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Greenway Granted Expanded Cultivation License

Feb 21, 2023 • 11:41 AM EST
7 MIN READ  •  By Michael Berger
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KINGSVILLE, Ontario – February 16, 2023 – Greenway Greenhouse Cannabis Corporation (CSE:GWAY, OTC:GWAYF) (“Greenway” or the “Company”), a cultivator of high-quality greenhouse cannabis for the Canadian market, is pleased to announce that it has received its approval from Health Canada for its expansion to 4 acres of cultivation space.

“This expansion is the final step of a year long process, expanding Greenway’s capacity to   24, 000 KG of annual production,” said Jamie D’Alimonte, CEO of Greenway. “I want to thank our team for all of the hard work that has gone into this. The new licensed space will provide Greenway with enough capacity to accommodate both our large and small B2B customers that have been approaching us with increased demand for our products, as well as provide us with the ability to launch our own B2C brands later this year.”

“Greenway has been an industry leader in cost of production, all while operating with only 1 acre of cultivation space. Expanding to 4 acres will achieve further cost efficiencies, establishing Greenway as the lowest cost cultivator in the industry,” said Carl Mastronardi, President of Greenway. “Our leadership team has a proven track record of scaling up agricultural greenhouse production from 1 to over 100 acres. We are confident that we can scale up our production without sacrificing product quality, while increasing our efficiencies. When the expansion is fully utilized, the Company is poised to significantly increase revenue and achieve true profitability.”

About Greenway

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.

Contact Information

Company Contact

Darren Peddle, Director and CFO

Greenway Greenhouse Cannabis Corporation

darrenp@greenway.ca

1-519-712-0311

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, including statements regarding the sale of the greenhouse and the likelihood of closing the sale pursuant to the terms of the Purchase Agreement, 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 and the Company’s management’s discussion & analysis for the fiscal year ending March 31, 2022, copies of which are 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.

KINGSVILLE, Ontario – February 16, 2023 – Greenway Greenhouse Cannabis Corporation (CSE:GWAY, OTC:GWAYF) (“Greenway” or the “Company”), a cultivator of high-quality greenhouse cannabis for the Canadian market, is pleased to announce that it has received its approval from Health Canada for its expansion to 4 acres of cultivation space.

“This expansion is the final step of a year long process, expanding Greenway’s capacity to   24, 000 KG of annual production,” said Jamie D’Alimonte, CEO of Greenway. “I want to thank our team for all of the hard work that has gone into this. The new licensed space will provide Greenway with enough capacity to accommodate both our large and small B2B customers that have been approaching us with increased demand for our products, as well as provide us with the ability to launch our own B2C brands later this year.”

“Greenway has been an industry leader in cost of production, all while operating with only 1 acre of cultivation space. Expanding to 4 acres will achieve further cost efficiencies, establishing Greenway as the lowest cost cultivator in the industry,” said Carl Mastronardi, President of Greenway. “Our leadership team has a proven track record of scaling up agricultural greenhouse production from 1 to over 100 acres. We are confident that we can scale up our production without sacrificing product quality, while increasing our efficiencies. When the expansion is fully utilized, the Company is poised to significantly increase revenue and achieve true profitability.”

 

About Greenway

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.

 

Contact Information

Company Contact

Darren Peddle, Director and CFO

Greenway Greenhouse Cannabis Corporation

darrenp@greenway.ca

1-519-712-0311

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, including statements regarding the sale of the greenhouse and the likelihood of closing the sale pursuant to the terms of the Purchase Agreement, 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 and the Company’s management’s discussion & analysis for the fiscal year ending March 31, 2022, copies of which are 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.

 

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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