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Grown Rogue International Inc. reports developments as a multi-state cannabis company with operations and assets in Oregon and Michigan. Its updates center on cultivation, branded flower products, pre-roll launches, nitrogen-sealed packaging, operating and financial results, and expansion of production capacity.
The company is indirectly involved in the manufacture, possession, sale and distribution of cannabis through operating subsidiaries in state-regulated recreational markets. Recurring announcements also cover corporate expense actions, leadership changes, capital raised for expansion, shareholder voting matters, governance, and cannabis regulatory risk, including the conflict between state permissions and U.S. federal law.
Grown Rogue International (OTC: GRUSF) announced the issuance of 1,385,000 common shares to directors, contractors, employees, and investors. This includes 385,000 shares for services rendered, 400,000 shares for a $100,000 debt reduction with Golden Harvests, and 600,000 shares for option payments to Canopy Management. Additionally, 1,085,000 stock options were granted to employees and consultants, with exercise prices ranging from $0.22 to $0.35 per share, valid for four years. All shares are subject to a four-month hold period.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) announced record sales of US$1.25M in March 2021, contributing to a pro-forma revenue of US$2.0M for Q1 2021. With a robust 66% cash margin, the annualized run rate now stands at US$15M. The company's Michigan partner, Golden Harvests, reported US$0.7M in sales, with Grown Rogue's nitrogen-sealed jars making up 40% of sales. As it aims for a 10% market share in Michigan, Grown Rogue highlights growth in branding and product quality, positioning itself favorably in the competitive cannabis market.
Grown Rogue International announced the filing of amended financial statements for Q1 2021, revealing significant adjustments. Cash Margin decreased from 73% to 66%. Adjusted EBITDA improved from a loss of $21,684 to a positive $5,907. The company revised expenses related to biological assets and inventory, impacting total current assets, liabilities, and net loss. Notably, the net loss decreased from $995,789 to $915,065, reflecting a net loss attributable to shareholders of $919,961. The full details are available in the Refiled Financial Statements filed on SEDAR.
Grown Rogue International reported a record pro-forma revenue of $2.0M for Q1 2021, achieving a cash margin of 73%. This marks the fifth consecutive quarter of positive adjusted pro-forma EBITDA, totaling $0.2M. The company successfully launched its Certified Fresh Nitrogen Sealed Jars in Michigan, contributing significantly to sales, and began construction to expand its Oregon facility by 40%. Recent financing raised CAD$7.6M, supporting growth initiatives and acquisitions, including a new indoor facility and retail dispensary in Oregon.
Mr. J. Obie Strickler, CEO of Grown Rogue International, has acquired 1,600,000 units at $0.16 each, totaling $256,000. Each unit consists of one common share and one warrant, exercisable at $0.20 per share until February 5, 2023. Previously, he held 29,418,766 common shares, representing approximately 26.78% ownership. After the acquisition, his stake is now 31,018,766 shares, about 26.27% non-diluted. This acquisition was for investment purposes, with no immediate plans for further purchases. An early warning report will be filed as per regulatory requirements.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) has signed a Definitive Agreement with HSCP for a 30,000 Sq Ft indoor facility and a retail dispensary in Oregon. This acquisition boosts Grown Rogue's total capacity to 127,000 Sq Ft and aims to generate $20M USD annually, with $10M expected from wholesale sales and another $10M from a Michigan partner. The deal, valued at $3M USD, enhances production efficiency, lowering cash costs to $0.80 USD/gram. Grown Rogue anticipates $2.5M USD in revenue from the new facility in 2021 and an additional $1M USD from retail sales.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) announced the appointment of Steve Lightman as an independent director. This expansion increases the board to five members, with four being independent. Lightman brings over 30 years of experience across retail, consumer products, and agriculture, having led digital transformations at 1-800-FLOWERS.COM and previously served as CEO of major companies. The CEO emphasized Lightman's expertise will aid Grown Rogue's continued growth in the cannabis market in Oregon and Michigan.
Grown Rogue International (CSE: GRIN, OTC: GRUSF) announced investment commitments totaling US$400,000 in a non-brokered private placement, executed in two tranches. The first tranche raised approximately US$200,000, issuing 2,031,784 shares at CDN $0.125. The second tranche will also aim for US$200,000, priced at either CDN $0.125 or a higher market price. Additionally, Golden Harvests issued a $250,000 promissory note for facility expansion in Michigan, with terms including 10% interest and share issuance. The funds will support option payments and corporate needs.