Greenway Greenhouse Update
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
KINGSVILLE, ON, May 31, 2022 /CNW/ - Greenway Greenhouse Cannabis Corporation (CSE: GWAY) ("Greenway Greenhouse" or the "Company") is pleased to release an update on the retrofit of 125,000 ft2 of cultivation space, as well as a general news update on what has occurred throughout the month of May 2022.
Greenway Greenhouse is pleased to announce the wrap up of the demolition phase of its previously announced expansion. This critical phase has been done ahead of schedule, and Greenways management is confident it will be hitting its original deadline of Q1 2023 for the new cultivation space to become operational.
"We are pleased the progress to date," said Jamie D'Alimonte, Chief Executive Officer of Greenway Greenhouse. "We are on schedule and on budget so far, and we are going to be hyper vigilant to make sure the new space is delivered with the best possible value to Greenway and its shareholders."
Greenway Greenhouse, through a number of different sales partnerships, has seen 7 new Stock Keeping Units ("SKUs") launch in the Ontario Cannabis Store ("OCS") that contain Greenway Greenhouse biomass. These SKUs include whole flower, pre-rolls and vape cartridges.
Greenway Greenhouse cannabis can be found in Melt's Holy Mole Kush, Legend's Blackberry Gelato, Haven Street's Lemon Pound Cake, and Wildlife's Blackberry Gelato Pre-Rolls.
On May 11, 2022 Greenway Greenhouse announced a partnership with North 40, a fellow cannabis cultivator located in Nipawin, Saskatchewan, to have two of its strains listed for purchase among its medical patients. The two strains are Captain Kush and Blackberry Gelato.
"Greenway Greenhouse provides a high-quality product that has impressed me in many aspects. As we bring on more patients, I am confident we can meet their needs in quality, quantity and value." Said Gord Nichol, Founder and Master Grower.
On May 2, 2022 Greenway Greenhouse announced that warrants arising from a private placement announced on November 23, 2021 started trading on May 2, 2022. These warrants began trading on the Canadian Securities Exchange ("CSE") under the name "GWAY.WT". Each warrant is exercisable for one Common Share at a price of $1.65 until September 23, 2022.
Jawad Skieneh, Master Grower of Greenway Greenhouse sat on the "Production & Profitability: How to Master Supply, Demand and Business Growth in a Quick Changing Market" panel at the Lift & Co. Expo Conference. Mr. Skieneh discussed how Greenway has properly placed itself in the industry as a right sized cultivator, that has been able to learn from early industry struggles and has positioned itself for the next stage of profitable cannabis companies.
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.
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
Investor Contact: Sam Nehmetallah, Greenway Greenhouse Cannabis Corporation, [email protected], 1-519-819-5145; Company Contact: Darren Peddle, Director and CFO, Greenway Greenhouse Cannabis Corporation, [email protected], 1-519-712-0311
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