Ontario-based pot producer Greenway Cannabis Corporation (CSE: GWAY) has expanded its cultivation space by 132,000 square feet, which will quadruple its product output.
The company announced the news on Wednesday and the facility build-out will enable it to produce approximately 24,000 kilograms of cannabis, allowing Greenway to increase its profit margins significantly.
Greenway also announced that it has applied to trade on the OTCQB exchange to seek out more investors in the United States.
The company’s greenhouse now spans a total of 167,000 square feet and the cannabis producer hopes its application to the OTCQB will be successful. The company will be trading under the ticker symbol GWAYF following approval.
The company generated approximately $1.3 million in revenue during Q2 this year, an increase of 9 per cent compared to 2022.
Company stock increased by 1.12 per cent today to $0.45 on the Canadian Securities Exchange.
“Our team is proud to be able to say we have finished our full 132,000-square-foot expansion on time and on budget. As a leadership team, we promised shareholders we could do it, and we have fulfilled that promise.” Said Jamie D’Alimonte, CEO of Greenway.
“The expansion allows us to quadruple our output up to 24,000 Kilograms, moving Greenway another step down the pathway to significant profitability.”
The company says an application to Health Canada to amend the licensed square footage will be submitted in the near future.
“Expanding our potential investor base into the U.S.A. should provide more coverage and more trading volume,” said Greenway’s CFO Darren Peddle in reference to the OTCQB application.