Oregon-based craft cannabis company Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) on Friday reported a 48% rise in revenue for its fiscal third quarter ending July 31, 2023.
The company’s third quarter revenue reached $6.3 million, up from $4.3 million in the same quarter last year. That comes after a sequential increase of 5% following the last quarter’s 18% growth.
However, net income dropped to $345,488 from $571,406 in the third quarter of 2022.
Operational cash flow also witnessed a boost, climbing 94% to $1.9 million from last year’s $900,000.
CEO Obie Strickler credited the growth to the company’s commitment to quality and cost control.
“We believe our focus on genetics, and our strength in branding and distribution will allow us the opportunity to be market share leaders,” Strickler said in a statement.
The company, which also does business in Michigan, recently announced a strategic partnership with Goodness Growth Holdings (CSE: GDNS) (OTCQX: GDNSF) to improve operations in Minnesota and Maryland.
Grown Rogue also successfully raised $5 million through convertible debenture financing and added an extra $6 million in a subsequent tranche. The company holds $6.35 million in convertible debt.