Mr. Carl Mastronardi reports

GREENWAY ANNOUNCES FIRST QUARTER FINANCIAL STATEMENTS

Greenway Greenhouse Cannabis Corp. has released its interim financial statements for the quarter ended June 30, 2023.

The company is pleased to report the following results for the quarter ended June 30, 2023.

Highlights:

• Over the quarter, Greenway reported a positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $16,408 on $1,174,189 of revenue.
• This is Greenway's fifth consecutive quarter with positive adjusted EBITDA.
• Cost of sales comprised $747,170 of cash expenses and $214,361 of amortization expense resulting in a total gross margin before inventory impairment and fair value adjustments of 18 per cent.
• An average cash cost per gram expensed for the quarter of 67 cents, comprising all crop inputs and wages, bulk packaging, shipping, and facility repairs and maintenance.
• A weighted average cash cost per gram of 66 cents of finished goods inventory on hand as at June 30, 2023.

"We continue to deliver on what we believe separates us from our competitors, and that is our low-cost and high-quality production," said Carl Mastronardi, president of Greenway. "We will continue to find ways to innovate and improve our growing techniques as we believe we can maintain our current costs while increasing our already high quality."

"As we prepare to move into the consumer market, Greenway has been able to maintain our low overheads and cost of sales," said Jamie D'Alimonte, chief executive officer of Greenway. "I am proud that we have been able to deliver another positive adjusted EBITDA quarter, marking our fifth in a row. We will continue to see Greenway deliver on its progress down the pathway to profitability."

The interim financial statements for the quarter ended June 30, 2023, 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 news release refer to Canadian dollars.

Non-IFRS measures

Management uses a non-IFRS measure to assess the company's performance. Non-IFRS measures do not have any standardized meaning under IFRS and are not a measure of financial performance under IFRS, and therefore may not be comparable with similar measures presented by other companies. Please refer to page 1 of the company's management's discussion and analysis for an explanation of the composition of adjusted EBITDA, an explanation of how it provides useful information to an investor and a quantitative reconciliation to the most directly comparable financial measure under IFRS, all of which is hereby incorporated by reference in this news release.

Reconciliations of non-IFRS measures

The attached table reconciles the non-IFRS measure to the most comparable IFRS measure for the three months ended June 30, 2023. This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore may not be comparable with similar measures presented by other companies.

About Greenway Greenhouse Cannabis Corp.

Greenway 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.