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Friday, Mar 24, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Greenway receives Health Canada approval for its expanded cultivation space

The Ontario company now has 4 acres of certified space to grow its cannabis

Greenway receives Health Canada approval to expand its cultivation space by 300%
Photo via Greenway Greenhouse Cannabis Corporation

Ontario’s Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF) has attained an expanded cultivation license from Health Canada for the three-acre addition to its growing space completed last year.

The company announced the accomplishment on Thursday. It says acquiring approval from the government department for its application to amend the company’s licensed square footage submitted in late 2022 is the final step in a long process that will enable Greenway to increase its product output to 24,000 kilograms annually.

Greenway believes it will be able to scale up its production rate without sacrificing product quality and achieve high profit margins.

Read more: Twitter allows ads for cannabis products in the U.S.

Read more: Delta 9 Cannabis completes first international pot shipment to Australia

Greenway’s application to trade on the OTCQB exchange submitted at the end of November last year has also been approved and the company now trades under the ticker GWAYF.

“This expansion is the final step of a year long process, expanding Greenway’s capacity to 24,000 kilograms of annual production,” said Jamie D’Alimonte, CEO of Greenway on Thursday.

“When the expansion is fully utilized, the company is poised to significantly increase revenue and achieve true profitability,” added Carl Mastronardi, President of Greenway.

Greenway’s stock value dropped by 3.45 per cent today to $0.28 on the Canadian Securities Exchange.

In other cannabis news, the Ontario Cannabis Store (OCS) has announced that it will be lowering its prices this fall in a move intended to help the organization compete with the illegal cannabis market.

“After completing a detailed review of its pricing structure, the OCS will move to a fixed mark-up pricing model that will create greater transparency and consistency for licensed producers. Reduced margin levels are expected to help enable a vibrant marketplace so that it is better positioned to compete with illegal operators,” read a news release from the government organization on Thursday.

Read more: Greenway expands growing space to quadruple its output

Read more: SNDL cuts 85 jobs from Olds production facility to save $9M

The OCS estimates that its new price reductions will enable it to contribute about $35 million into the cannabis marketplace between this year and 2024. The pricing changes will be implemented this September.

According to the Canadian Press, two unnamed industry sources informed it that the biggest margin reductions will be in the beverages, vapes and edibles categories.


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