GRUSFOTCAgricultural Production-CropsUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto32,4milj. USD
+21,8 %v/v
Liikevoitto (EBIT)−0,6milj. USD
−1 089,4 %v/v
EBIT-marginaali−1,8%
−2,1 %-yks.v/v
Nettotulos3,2milj. USD
+130,2 %v/v
Vapaa kassavirta−1,1milj. USD
+25,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−10010203040milj. USD20202021202220232024: 27 milj. USD2024: EBIT 0,06 milj. USD20242025: 32 milj. USD2025: EBIT −0,59 milj. USD202532−0,59
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Grown Rogue International Inc.

Liiketoiminta

Osuus liikevaihdosta
Flower70 %

Premium indoor and sungrown cannabis flower sold in state markets.

Pre-rolls25 %

Packaged pre-roll products made from the company’s cannabis flower.

Other cannabis products5 %

Smaller product offerings and related cannabis sales across operating states.

Tuotteet

Raportoitu · osuus liikevaihdosta
95,3%FY2024100 %
  • Products95,3 %
  • Services4,7 %

Lähde: 10-K/A FY2024, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Licensed dispensaries and retailers

Buy packaged flower and pre-rolls for resale to adult-use consumers.

Medical cannabis channels

Purchase cannabis products where medical programs remain meaningful.

Wholesale cannabis buyers

Source flower inventory for branded or store-level resale.

Strategia

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.

Grow premium flower and pre-roll salesLyhyt aikaväli

These products are the company’s core commercial focus and drive brand positioning.

Expand production capacity in regulated statesKeskipitkä aikaväli

Additional cultivation capacity supports volume growth and local market penetration.

Broaden multi-state operating footprintKeskipitkä aikaväli

More state licenses and facilities reduce dependence on any single market.

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
Regulatory approval risk in IllinoisKorkea

The company’s Illinois transaction depends on state approval before closing.

Kohdistuu: Illinois expansion and craft grow license acquisition

Cultivation and crop execution riskKorkea

Revenue depends on producing consistent flower quality and yields across facilities.

KohdistuuOregonMichiganNew JerseyIllinois
Cannabis market pricing pressureKeskitaso

Wholesale flower and pre-roll markets can be competitive and price-sensitive.

Kohdistuu: State-level adult-use markets

Capital intensity and financing dependenceKeskitaso

Facility build-outs and acquisitions require ongoing funding.

Kohdistuu: Cultivation expansion and acquisitions

Kysy Clarifolta: Grown Rogue International Inc.

Kirjanpito

Harkinnanvaraiset erät
Inventory costing and valuation

Cannabis inventory must be costed and tested for realizability, affecting gross profit.

Vaikutus: Finished cannabis inventory and cost of revenues

Long-lived asset and intangible impairment

Cultivation facilities and licenses may require impairment testing if economics weaken.

Vaikutus: Property, equipment, and intangible assets

Fair value measurements

Share-based compensation, derivatives, and warrants rely on valuation assumptions.

Vaikutus: Non-cash expenses and balance sheet liabilities

Section 280E and uncertain tax positions

Cannabis tax rules can materially affect tax accounting and effective tax rates.

Vaikutus: Income tax expense and deferred tax balances

Pre-operational startup costs

New facility investments can create period-to-period expense volatility.

Vaikutus: Operating expenses and adjusted EBITDA reconciliation

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Päivitetty: 16.6.2026