Regulatory approval risk in Illinois
The company’s Illinois transaction depends on state approval before closing.
- Scope
- Illinois expansion and craft grow license acquisition
- Materiality
- high
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.
0,3 %
43,6 %
10,0 %
+21,8 %
3.87
2.64
| % | |
|---|---|
| Flower | 70% Premium indoor and sungrown cannabis flower sold in state markets. |
| Pre-rolls | 25% Packaged pre-roll products made from the company’s cannabis flower. |
| Other cannabis products | 5% Smaller product offerings and related cannabis sales across operating states. |
The company sells into adult-use and medical cannabis retail channels in the states where it operates...
- Licensed dispensaries and retailersprimary
Buy packaged flower and pre-rolls for resale to adult-use consumers.
- Medical cannabis channelssecondary
Purchase cannabis products where medical programs remain meaningful.
- Wholesale cannabis buyersprimary
Source flower inventory for branded or store-level resale.
Grown Rogue operates in the United States, with cultivation and sales activity centered in Oregon, Michigan, New...
- •United States is the only revenue country disclosed
- •Operations span Oregon, Michigan, New Jersey, and Illinois
- •New Jersey is a key growth market in the company’s portfolio
- •Oregon supports indoor and outdoor cultivation in the Rogue Valley
- •Illinois expansion adds another regulated state market
The company’s strategy is centered on premium flower and pre-rolls, with an emphasis on high-quality, low-cost...
01
Grow premium flower and pre-roll salesshort-term
These products are the company’s core commercial focus and drive brand positioning.
02
Expand production capacity in regulated statesmedium-term
Additional cultivation capacity supports volume growth and local market penetration.
03
Broaden multi-state operating footprintmedium-term
More state licenses and facilities reduce dependence on any single market.
The business depends on state-by-state cannabis regulation, licensed facilities, and successful cultivation execution,...
Cultivation and crop execution risk
Revenue depends on producing consistent flower quality and yields across facilities.
- Scope
- Oregon, Michigan, New Jersey, Illinois
- Materiality
- high
Cannabis market pricing pressure
Wholesale flower and pre-roll markets can be competitive and price-sensitive.
- Scope
- State-level adult-use markets
- Materiality
- high
Capital intensity and financing dependence
Facility build-outs and acquisitions require ongoing funding.
- Scope
- Cultivation expansion and acquisitions
- Materiality
- high
Inventory costing and valuation
Finished cannabis inventory and cost of revenues
Long-lived asset and intangible impairment
Property, equipment, and intangible assets
Fair value measurements
Non-cash expenses and balance sheet liabilities
Section 280E and uncertain tax positions
Income tax expense and deferred tax balances
Pre-operational startup costs
Operating expenses and adjusted EBITDA reconciliation
: 16.6.2026