Grown Rogue International Inc.
Grown Rogue International Inc. is a vertically integrated cannabis operator based in the United States. The company cultivates, manufactures, and distributes cannabis flower and pre-roll products through operations in Oregon, Michigan, New Jersey, and Illinois.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePremium indoor and sungrown cannabis flower sold in state markets.
Packaged pre-roll products made from the company’s cannabis flower.
Smaller product offerings and related cannabis sales across operating states.
Products
Reported · share of revenue- Products95.3 %
- Services4.7 %
Source: 10-K/A FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells into adult-use and medical cannabis retail channels in the states where it operates. Its customers are primarily dispensaries and licensed cannabis retailers that buy flower and pre-rolls for resale to end consumers. Demand is driven by product quality, consistency, and local brand recognition within each state market.
Buy packaged flower and pre-rolls for resale to adult-use consumers.
Purchase cannabis products where medical programs remain meaningful.
Source flower inventory for branded or store-level resale.
Strategy
The company’s strategy is centered on premium flower and pre-rolls, with an emphasis on high-quality, low-cost production. It is also expanding its multi-state footprint through cultivation build-outs, joint ventures, and license-related transactions in regulated markets. This approach is intended to combine production control with local market access.
These products are the company’s core commercial focus and drive brand positioning.
Additional cultivation capacity supports volume growth and local market penetration.
More state licenses and facilities reduce dependence on any single market.
Geography
Grown Rogue operates in the United States, with cultivation and sales activity centered in Oregon, Michigan, New Jersey, and Illinois. The company’s revenue is state-based rather than national, so operating licenses, local supply conditions, and state market structure are central to performance. New Jersey has been an important revenue contributor, while Oregon and Michigan provide additional production and sales scale.
Risks
The business depends on state-by-state cannabis regulation, licensed facilities, and successful cultivation execution, so operational or regulatory setbacks can quickly affect output and sales. As a cannabis operator, it also faces industry risks such as pricing pressure, crop quality variability, compliance burdens, and financing constraints that are common in a highly regulated market. Expansion projects and lease commitments add execution risk because new capacity must be brought online and monetized efficiently.
The company’s Illinois transaction depends on state approval before closing.
Exposure: Illinois expansion and craft grow license acquisition
Revenue depends on producing consistent flower quality and yields across facilities.
Wholesale flower and pre-roll markets can be competitive and price-sensitive.
Exposure: State-level adult-use markets
Facility build-outs and acquisitions require ongoing funding.
Exposure: Cultivation expansion and acquisitions
Accounting
Judgemental itemsCannabis inventory must be costed and tested for realizability, affecting gross profit.
Impact: Finished cannabis inventory and cost of revenues
Cultivation facilities and licenses may require impairment testing if economics weaken.
Impact: Property, equipment, and intangible assets
Share-based compensation, derivatives, and warrants rely on valuation assumptions.
Impact: Non-cash expenses and balance sheet liabilities
Cannabis tax rules can materially affect tax accounting and effective tax rates.
Impact: Income tax expense and deferred tax balances
New facility investments can create period-to-period expense volatility.
Impact: Operating expenses and adjusted EBITDA reconciliation
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Last updated: 16/06/2026