Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported audited results for the fiscal year ended October 31, 2021. Total revenue for Grown Rogue in 2021 grew to $9.3 million versus $4.2 million for 2020. The company had a net loss of $1 million, which dropped from the previous year’s net loss of $2.3 million.
“Grown Rogue grew substantially in 2021 driven by continued expansion in Michigan and Oregon. We started 2021 producing approximately 200 pounds of indoor whole flower/month and ended the year producing more than 1250 pounds/month. Our focus on building the premier craft flower company at scale is being realized in all aspects of our business particularly quality, yield, and costs per pound.” said Obie Strickler, CEO of Grown Rogue. “Despite 2021 being a difficult year for our peers, we grew EBITDA ~800% year over year and achieved some of the highest margins in the industry, as a wholesaler in two very competitive markets. The company continues to gain market share in both Oregon and Michigan as our customers and retail partners value our quality, consistency, and service. Our recent soft launch of nitrogen sealed pre-rolls in Michigan has been well received and we are excited to push into additional product categories in 2022.”
Oregon’s sales were $5.1 million, while Michigan delivered revenue of $3.8 million. The company said that it was the fastest-growing brand in Oregon in September and October, according to LeafLink. It ended 2021 as a top 10 flower wholesaler in Michigan, according to LeafLink’s MarketScape.
The company said it had raised gross proceeds of $6.6 million in fiscal 2021 to fund expansion. It had total assets of $14.2M at year-end 2021 compared to $3.8M at year-end 2020, an increase of 277%. It retired senior secured convertible debentures and subsequent to year-end, Grown Rogue raised $1.3M in a non-brokered private placement; including $1.0M from Bengal Capital, a venture capital firm with significant cannabis expertise, and $0.3M from the company CEO.