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Greenway Greenhouse Cannabis Corporation (OTCQB:GWAYF) (CSE:GWAY) released its audited annual financial statements for the year ended March 31, 2023, revealing revenue of CA$5.6 million ($4.2 million), an increase of 183% compared to CA$2 million in FY 2022.
FY 2023 Financial Highlights
Gross profit of CA$741,990, a decrease of 12% compared to CA$844,018 in FY 2022.
Gross margin of 13.2% compared to 42.5% in FY 2022.
Loss and comprehensive loss of CA$2.6 million compared to a loss of CA$2.9 million in FY 2022.
Adjusted EBITDA of CA$603,188, compared to negative CA$298,497 in FY 2022.
Cash at the end of the period was CA$3.6 million.
"I am pleased that at this stage of the company's development that we have positive adjusted EBITDA," stated Darren Peddle, CFO of Greenway. "Greenway will be a leader in the industry because we have a significantly low cost per gram and equally as important, we have low administrative expenses. The company's focus now transitions to increasing revenue. Despite all of the challenges in the Canadian cannabis industry, it is nearly a CA$5 billion consumer market. In my opinion, Greenway will achieve a significant market share in the years to come"
Debt Settlement Share Transfer to Hybrid Financial
The company has issued 964,285 common shares to Hybrid Financial Ltd., a marketing services provider, in partial settlement of outstanding debt in accordance with the debt settlement agreement. The settlement shares have a deemed issuance price of CA$0.28 per share.
The settlement shares were issued in reliance on a prospectus exemption pursuant to securities legislation and are subject to a four-month plus one day statutory hold period ending on November 25, 2023. The issuance of the settlement shares in partial settlement of the debt remains subject to all necessary regulatory approvals including final acceptance by the Canadian Securities Exchange.
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Photo by Esteban López on Unsplash
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