The Numbers
Greenway Greenhouse Cannabis Corporation (CSE: GWAY; OTCQB: GWAYF) reported net revenue of $7.4 million for the fiscal year ended March 31, 2026, a 16.9% decline from $8.9 million in the prior year. The shortfall was driven entirely by lower sales volumes as the company deliberately shifted its product mix toward higher-margin cultivars and international medical cannabis channels, rather than chasing bulk wholesale tonnage.
Despite the revenue retreat, the average net selling price rose 21.2% to $1.60 per gram, up from $1.32 per gram in fiscal 2025 — the highest realized price in the company's public-market history. Gross margin before inventory impairment and IFRS fair value adjustments widened to 29% from 18% a year earlier, a gain of 11 percentage points that management attributed to improved product mix and tighter cost controls. Adjusted EBITDA came in at $1.1 million, compared with $1.2 million in fiscal 2025, marking a second straight year of positive underlying earnings for the Kingsville, Ontario-based cultivator.
Impairment Clouds the Bottom Line
A one-time, non-cash inventory impairment of approximately $1.1 million recorded in the fourth quarter pushed the reported net loss to $2.6 million, up from $2.1 million in fiscal 2025. The charge was tied to legacy cultivars that no longer feature in Greenway's production strategy; carrying values were written down to reflect discounted selling prices realized after year-end and updated estimates for remaining stock. Including the impairment, gross margin before fair value adjustments fell to 15% for the full year. Excluding related-party balances, working capital stood at approximately $4.5 million at year-end, up from $4.0 million a year earlier.
"While lower sales volumes impacted revenue during the year, we achieved our highest average selling price as a public company, improved our underlying operating margins, and continued expanding our international business, which now represents approximately half of our current sales," said Jamie D'Alimonte, Chief Executive Officer of Greenway Greenhouse Cannabis Corporation.
International Pivot and Fiscal 2027 Outlook
International medical cannabis sales — executed through domestic Canadian export intermediaries — climbed to approximately 50% of total flower sales in the fourth quarter, up from a smaller share in prior periods. The acceleration reflects a broader structural trend in the Canadian licensed-producer sector, where domestic wholesale prices remain under pressure from oversupply while export demand from European and other regulated international markets commands a meaningful premium. Operators that can consistently supply pharmaceutical-grade, greenhouse-grown flower to export channels have found a partial buffer against the commoditization of the domestic recreational and wholesale segments, a dynamic also reshaping procurement and supply-chain strategies across the sector.
For fiscal 2027, management signalled continued focus on premium cultivar selection, international channel expansion, and disciplined cost management. The company believes its greenhouse cultivation platform — an asset class that offers climate control, year-round production consistency, and lower per-gram energy costs relative to indoor facilities — positions it competitively as export buyers increasingly specify cultivation method and quality documentation. Investors tracking the broader cannabis earnings cycle will note that Greenway's positive Adjusted EBITDA streak, while modest in absolute terms, stands out against a cohort of licensed producers still reporting operating losses. Audited annual financial statements and the related Management's Discussion and Analysis are available on SEDAR+.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
