KINGSVILLE, Ontario – April 27, 2022 – Greenway Greenhouse Cannabis Corporation (CSE:GWAY) (“Greenway Greenhouse” or the “Company”) is pleased to announce the initiation of expansion of their cultivation facility, termed “GW1”. This expansion will increase the cultivation facilities flowering space from 41,750 ft2 to approximately 167,000 ft2, as well as increasing the processing space to 22,000 ft2.
“We are pleased to be able to announce that work has commenced on our expansion of our cultivation and flowering facility, GW1,” said Carl Mastronardi, President of Greenway Greenhouse. “This expansion is paramount to Greenway, as it will increase our growing capacity to 24,000 KG a year. We have taken the methodical approach to expanding, making sure we don’t put the cart before the horse.”
“From the start, we had growth in mind. With experience scaling greenhouse cultivation companies to hundreds of acres, the team at Greenway Greenhouse has been waiting to demonstrate to the industry how a cultivator can scale sustainably and responsibly,” said Jamie D’Alimonte, Chief Executive Officer of Greenway Greenhouse. “With our current facilities, and the access we have to future acreage at a low retrofit cost, Greenway Greenhouse can supply Canadians from coast to coast to coast.”
“Since we got licensed, we have been able to move most of what we have grown,” said Darren Peddle, Chief Financial Officer of Greenway Greenhouse. “We have run into issues a few times of having customers looking to buy, and we were in between crop cycles. With the expansion completed, our customers will have access to fresh product more readily, meaning our customers will need to wait less time between new batches becoming available.”
After signing on all of the major contractors, Greenway Greenhouse is still expecting to be able to deliver the expansion on time and on budget, with the expanded areas beginning operation in Q1 2023.[i]
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.
Greenway Greenhouse Cannabis Corporation
Darren Peddle, Director and CFO
Greenway Greenhouse Cannabis Corporation
Cautionary Note Regarding Forward-Looking Statements
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.
[i] This is an estimate and will be affected by Health Canada Licensing, and other potential procurement and building delays.