greenway’s standout achievements in 2024 was its entry into the consumer-packaged goods (CPG) market. The company introduced two new brands, MillRite and EPIC Cannabis Co, targeting the Canadian recreational market. These brands diversified Greenway’s portfolio beyond wholesale cannabis, contributing significantly to revenue growth.

• MillRite’s success: The brand has already climbed to the #2 spot in its pre-roll size category since its launch, becoming a favourite among Canadian consumers.
• Broadening product range: Greenway also added new pre-roll and whole flower SKUs, catering to varied customer preferences.

This strategic move not only boosted revenue but also strengthened Greenway’s foothold in the highly competitive cannabis CPG space.

International Market Certification and Recognition

In April 2024, Greenway earned CUMS-GAP and GACP certifications, enabling the company to expand its sales to international markets. These certifications align with global standards, making Greenway a credible player in the international cannabis supply chain.

The company also garnered industry recognition when it was featured in the Canadian Securities Exchange magazine. The article highlighted Greenway’s unique expertise and steady growth strategy, reinforcing its position as an industry leader.

Strategic Acquisitions and Brand Portfolio Expansion

Greenway ended the year with a significant acquisition, purchasing all CPG brands from Choice Growers. These brands have generated millions in revenue across Canada since their launch in 2022. This acquisition is expected to further solidify Greenway’s presence in the domestic market.

The addition of Choice Growers’ brands complements Greenway’s strategy of diversifying its product offerings while scaling its operations.

Issuance of Shares and Financial Transparency

As part of its growth strategy, Greenway issued 150,000 common shares on December 31, 2024. The shares, stemming from convertible debentures issued in October 2023, were priced at $0.35 each. The issuance, subject to a standard hold period, reflects Greenway’s commitment to maintaining transparency with its stakeholders.

What Lies Ahead for Greenway?

Looking to 2025, Greenway aims to build on its momentum, focusing on both domestic and international growth. With a proven track record in operational efficiency and market diversification, the company is well-positioned to capitalise on the evolving cannabis industry.

“The cannabis sector continues to change, and we are ready to adapt and thrive,” Mastronardi stated. “Our best days are ahead, and we’re eager to achieve even greater heights.”