A promising cannabis offshoot from a Canadian veteran vegetable grower is set to hit public markets.
Greenway Greenhouse Cannabis Corporation said Tuesday that it filed its final non-offering prospectus with the Ontario Securities Commission and has received conditional approval to list its common shares on the Canadian Securities Exchange.
According to a statement, Sunrite Greenhouses Ltd. — an established cultivator of greenhouse grown produce within the Del Fresco Group of companies — will retain a majority share of Greenway, with 100 million common shares representing an 82.2 per cent stake.
Greenway isn’t yet revealing a timeline for the listing.
Publicly listing is the final culmination of a long-term promise to Greenway shareholders, CFO Darren Peddle tells Mugglehead in an email statement.
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“Investors have put their trust in us because we have a reputation of integrity and cultivation expertise. I am happy to deliver on that promise and relish the opportunity for continued strong governance,” he says.
“Next, it’s time to answer to the public and show everyone why our team chose to enter the cannabis market.”
Greenway announced its first purchase order in August, supplying 200 kilograms of biomass for pre-rolls via Agro-Greens Natural Products Ltd. and Shelter Market. Initial market feedback has been strong.
💯% the best bulk pack of pre-rolls on the market in BC
— colin (@ColinBambury) September 7, 2021
But the firm has a difficult task ahead in carving out a market share in Canada’s highly competitive regulated market.
In addition to cultivation, Greenway also plans to launch a nursery model, supplying genetics for other producers. Demand for unique cultivars in the Canadian market is high.