April 8, 2020 Greenway Team

CORPORATE UPDATE

A PERIOD OF PROGRESS
It’s been an extraordinary period of progress here at Greenway. Our licencing process has been moving forward unimpeded; a $10 million dollar infusion has triggered construction of Phase One (of five) including both growing and processing facilities; and an application and supporting Evidence Package for Greenway’s cloning nursery has been submitted based on existing space being transformed into a state-of-the-art facility.

LICENCING STATUS & PHASE ONE CONSTRUCTION
Revisions to Health Canada’s cultivation application requirements, specifically the necessity for facilities to be in place prior to approval, have been both welcome news to the Greenway team as well as a catalyst to begin construction of Phase One – a 43,000 ft² cultivation facility and a 10,000 ft² processing facility.

This milestone also triggered the Bank of Montreal to extend a conventional loan offer to complete the construction. That, coupled with an additional $4 million from founders Carl Mastronardi and Jamie D’Alimonte, ensured the $10 million to advance construction – a conservitive capital expenditure reflecting Greenway’s commitment to fiscal responsibility. Our experience gained from decades of measured growth and a detailed review of the current industry landscape underscores the importance of leveraging expertise and existing assets. Greenway is on schedule to be ready for our Evidence Package submission to Health Canada for Phase One by mid-August.

In February of 2020, Greenway submitted its application and Evidence Package to Health Canada for the new nursery facility and shortly thereafter, received communication from Health Canada that the application had been moved into the Review Queue. As of this writing we are awaiting notification that it has moved into the Detailed Review Queue.

Greenway will transform an existing processing facility into a state-of-the art nursery dedicated to cloning cannabis. This facility will not only serve the needs of all five phases of Greenway’s expansion, but will also be capable of servicing the needs of other Licenced Producers which is an additional revenue stream for Greenway.