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Grown Rogue International Inc. (CSE: GRIN, OTC: GRUSF) announced the retirement of Chief Operating Officer Tom Fortner after a successful one-year contract. His departure will result in over a 10% reduction in corporate expenses. CEO Obie Strickler acknowledged Fortner's contributions in streamlining operations across the company’s cultivation facilities in Oregon and Michigan. Additionally, Adam August has moved from Chief Financial Officer of a major subsidiary to Senior Vice President, strengthening the leadership team with his extensive experience since the company went public in 2018.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) announced the successful acquisition of a 30,000 Sq Ft indoor cannabis facility in Medford, Oregon, closing on April 14, 2022. This acquisition increases the company's total indoor production capacity to 127,000 Sq Ft, boosting production to 800 lbs/month. The $2.0 million transaction will enhance profitability and efficiency, positioning Grown Rogue to achieve a $20 million revenue run-rate target in 2022 with a 30-40% EBITDA margin. Additionally, the previously planned acquisition of a Portland dispensary has been terminated.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) reported Q1 2022 revenue of $3.73M, up 255% from $1.05M in Q1 2021. Gross profit surged 310% to $2.03M, marking the ninth consecutive quarter of positive aEBITDA at $1.00M (26.9% margin). Strong growth was noted in Oregon (59% revenue rise) and Michigan (108% increase). The average selling price for indoor flower reached $1,062/pound. The company closed a private placement raising $1.30M. Grown Rogue is positioned as a leader in the Oregon flower market and anticipates further market share gains in 2022.
Grown Rogue International reported a remarkable 121% increase in revenue, reaching $9.4 million in 2021, up from $4.3 million in 2020. The company's gross profit rose 188% to $5.2 million, achieving a 56% margin. Additionally, aEBITDA surged 797% to $2.2 million (24% margin). Notably, cash flow from operations improved to $1.9 million. Michigan operations reported an industry-leading gross margin of 73%. Grown Rogue ended the year with total assets of $14.2 million, compared to $3.8 million in 2020, marking a 277% increase.
Grown Rogue International (OTC: GRUSF) reported strong unaudited fourth quarter results for 2021, with revenue of
Grown Rogue International (CSE: GRIN, OTC: GRUSF) has successfully closed a non-brokered private placement, raising
Grown Rogue International (CSE: GRIN, OTC: GRUSF) has announced the issuance of 311,835 common shares. This includes 151,875 shares issued to directors, consultants, and employees at $0.16 per share and 159,960 shares at $0.175 to a consultant. Additionally, 195,000 stock options were granted at $0.15 per share, valid for four years. These shares and options are subject to a four-month hold period expiring on March 6, 2022. The company has relied on certain exemptions related to minority shareholder approvals.
Grown Rogue International reported a positive net income of $0.24M for Q3 2021, marking a significant milestone in company history. Sales revenue soared to $3.03M, a 121% increase from Q2 2021. The company achieved an aEBITDA margin of 25% ($0.77M), up from 12% in the previous quarter. Indoor revenue surged by 277% to $2.81M. Michigan operations reported gross margins of 73% and aEBITDA margins of 55%. With fiscal Q4 guidance indicating 18-22% sequential revenue growth, Grown Rogue anticipates continued momentum in profitability and production efficiency.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) has issued an unsecured non-convertible promissory note to Plant-Based Investment Corp. for USD 800,000, maturing on December 15, 2022. The principal will be advanced in tranches before September 30, 2021, with no interest if no default occurs. Participation payments will be based on sales from the 2021 cannabis harvest, aiding in principal repayment. This transaction qualifies as a related party transaction under Multilateral Instrument 61-101, with the company exempt from certain approval requirements.
Grown Rogue International (CSE:GRIN) (OTC:GRUSF) announced a joint venture with Golden Harvests and Pure Extracts Technologies (CSE:PULL) (OTC:PRXTF) to expand its product offerings in Michigan. This collaboration introduces Pure Extracts’ products alongside Grown Rogue's popular flower brand. The venture aims to enhance market presence and increase product diversity, including concentrates and cartridges, in a state where cannabis sales reached $171 million in July 2023, marking a 56% increase from the previous year.
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