Greenway posts 52% revenue growth in Q2 despite production challenges | Where to order Skittles Moonrock online

Learn where to order cannabis online. TOP QUALITY GRADE A++

Cannabyss Inc. is the best place online to buy top quality weed, cannabis, vape, marijuana and CBD products. Get your borderless orders delivered at the pickup spot with ease. Top Grade products for client satisfaction.

👉 Click here to Visit our shop! 🛒

Greenway Greenhouse Cannabis Corp. (CSE: GWAY) reported a 52% year-over-year increase in second quarter revenue, though production challenges led to higher costs and a wider net loss.

The Ontario-based cannabis cultivator generated net revenue of C$1.8 million in its second quarter ending Sept. 30, up from C$1.2 million in the same period last year, according to financials. For the six months ending Sept. 30, revenue grew 78% to C$4.2 million.

“We have sold more product at a higher average price this year than last, and this performance reflects our focus and commitment to producing quality cannabis, and finding the best partners and pathways to bring it to consumers,” CEO Jamie D’Alimonte said in a statement.

Greenyway’s net loss widened to C$1 million from C$662,213 a year earlier, which the company attributed partly to “unavoidable climate-related issues” that affected production of certain high-THC cannabis strains during the quarter.

“The company has made changes to how we deploys our environmental systems, and has moved away from certain cultivars that were disproportionately affected by these issues,” it noted in its MD&A.

The average selling price per gram increased to C$1.22 from C$0.84 a year ago, which Greenway attributed to reduced industry production capacity and growing international demand for Canadian cannabis.

Cash costs per gram sold rose to C$1 from C$0.72 year-over-year. The company sold 1,484 kilograms of cannabis in the second quarter, up 21% from 1,226 kilograms last year.

The company’s MillRite brand maintained its position as the second-ranked pre-roll brand in its segment, with unit sales up 71% from the prior quarter.

The cultivator reported positive operating cash flow of C$743,731, compared with negative C$664,171 last year. Cash reserves stood at C$2.3 million on Sept. 30, with a working capital deficit of C$1.6 million.

Greenway more than tripled its licensed greenhouse space to 167,000 square feet earlier this year after receiving Health Canada approval. The expansion could boost annual production to 24,000 kilograms from 6,000 kilograms previously. The company also obtained certifications enabling international distribution as it eyes export markets.