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Greenway Greenhouse Cannabis Corporation (CSE:GWAY) (OTCQB:GWAYF) reported its audited annual financial statements Tuesday for the year ended March 31, 2024.
The Canada-based company reported a net loss of CA$4.7 million ($3.4 million) for the period, representing an increase from a CA$2.6 million loss in the previous year.
“Over the course of the last fiscal year, the cannabis sector has faced intense competition and substantial price compression amid difficult market conditions," Jamie D’Alimonte, CEO of Greenway said. "Our team began to slowly see prices rebound over the year, and I am happy to report that our revenue in Q4 was up 9% from the previous year. With the total Canadian market continuing to evolve, we are confident that Greenway is one of the best-positioned companies in the cannabis sector.”
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FY Financial Highlights:
Total grams or grams equivalent sold during the year of 5,548,692, a 33% increase from the previous fiscal year.
Net revenue totaled CA$ 5,230,194 for the year, representing a 7% year-over-year decrease.
Fourth quarter net revenue totaled CA$1,482,194, an increase of 9% from the same period in the prior fiscal year.
For the period the company averaged CA$0.74 per gram of cash costs, within the target of management’s CA$0.75 expected annual cash cost per gram.
A weighted average cash cost per gram of CA$0.60 of finished goods inventory on hand as of March 31, 2024.
Liabilities as of March 31, 2024 consist of accounts payable and accrued liabilities of CA$1,390,240, a 59% decrease from March 31, 2023
During the period the company closed a non-brokered private placement for gross proceeds of CA$3,500,000 as well as launched first consumer products into the Ontario marketplace.
“This year, we’ve achieved record sales volumes, dramatically reduced liabilities, launched our first consumer brands in Ontario, completed a $3.5m private placement, and after our year-end received the accreditation necessary to begin exporting Greenway cannabis internationally," D’Alimonte continued. "Our team has been working to open up new avenues for our products, and to diversify our revenue."
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