Mr. Jamie D'Alimonte reports

GREENWAY ANNOUNCES AUDITED YEAR END FINANCIAL STATEMENTS

Greenway Greenhouse Cannabis Corp. today released its audited annual financial statements for the year ended March 31, 2023.

A copy of the audited annual financial statements for the year ended March 31, 2023, are prepared in accordance with international financial reporting standards (IFRS) and the related management's discussion and analysis are available under the company's profile on SEDAR+. All amounts expressed in this press release refer to Canadian dollars.

The company is pleased to report its results for the year ended March 31, 2023.

Highlights:

• Over the fiscal year, Greenway reported a positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $603,188 on $5,621,933 of revenue, a 183-per-cent increase in revenue over the prior fiscal year.
• Cost of sales comprising $3,154,061 of cash expenses and $853,333 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 29 per cent.
• An average cash cost per gram expensed for the year of 76 cents, comprising all crop inputs and wages, bulk packaging, shipping, and facility repairs and maintenance.
• Inventory impairment of $354,256, comprising $278,616 of cash costs and $75,640 of amortization costs, due to low market prices for wholesale cannabis as at March 31, 2023.
• A weighted average cash cost per gram of 58 cents of finished goods inventory on hand as at March 31, 2023.
• Expanded into new markets, with over 96 per cent of Canadian cannabis users now having access to Greenway cannabis.
• Increased licensed cultivation area, and received a standard processing licence.
• In December, 2022, Greenway listed its common shares on the OTCQB Venture Market (OTCQB), under the ticker symbol GWAYF.
• Recognized a gain on the sale of the surplus asset of $193,484.

"Our team is proud of what we have been able to accomplish this year, from the large increase in revenue and ensuring our product is available to as many Canadians as possible," said Carl Mastronardi, president of Greenway. "We have another full year under our belts of growing great products, delivering value to our customers and creating memorable experiences for consumers."

"We have been able to maintain one of the lowest costs of production across the Canadian market, while at the same time we have increased our production and our potency," said Jamie D'Alimonte, chief executive officer of Greenway. "Greenway has hit significant milestones this year; new licences, new customers and new cultivars. I am excited about having our own processing licence, as it provides a pathway for more Canadians to experience Greenway brands and products."

"I am pleased that at this stage of the company's development that we have positive adjusted EBITDA," said Darren Peddle, chief financial officer of Greenway. "Greenway will be a leader in the industry because we have a significantly low cost per gram and equally as important, we have low administrative expenses. The company's focus now transitions to increasing revenue. Despite all of the challenges in the Canadian cannabis industry, it is nearly a $5-billion consumer market. In my opinion, Greenway will achieve a significant market share in the years to come"

Debt settlement share transfer to Hybrid Financial

As well, the company, announces that it has issued 964,285 common shares to Hybrid Financial Ltd., a marketing services provider, in partial settlement of outstanding debt in accordance with the debt settlement agreement previously announced by the company on July 14, 2023. The settlement shares have a deemed issuance price of 28 cents per share.

The settlement shares were issued in reliance on a prospectus exemption pursuant to securities legislation and are subject to a four-month-plus-one-day statutory hold period ending on Nov. 25, 2023. The issuance of the settlement shares in partial settlement of the debt remains subject to all necessary regulatory approvals including final acceptance by the Canadian Securities Exchange.

About Greenway Greenhouse Cannabis Corp.

Greenway Greenhouse Cannabis is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ont., and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada.

We seek Safe Harbor.