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KINGSVILLE, ON, April 20, 2022 /CNW/ - Greenway Greenhouse Cannabis Corporation (CSE: GWAY) ("Greenway Greenhouse" or the "Company"), a federally licensed cultivator for the Canadian cannabis marketplace, welcomes the decision by the Alcohol and Gaming Commission of Ontario ("AGCO") on inducements to create an additional exemption that will permit agreements between retailers and licensed producers for store brand products.
On February 8, 2022, the AGCO announced new rules related to inducements ("Updates to Cannabis Standards Clarify Inducement Rules"). Based on industry feedback, the AGCO amended the new rules on March 28, 2022 ("Update to Cannabis Standards Clarifies Inducement Rule"), to allow for the creation of white labels, private labels, private brands, and in-house/house brands. The new rules will take effect on June 30, 2022, as originally announced.
"Having worked through the pilot program previously developed by the AGCO, we are glad to hear that the correct decision was eventually made to allow these types of brand development deals," said Jamie D'Alimonte, CEO of Greenway Greenhouse. "Forming these critical partnerships between growers and stores is essential to ensure the industry thrives, and that businesses flourish. This remains yet another pathway for Greenway Greenhouse cannabis to reach the market."
"Any time there are new paths created to get our product to market, we are ecstatic," said Carl Mastronardi, President of Greenway Greenhouse. "Working directly with retailers to develop products has been exciting, as they have a direct line into the minds and habits of the consumer. We want to make sure that we continue to put out top-quality products, and getting direct feedback from retailers is critical to ensure we keep making improvements."
In May 2021, Ontario announced a "flow-through" program which will allow retailers to order products not stocked in the Ontario Cannabis Store (OCS) warehouse, including white label products produced through agreement between retailer and LP. The program was expected to launch in Q1 2022.
As well, Greenway Greenhouse is pleased to announce the promotion of Mr. Jacob de Jong to the position of Chief Administrative Officer (CAO) and Corporate Secretary, effective April 18th, 2022.
Before starting his career in cannabis, Mr. de Jong previously worked for the Minister of Energy, the Government House Leader of Ontario and had been an advisor to the Premier of Ontario. Mr. de Jong spent years being a cannabis consultant working on regulatory and public affairs issues, before helping found and launch a cannabis company.
Mr. de Jong also has an extensive history working with and sitting on both boards and associations across Ontario, helping them reach strategic initiatives with a vigilant focus on organisation, ordered communication, and regulation.
"Jacob will be helping supervise the daily operations of Greenway, and helping guide the operations to meet our short and long term strategic initiatives," said Darren Peddle, CFO of Greenway Greenhouse. "His extensive work in and around the cannabis industry as well as with boards and associations make us happy to have him joining our executive team as CAO and Corporate Secretary"
"At the same time, we want to thank Mr. Andrew Brown for serving as the company's Corporate Secretary for the last year, as Mr. Brown has been a valuable and dedicated member of our team. We all wish him the best of luck in his future ventures."
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 AGCO is a regulatory agency of the Government of Ontario with a governing board that reports to the Ministry of the Attorney General. The agency was established on February 23, 1998 under the Alcohol, Cannabis and Gaming Regulation and Public Protection Act, 1996. The AGCO is responsible for regulating the alcohol, gaming, horse racing and private cannabis retail sectors in Ontario in accordance with the principles of honesty and integrity, and in the public interest.
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.
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.
SOURCE Greenway Greenhouse Cannabis Corporation
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