MEDFORD, Ore. – Grown Rogue International Inc., a craft cannabis company, reported its fourth quarter and full year results ended December 31, 2024. The company changed its fiscal year-end from October to December during 2024, affecting year-over-year comparison periods, including making year-over-year quarterly comparisons less relevant. All financial information is provided in U.S. dollars unless otherwise indicated.
2024 Operational and Financial Highlights
- Revenue of $27.0M compared to $23.4M in the year ended October 31, 2023, an increase of 16%
- Adjusted EBITDA of $9.7M compared to $7.6M in the year ended October 31, 2023, an increase of 27%
- Adjusted EBITDA margin of 35.8% compared to 32.7% in the year ended October 31, 2023
- Grown Rogue Received Licensing Approval in New Jersey and Closed Option 1 to Acquire 44% of ABCO Garden State, LLC (“ABCO”), with agreements in place to own up to 70%, pending regulatory approval
- Commenced sales of Grown Rogue flower and pre-rolls in New Jersey in December and, as of mid-March, are selling into approximately half of the 205 dispensaries in the state
- Increased ownership of Michigan operations from 60% to 80%
- Convertible lenders voluntarily converted $3.1M of outstanding convertible debentures not due until 2027
- Announced the termination of the advisory agreement with Vireo Growth Inc. (formerly Goodness Growth Holdings, Inc.)
- Subsequent to year-end, the Company appointed Andrew Marchington as Chief Financial Officer and Josh Rosen as Chief Strategy Officer
- Subsequent to year-end Nile, the Company’s affiliated dispensary located in West New York, New Jersey, opened in February 2025, with its grand opening event planned for Saturday, March 29
- Subsequent to year-end, the Company closed a US$7.0M credit facility at ~9% interest
- 2024 Fourth Quarter Financial Highlights
- Revenue of $5.7M and adjusted EBITDA of $2.6M
- Adjusted EBITDA margin of 46.9%
Management Commentary
“This was another productive year for Grown Rogue with growth in both revenue and aEBITDA showing the continued execution by our team in competitive markets against a backdrop of price compression that was most pronounced in the back half of the year. Our core markets of Oregon and Michigan performed well in 2024 with strong market share increases in both markets. Our sales in OR and MI grew 10% and 13%, respectively, while state sales in OR were flat and MI were up 8%, indicating continued strong demand for our flower and pre-roll products. Our state-level EBITDA margins in 2024 were affected by lower pricing, particularly in Oregon, but we remain relentlessly focused on offsetting this competitive environment with strong cost controls, operational efficiencies and yield improvements. We continue to see pricing pressure early in 2025, most significantly in Michigan and we’re optimistic that we’ll see this pressure subside as we move through the year. Fortunately, our strong execution and resulting margin profile makes us resilient.,” said Obie Strickler, CEO of Grown Rogue.
“I’m so proud of everyone on the Grown Rogue team for both maintaining the focus on continuous improvement in our existing operations and simultaneously delivering against an aggressive go-to-market timeline in New Jersey. Augmenting our team as we grow, while retaining and growing our core talent, is the linchpin of our success. I believe we’re doing a remarkable job of executing against the things we control. Our near-term focus remains on continuous operational improvements, construction of phase two at the New Jersey facility, the buildout of our facility in Illinois, and our ongoing measured pursuit of new markets. Our recently announced credit facility supports these growth initiatives on attractive terms by industry standards. We continue to believe that high-quality, low-cost cannabis cultivation, that delights consumers, is a protectable moat when done at the proper scale,” continued Mr. Strickler.
“I want to personally thank all our customers, the entire Grown Rogue team, and our supportive partners and shareholders for each doing their part to help Grown Rogue achieve our goal of becoming a nationally recognized craft flower company in the U.S. I look forward to providing future updates, most notably as we actively increase our penetration in the New Jersey market.”
About Grown Rogue
Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a craft cannabis company operating in Oregon, Michigan, New Jersey and Illinois, focused on delighting customers with premium flower and flower-derived products at fair prices. The company’s roots are in Southern Oregon, where it has proven its capabilities in the highly competitive and discerning Oregon market. The company’s passion for quality product and value, combined with a disciplined approach to growth, prioritizes profitability and return on capital without sacrificing quality. The company’s strategy is to pursue capital efficient methods to expand into new markets, bringing craft-quality product at fair prices to more consumers. The company also continues to make modest investments to improve outdoor craft cultivation capabilities in preparation for eventual interstate commerce.
