Grown Rogue Archives - Green Market Report

StaffApril 4, 2022


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

StaffMarch 1, 2022


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.

William SumnerApril 24, 2019


It’s time for your Daily Hit of cannabis financial news for April 24, 2019.

On The Site

Cresco Labs

Chicago-based Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) released its unaudited financial results for the fourth quarter and full year ending December 31, 2018. The fourth quarter revenue was $17.0 million, an increase of 411% over last year for the same time period and up 33% sequentially. The company trimmed its net losses to $2.6 million versus the net loss of $3.0 million for 2017 fourth quarter. The quarter’s pro forma revenue was $22.5 million.

Federal Legalization – Then What?

It is fascinating to step back and observe how the mindset of many in the cannabis industry seems to work. Let’s think through a couple of scenarios and have a peek at the landscape in a post-legalization world. Let’s begin with the following

After the Drama, Where Is Aphria Headed Now?

Even in a space with as much excitement as marijuana stocks, Aphria (NYSE:APHA) stood out for having as much drama as a cable TV show. After all the excitement, what’s next for APHA stock? And have the company’s recent moves made it investable again, or is Aphria only appropriate for the most steel-nerved traders?

In Other News

Grown Rogue

Grown Rogue International Inc. (CSE:GRIN) (OTC: NVSIF), a vertically integrated multi-state cannabis operator, announced that it has entered into a binding letter of agreement to acquire Decibel Farms, Inc., an organic cannabis producer and processor. Under the terms of the transaction, the acquisition will be structured as a tax-free merger and shareholders of Decibel will receive $2 million. Decibel owners Shawn Bishop and Buddy Wilson will join Grown Rouge as Vice President of Manufacturing and President of Sales, respectively.


Aphria Inc. (TSX:APHA)(NYSE:APHA) announced that it has closed a $300 million private placement offering to institutional investors. The initial investors exercised their option to purchase an additional $50 million in notes, making the deal worth $350 million. The notes are senior unsecured obligations of Aphria with an interest rate 5.25% per year, payable semiannually on June 1 and December 1 of each year, beginning on December 1, 2019. The notes will mature on June 1, 2024.


TerrAscend Corp. (CSE:TER)(OTCQX: TRSSF) today released its financial results for the fourth quarter ending on December 31, 2019. Revenue for the quarter was $5 million, up from $1.8 million in the previous quarter. Net loss was $11.7 million or $0.13 per share. The company has $21.7 million in cash and cash equivalents. “We are pleased with our performance in the fourth quarter and have laid the groundwork for success in 2019,” said Michael Nashat, CEO of TerrAscend, in a statement. “We are experiencing strong sales momentum in Canada and are making substantial progress towards becoming a leading US multi-state operator.”

StaffJanuary 15, 2019


It’s time for your Daily Hit of cannabis financial news on January 15, 2019.

On The Site

Tilray. Inc. (NASDAQ: TLRY) has signed a long-term revenue-sharing agreement to market and distribute cannabis products with  Authentic Brands Group (ABG).

ABG houses more than 50 brands including well-known names like Airwalk and Frye shoes, Juicy Couture, Nautica, Nine West, Vince Camuto, and Spyder sportswear. It has a global retail footprint of over 100,000 points of sale and more than 4,500 branded freestanding stores and shop-in-shops. The company noted that ABG generates approximately $9 billion in retail sales annually.

In Other News

CANNAMERICA BRANDS CORP. (CSE: CANA) (OTCQB: CNNXF) has granted an aggregate of 2,450,000 incentive stock options to purchase common shares to certain officers, directors, and other eligible persons of the Company.  The options are exercisable, subject to vesting provisions, over a period of five years at a price of $0.60 per share, the closing price of the Company’s first tranche of its brokered private placement announced on January 10, 2019.

WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) and BLOCKSTRAIN TECHNOLOGY CORP.  (TSXV: DNAX.V) (OTC: DNAXF) has completed the ‘first-of-its-kind’ cannabis strain validation registration program – a testing and verification process that will confirm cannabis strains as purchased. BLOCKStrain, which developed a Master Genome Strain Registration and Clone Strain Registration program is focused on providing transparency and actionable quality assurance to cannabis consumers. Licensed producers completing the registration can in turn provide assurance to their own customers that the cannabis strains they purchase are the ones they receive.

Charlotte’s Web Holdings, Inc. (CSE: CWEB; OTCQX: CWBHF)  reported its 2018 harvested hemp results. The company reported more than a 10 times growth in harvested hemp compared to its 2017 grow season. The high-quality 100% U.S.-grown hemp will be processed through proprietary extraction methods to create whole plant hemp extract that will be used in Charlotte’s Web products for sale in 2019 and 2020.

