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The Greenway Greenhouse Cannabis Corporation reported $1.8 million in gross and net revenue of $1.8 million in Q2 2025 but an operating loss of $770,347 and loss and comprehensive loss of $1 million.
Gross and net revenue for the Ontario cannabis company were up from the same period in the previous year (Q2 2024), from nearly $1.2 million. However, loss also increased year-over-year, up from a $662,213 loss and comprehensive loss for the three months ending September 30, 2023.
However, for the six months ending September 30, 2024, the company’s net revenue was $4.2 million, up from $2.4 million in the six months ended September 30, 2023. Loss income and comprehensive loss income for the former was down slightly ($1.6 million) from the latter ($1.8 million).
The company says its net revenue over the last eight quarters has fluctuated due to the volatile conditions of the wholesale cannabis market and seasonality. It attributes the fluctuation in its net income (loss) to unrealized gains from biological assets, share-based compensation, and gross margin fluctuations over the last eight quarters.
Greenway’s primary business model is to cultivate, bulk package, and wholesale dry flower to other cannabis companies. In addition to wholesale sales, Greenway sells cannabis through its brands, EPIC Cannabis Co. and MillRite, with pre-rolls and 7-gram SKUs of flower. MillRite saw a 71% increase in total units sold from the previous quarter (Q1 2025).
The company has a licensed indoor nursery as well as a separate licensed greenhouse for standard cultivation. The nursery is currently used to store and maintain mother plants and genetics and to propagate clones and vegetative plants for the greenhouse.
The nursery allows Greenway to use nearly all of its 167,000 square foot canopy at the greenhouse for flowering cannabis.
On October 4, 2024, the company announced that it had surpassed 30,000 kg of product sold since its inception. Net sales price per gram increased to $1.22 in Q2 2025 from $0.84 in Q3 2024.
The estimated selling price of dry flower, per gram, was $1.10 in 2024 and 2023. The expected average yield of grams per plant in 2024 was 125 grams, down from 170 grams in 2023. The post-harvest cost to complete and sell, per gram, increased to $0.55 in 2024 from $0.45 in 2023.
Greenway says the average price on the wholesale cannabis market price saw an increase over the previous year, which it primarily attributes to the reduction in total production capacity in the industry as some cannabis companies disappear and an increased demand for Canadian cannabis on the international market, a trend seen across the industry.
“As a team, we are elated to see that last year’s revenues increase by over 50% year over year, and by over 70% so far this fiscal year,” said Jamie D’Alimonte, CEO of Greenway. “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. We have also seen our MillRite brand maintain itself as the #2 ranked pre-roll in its size category, while achieving the #2 Indica and Sativa pre-roll in the size category over the same time. Quarter over quarter, we have seen the total number of units sold increase by over 70%. Our plan to deliver high quality, affordable products to Ontario users is working. I look forward to introducing additional SKUs in the New Year.”
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