Cost-Efficiency Leads To Profits For This Cannabis Company: Positive Q2 2023 Results Tell The Story

Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTCQB: GWAYF), a Canadian cannabis producer, announced its Q2 2023 interim financial results Wednesday.

Carl Mastronardi, president of Greenway, emphasized the company's commitment to low-cost, high-quality production. CEO Jamie D'Alimonte highlighted maintaining low overheads and profitability.

"As we prepare to move into the consumer market, Greenway has been able to maintain our low overheads and cost of sales", said Jamie D'Alimonte, CEO of Greenway. "I am proud that we have been able to deliver another Positive Adjusted EBITDA quarter, marking our fifth in a row."

Financial Highlights

The company reported positive adjusted EBITDA of CAD $16,408 on CAD $1,174,189 of revenue for the quarter, marking its fifth consecutive quarter of positive adjusted EBITDA.

Greenway reported a positive adjusted EBITDA and a net income loss of $1,109,781 for the quarter; the net income loss could be attributed to factors like fair value adjustments on inventory and biological assets, amortization, share-based compensation, investor relation expenses, bad debt, and interest costs.

• Cost of sales, including cash expenses and amortization, led to a total gross margin of 18%.
• Cash cost per gram was CAD $0.67, covering crop inputs, wages, packaging, shipping, and facility maintenance.
• Finished goods inventory carried a weighted average cash cost of CAD $0.66 per gram as of June 30, 2023.

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Photo by Katrien Van crombrugghe on Unsplash.