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KINGSVILLE, ON, Nov. 30, 2022 /CNW/ - Greenway Greenhouse Cannabis Corporation (CSE: GWAY) ("Greenway" or the "Company") a cultivator of high-quality greenhouse cannabis for the Canadian market, is pleased to announce the completion of its expansion to 167,000 ft2 of growing space, and its submitted application to trade on the OTCQB Markets (the "OTCQB")
Expansion: On time, on budget
"Our team is proud to be able to say we have finished our full 132,000 ft2 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 quadrupole our output up to 24,000 KG, moving Greenway another step down the pathway to significant profitability."
"We have to thank our team and contractors who helped us deliver this expansion on time and on budget," said Carl Mastronardi, President of Greenway. "Our current customers will be pleased to know we have more of the consistent product that they have grown to appreciate, and we are looking forward to widening our customer base." The Company notes that an application to Health Canada to amend the licensed square footage will be submitted shortly.
The Company is also pleased to announce it has submitted an application to the OTCQB, to broaden the investment opportunity to the United States of America. Greenway will be trading under GWAYF on the OTCQB, and should be available to the public imminently.
"Expanding our potential investor base into the U.S.A. should provide more coverage and more trading volume," said CFO, Darren Peddle. "Management has the legacy of scaling, producing and shipping over 44 million pounds of produce annually, almost 75% of that to the U.S.A. We are pleased to be able to introduce Greenway as a company looking to build itself up to a similar stature, combining consistency with profitability."
Business Development – Contracts to Grow
Due to the reputation that the Company has fostered for consistent, high quality cannabis, current and new customers have approached Greenway to potentially cultivate their trusted genetics. The Company has begun cultivation trials to test for high THC values and exceptional yields. Preliminary results have exceeded expectations and produced THC as high as 30%. These potential contracts provide an avenue for reputable peers to scale up, while providing Greenway with consistent revenues with the increased square footage.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.
The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the Offering and the intended use of proceeds thereof, and the Company's beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company's final prospectus dated September 3, 2021, a copy of which is available under the Company's profile at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
SOURCE Greenway Greenhouse Cannabis Corporation
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