Mr. Jamie D'Alimonte reports

GREENWAY ANNOUNCES THIRD QUARTER FINANCIAL STATEMENTS

Greenway Greenhouse Cannabis Corp. today released its interim financial statements for the third quarter ended Dec. 31, 2023.

Highlights:

• The company announced the closing of a non-brokered private placement for gross proceeds of $3.5-million, indicating continued investor support in an environment where fundraising is challenging in the cannabis industry.
• Over the quarter, the company reported $1,388,200 in revenue.
• This is an increase of over 33 per cent from the same quarter in fiscal 2023, and the second-best revenue quarter in the company's history.
• The company sold 1,651,425 grams equivalent of cannabis; the highest amount sold in one quarter.
• An average cash cost per gram expensed for the quarter of 72 cents, within the range of management's 75-cent cash cost per gram target.
• A weighted average cash cost per gram of 75 cents of finished goods inventory on hand as at Dec. 31, 2023.
• Subsequent to the quarter, the company appointed Kyle Appleby as chief financial officer.

"I am pleased to see a large increase in revenue compared to last year. Much like other wholesalers in the industry, this quarter continued to see price compression across the industry, which we have also felt," said Jamie D'Alimonte, chief executive officer. "To balance out the price compression we sold the most amount of biomass we have ever moved. This is one of the reasons we have chosen to move forward with our own brands, that will be launching in Ontario over the coming weeks."

"Over the course of this quarter, we saw some weather fluctuations that were well outside the norm for our region. Even with these adverse conditions, we were able to keep our costs within our management target of a 75-cent cash cost per gram," said Carl Mastronardi, president. "We are continuing to test out new cultivars and varieties, so we can make sure we are better able to better handle these shifts in weather patterns moving forward."

A copy of the interim financial statements for the quarter ended Dec. 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.

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.