Grown Rogue Boosts Ownership Of Michigan Cannabis Operations
- Grown Rogue Increases Ownership in Michigan Operations: Grown Rogue International Inc. has raised its ownership in its Michigan operations from 52.2% to 80% through transactions valued at $2.8 million.
- Acquisition Details: The purchase involved a mix of cash and sellers' notes, with the company now holding a larger stake in Golden Harvests, LLC, which operates out of an 80,000 sq ft facility.
- Deal with Canopy Management, LLC: Grown Rogue acquired the remaining minority interest in Canopy for $800,000, with a down payment in cash and monthly payments over four years.
- Expansion Plans and Valuation: The transaction values Golden Harvests at $10 million, with potential for further acquisition of the remaining 20% stake.
- CEO's Statement and Market Performance: CEO Obie Strickler highlighted Michigan's importance and growth plans, while Grown Rogue's shares traded slightly lower at $0.651 per share.
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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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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.
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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.
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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.
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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.
