Craft Cannabis Co. Grown Rogue Expands In This Booming East Cost Weed Market Via New Acquisition
- Licensing Approval and Acquisition: Grown Rogue International Inc. has obtained licensing approval from the New Jersey Cannabis Regulatory Commission and closed its first option to acquire 44% of ABCO Garden State, LLC.
- Deal Details: Grown Rogue has an option to acquire 70% of ABCO through two options: Option 1 for 44% and Option 2 for 26%.
- Financial Transactions: The company paid approximately $1,260,000 in cash to acquire Option 1 and expects to pay around $720,000 for Option 2 pending regulatory approval.
- Expansion Plans: Grown Rogue's CEO highlighted New Jersey and Illinois as primary growth drivers for the company in 2024 and 2025.
- Market Events: New Jersey is hosting a Benzinga cannabis event this month, showcasing opportunities in the recreational market.
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Corporate Developments: The cannabis industry is experiencing significant activity with major acquisitions, such as Organigram's purchase of Collective Project Limited, and financial improvements reported by companies like Canopy Growth and Grown Rogue International, indicating a dynamic market landscape.
Regulatory and Product Innovations: Legal debates continue to shape cannabis policy, highlighted by a U.S. Supreme Court ruling favoring a trucker fired for THC use, while new product launches from brands like Grön and MariMed reflect ongoing consumer market expansion in states like Illinois.
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Expansion Plans: The company is focusing on its expansions in New Jersey and Illinois, with product launches expected in December 2024 and ongoing construction aimed at increasing production capacity by mid-2025.
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Conversion of Voting Shares: The company converted 75,194,941 multiple voting shares into subordinate voting shares, simplifying its capital structure and indicating confidence in future growth, particularly as it expands in U.S. markets.
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Expansion Plans: The company is focusing on growth in New Jersey and Illinois, expecting sales in New Jersey by Q4 2024 and targeting sales in Illinois by the second half of 2025, supported by a partnership aimed at enhancing the craft cannabis market.
This Week In Cannabis: Trump Policy Updates, Corporate Moves, Regulatory Shifts And Product Innovations
Corporate Developments: The cannabis industry is experiencing significant activity with major acquisitions, such as Organigram's purchase of Collective Project Limited, and financial improvements reported by companies like Canopy Growth and Grown Rogue International, indicating a dynamic market landscape.
Regulatory and Product Innovations: Legal debates continue to shape cannabis policy, highlighted by a U.S. Supreme Court ruling favoring a trucker fired for THC use, while new product launches from brands like Grön and MariMed reflect ongoing consumer market expansion in states like Illinois.
Cannabis Co. Grown Rogue Reports 7% Increase In Q3 Revenue, Focuses On New Jersey And Illinois Expansion
Financial Performance: Grown Rogue International reported a 7% increase in revenue to $7 million for Q3 2024, but experienced a decrease in gross profit and operating cash flow due to increased expenses and pricing pressures. The net loss improved to $667,240 compared to the previous year.
Expansion Plans: The company is focusing on its expansions in New Jersey and Illinois, with product launches expected in December 2024 and ongoing construction aimed at increasing production capacity by mid-2025.
Grown Rogue Secures $800K, Vireo Forfeits 4.5M Warrants In Cannabis Shakeup—What's Next For Both?
Grown Rogue and Vireo Growth Agreement Termination: Grown Rogue International has terminated its advisory agreement with Vireo Growth, resulting in Vireo forfeiting 4.5 million warrants and agreeing to pay Grown Rogue $800,000, while Grown Rogue retains 10 million warrants.
Leadership Changes at Vireo Growth: Vireo Growth appointed Amber Shimpa as CEO following the resignation of Josh Rosen, who will remain an advisor, as the company prepares for expansion into Minnesota's adult-use market next year.
Cannabis Sales In Michigan Soar To $295.4M For A Recording-Breaking August
Record Cannabis Sales in Michigan: Michigan's cannabis sales revenue reached $295.4 million in August, surpassing July's record of $276 million, with recreational sales making up the majority at over $294 million.
Industry Growth and Projections: The state's cannabis industry achieved $3.06 billion in sales for 2023, a 25% increase from the previous year, with projections suggesting total sales could exceed $3.32 billion in 2024.
6.7M Options And Major Share Conversions Could Ignite This Under-The-Radar Weed Stock
Stock Options and RSUs Granted: Grown Rogue International Inc. has granted 6,755,000 stock options and 454,200 restricted stock units (RSUs) to key personnel, aligning leadership incentives with the company's long-term goals.
Conversion of Voting Shares: The company converted 75,194,941 multiple voting shares into subordinate voting shares, simplifying its capital structure and indicating confidence in future growth, particularly as it expands in U.S. markets.
Grown Rogue Cannabis Reports Record Q2 Revenue And Adjusted EBITDA, NJ And Illinois Major Growth Drivers
Q2 2024 Financial Results: Grown Rogue International reported a revenue of $7.7 million for Q2 2024, a 23% increase from the previous year, with a positive adjusted EBITDA of $2.5 million; however, the company faced a net loss of $7.6 million compared to a profit in the same period last year.
Expansion Plans: The company is focusing on growth in New Jersey and Illinois, expecting sales in New Jersey by Q4 2024 and targeting sales in Illinois by the second half of 2025, supported by a partnership aimed at enhancing the craft cannabis market.
