Grown Rogue Terminates Joint Venture With Pure Extracts

Grown Rogue International Inc. GRUSF GRIN, a multi-state cannabis company with operations and assets in Oregon and Michigan, announced the termination of the joint venture between its Michigan partner, Golden Harvests, LLC and Pure Extracts Corp. The termination is immaterial to the company and the company's financial statements, since Grown Rogue had not incorporated any revenue or profits from this joint venture into their forecasts or planning.

"We are disappointed Pure couldn't fulfill their part of the joint venture agreement," stated Obie Strickler, CEO of Grown Rogue. "We were optimistic that this opportunity with Pure would come to fruition allowing Golden to bring additional products to the Michigan market to increase our current market position in the state. However, the company never included projections from the joint venture in our fiscal budget so the termination is immaterial to us. We are in discussions with several new processing partners to help expand the company's product offerings in Michigan," continued Strickler. "We have already completed the initial licensing with pre-approval from the state and look forward to finding a new partner and bringing our customers in Michigan additional products that provide the same quality and consistency they have found with our flower and pre-roll offerings".

Photo by Shelby Ireland on Unsplash

Related News

Cannabis Movers & Shakers: Mind Medicine, 22nd Century Group, Grown Rogue International

Grown Rogue Reports 255%YoY Increase In Q1 Revenue, Ninth Consecutive Of Positive Adjusted EBITDA

Grown Rogue 2021 Revenue Increases 121% YoY, Continues Expansion In Michigan & Oregon