Grown Rogue International Inc. (CSE: GRIN | OTC: NVSIF) announced the signing of a Memorandum of Understanding to expand its brand and products into Michigan through a strategic partnership with established local cannabis operators and investors. The expansion is anticipated to initially include two retail dispensaries, referred to as provisional centers in Michigan, a 19,000 sq ft indoor cultivation and processing center in Detroit, and an interest in a 28 acre parcel located in the northern portion of the lower peninsula which can be used for cultivation. Grown Rogue will make a further announcement relating to the definitive terms of the partnership which are currently being negotiated between the parties.

Flower One Holdings Inc. (CSE: FONE) (OTCQB: FLOOF) announced its first brand partnership for cannabis product fulfillment in Nevada. Flower One and Rapid Dose Therapeutics Inc. (CSE: DOSE) entered into a definitive agreement on January 10, 2019, pursuant to which Flower One has been granted a license to manufacture, distribute and sell RDT’s QuickStrip™, an innovative, proprietary delivery technology for the cannabis market in Nevada.

Medicine Man Technologies (MDCL), a leading consulting, IP licensing and products company in the cannabis industry, has signed binding term sheets and conditions for acquisition of MedPharm Holdings, LLC, intellectual property development and holding company focused on cannabis research and product/brand development.

Nouveau Life Pharmaceuticals, Inc. (USOTC: NOUV) (“NOUV”) and Puration, Inc. (USOTC: PURA) announced that Brian Shibley, the current CEO PURA has been appointed as the interim CEO of NOUV.  On October 4, 2018, PURA sold its cannabis cultivation business to NOUV in exchange for a $1.2 million convertible note with a commitment that the note would promptly be converted into shares of NOUV and that those converted shares would be distributed in a stock dividend to the shareholders of PURA.  The process of updating NOUV’s public filings in order to proceed with the dividend has taken longer than originally anticipated.  Brian Shibley’s appointment as CEO is anticipated to reaccelerate the update of NOUV public filings and in so doing, speed up the anticipated dividend of NOUV shares to PURA shareholders.

Leafly, the world’s leading cannabis information resource, and Flowhub, the award-winning cannabis compliance and point of sale provider, are today announcing their new, real-time integration to help cannabis dispensaries drive visibility and automate online menus. With the new Leafly and Flowhub integration, dispensaries can now automatically update their online menus on Leafly to match their live inventory in Flowhub’s industry-leading POS system. The Flowhub solution allows retailers and managers to save time on manual data entry, while providing accurate information and a seamless shopping experience for their potential customers on Leafly.

Debra BorchardtNovember 26, 2018


Grown Rogue International Inc. began trading today on the Canadian Securities
Exchange (CSE) under the ticker symbol “GRIN”. The listing follows the company’s previously announced reverse takeover (RTO) of a Canadian public company Novicius Corp.

The company raised approximately CAD $6.5 million through brokered and non-brokered private placements. Grown Rogue is only located in Oregon at this time. The company says it expects to enter the California market by the end of the year, but that doesn’t include cultivation or production of any sort.

Grown Rogue has signed an LOI  for a joint venture in northern California.  The company said its focus in California is to start with distribution, move into extraction (manufacturing), and ultimately retail. In fact, the filing states, “Grown Rogue believes California will ultimately see similar price compression as other recreational states and therefore does not anticipate constructing or operating cultivation facilities in California for several years. Grown Rogue does not currently hold any licenses to operate its business in California, and intends to obtain such required licenses prior to entering the California market.”

“Grown Rogue is a trusted brand with a proven track record for delivering reliable and consistent experiences for cannabis consumers,” said Obie Strickler, CEO and co-founder of Grown Rogue.  “With average consecutive monthly revenue growth of 28% for 2018, we have begun the process to expand operations and jurisdictions to meet increased demand. The public listing of the Company’s common shares on the CSE is an important milestone in the development of the Company, as we continue to accelerate our expansion as a national cannabis brand.”

So far this year in three quarters for fiscal year 2018, Grown Rogue has reported $1.1 million in revenues and $4.9 million in net losses.  As of July 31, 2018, Grown Rogue had cash of $100,685 and a working capital deficit of $876,637.

Strickler owns 39% of the company and while he has lent the company thousands of dollars numerous fees have been paid to individuals and companies related to Strickler. Grown Rogue pays Strickler $5,000 per month in rent for the Trails End Property and 2.5% of gross sales achieved at the property, all payable in cash. The rent owed by GRU Properties to Mr. Strickler is paid in cash at comparable market rates.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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