Greenway Greenhouse Cannabis Q2 203 Revenue Grows 9% YoY To $962K

Greenway Greenhouse Cannabis Corporation GWAY revenue in the Q2 2023 was CA$1.3 million ($962,000) an increase of 9% compared to CA$.1.2 million in the Q2 2022.

Q2 2023 Financial Highlights

• Adjusted EBITDA of CA$94,223

• Gross profit was CA$601,816 compared to CA$262,329 in Q2 2022.

• Loss and comprehensive loss was CA$452,935 compared to a loss of CA$1.3 million in Q2 2022.

"Speaking to our B2B customers, we know that the OCS distribution issues combined with the BCGEU issues pushed back about a month of our sales," stated Carl Mastronardi, president of Greenway. "We still had our second-best sales quarter so far, a 9% increase from this quarter in 2021, a decrease in our cost of production all while maintaining a 44% cash gross margin."

Darren Peddle, CFO of Greenway, stated:"I am pleased we continue to be showing positive adjusted EBITDA even when we have a revenue reduction due to macro events. It is proof that we have built the right company cost structure to thrive in this everchanging cannabis market. With our low administrative costs, low overhead, and industry leading production costs our team knows we are going to continue to grow as a preferred B2B partner."

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Photo by Jeff W on Unsplash

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