Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a multi-state cannabis company with operations and assets in Oregon and Michigan, reports fiscal first-quarter 2022 results for the three months ending January 31, 2022. Grown Rogue reported first-quarter revenue of $3.73 million versus $1.05 million for the same time period in 2021, an increase of 255%. The net income for the quarter was $155,441.
The company said $1.3 million in sales came from Oregon while $2.3 million came from Michigan. Grown Rogue also said that it was the ninth consecutive quarter of positive EBITDA, including pro-forma results. The third consecutive quarter of positive operating cash flow, before changes in working capital, and the third consecutive quarter of the positive net income.
“Grown Rogue had a very strong quarter considering Q1 is typically the weakest quarter of our fiscal year”, said Obie Strickler, CEO of Grown Rogue. “Michigan was particularly strong with revenue up 10% quarter over quarter and Michigan state sales down 3% leading to large market share gains during the quarter. With our recent launch of pre-rolls in Michigan and continued build out of our 80,000 square foot facility, we expect further market share gains in 2022. I could not be more proud of our team as we were north of $1M in EBITDA for the second consecutive quarter and established Grown Rogue as the clear leader in the Oregon flower market, one of the most competitive states in the US. With our industry-leading efficiencies and rapidly expanding craft production, we are excited to kick off 2022, where we are focused on continuing to gain market share, by offering consistent quality and service and launching into additional product categories in our states. We expect additional economies of scale will lower our breakeven costs in 2022, even as our data suggests Grown Rogue has the lowest indoor production breakeven of any public company in the U.S.”
Grown Rogue closed a non-brokered private placement for gross proceeds of $1.30 million which included an investment from Bengal Capital, a venture capital firm with significant cannabis expertise, and the Company’s CEO