Grown Rogue Acquires Controlling Interest In Golden Harvests

Grown Rogue International Inc. GRUSF GRIN, a craft cannabis company operating in Oregon and Michigan, has announced that, Grown Rogue Unlimited, LLC, a wholly owned subsidiary of Grown Rogue, has received all required regulatory approvals from the Michigan Cannabis Regulatory Agency to exercise its option to acquire 87% of the membership units of Canopy Management, LLC.

Grown Rogue Unlimited has exercised the option and now owns an 87% interest in Canopy, which owns a 60% controlling interest in Golden Harvests, LLC. Canopy acquired the option for Golden Harvests on materially similar terms as held by the initial optionholder GR Michigan, LLC, a subsidiary of the company. Canopy was established on the same basis as GR Michigan in order to expedite regulatory approvals in Michigan.

Golden Harvests operates a total of approximately 55,000 square feet of an 80,000 square foot facility in Bay City, Michigan. The facility is currently producing greater than 10,000 pounds of whole flower per year which is sold through Grown Rogue branded flower and pre-roll product categories, including patented nitrogen sealing technology. Grown Rogue currently has no immediate plans to finish the remaining 25,000 sq ft as the company believes higher returns on invested capital exist elsewhere.

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

Related News

Grown Rogue Q4 Revenue Grows 35% YoY To $5M

Grown Rogue Closes $2.0M Convertible Debenture Financing