Greenway Greenhouse Q2 revenue same as total revenue of first year of operation

Greenway Greenhouse Cannabis Corporation (CSE: GWAY)’s revenue this quarter alone was as much as the entire revenue for its first year of operation.

On Tuesday, the cannabis producer released its financial statements for the three months ended June 30 and reported a record revenue of $1.96 million which was almost the same as its previous fiscal year’s revenue of $1.98 million.

During the quarter, cash cost per gram was $0.64 for finished goods inventory on hand and a decreasing inventory balance compared to the prior quarter.

Operating expenses totalled $677,00, which is a 40 per cent increase from the previous quarter. The company also reported a quarterly positive Adjusted EBITDA of $390,000.

Company stock stayed flat on Tuesday at $0.82 on the Canadian Securities Exchange.

“This was an amazing quarter for Greenway, where we are seeing what our team can do even before we scale up,” said Carl Mastronardi, President of Greenway.

“We keep improving our quality and will continue to hone in our growing technique. I believe this quarter shows what we can do moving forward.”

Read more: Greenway Greenhouse to undergo $15M expansion

Read more: Greenway makes adjusted EBITDA profit in first reported quarter

“Our revenue in this quarter alone was almost 99 per cent of our revenue of the previous fiscal year, and 70 per cent greater than our previous highest quarter” said Darren Peddle, CFO of Greenway.

“We sold over 1.3 million grams of cannabis, a huge feat with only 41,750 foot squared of growing space. Greenway is currently expanding our production facilities to four times the current production capacity, which will bring economies of scale as well as widen our appeal to institutional and individual investors,” Peddle said.

During the quarter, the company doubled the amount of unique business-to-business partners from the previous quarter.

“This quarter we achieved record revenue, a record amount of cannabis sold, and record positive Adjusted EBITDA, all while keeping our overheads extremely low,” said Jamie D’Alimonte, CEO of Greenway.

“Our team has decades of experience in the hydroponic greenhouse industry, and it is showing. We believe Greenway can compete with any cannabis producer of any size. Our strategy is exactly how we scaled other crops; start small, prove we can deliver a quality product, then expand the footprint.”

“Our commitment is to grow high-quality cannabis at scale, while maintaining low costs of production and overheads.”