Shares of anticipated Canadian firm Greenway Greenhouse Cannabis Corporation are about to be available on public markets.
On Monday, the company said its stock would begin listing on the Canadian Securities Exchange at market open on Tuesday (Sept. 21) under the symbol GWAY, after receiving final approval.
According to a statement, Greenway will remain majority-owned by Sunrite Greenhouses Ltd., a greenhouse produce cultivator within the Del Fresco Group of companies.
The Ontario-based greenhouse grower has 121.8 million common shares issued and outstanding. Greenway says 101.6 million common shares held by company directors and officers are deposited in escrow pursuant to an agreement dated Sept. 3, 2021.
Greenway’s top management includes:
- Jamie D’Alimonte, director, co-chair and CEO;
- Carl Mastronardi, director, co-chair and president;
- Darren Peddle, director and CFO;
- Marty Komsa, independent director;
- Dennis Staudt, independent director; and
- Andrew Brown, corporate secretary.
Greenway is entering a rough market. As earnings from public cannabis companies disappoint, and hopes for speedy federal reform in the U.S. fizzles, pot stocks are down across the board.
While Canada’s legal market continues to grow at a steady tick, producers face stiff competition and an ongoing supply glut.
CFO Peddle says his company’s facilities are right-sized, but has the infrastructure to quickly expand capacity if needed.
“We believe that with our cost efficiencies and quality of product the company has the fundamentals to expand within the cannabis industry. We are excited to give investors the opportunity to grow with us,” he said in the statement.
CEO D’Alimonte thanks shareholders for their ongoing support.
“Carl Mastronardi and I will continue to lead this company through its next phase with the same integrity that has served us well with our other companies. We are focused on cost management, product quality and return on investment.”