Craft Cannabis Co. Grown Rogue Sees 29% Revenue Increase In Q4, Expands Construction Progress In New Jersey

Grown Rogue International Inc. GRIN GRUSF reported on Tuesday its unaudited fiscal fourth quarter 2023 results for the three months ended Oct. 31, 2023.

The craft cannabis company operating in Oregon and Michigan, as well as in Minnesota and Maryland through an advisory agreement with Goodness Growth Holdings, Inc. GDNSF GDNS, revealed a 29% year-over-year increase in revenue hitting $6.5 million in the fourth quarter.

“Our $6.5M in revenue continues our upward trajectory with a sequential increase of 3%, despite the cyclicality of our Oregon outdoor business, where sales were down $0.2M from the previous quarter and $0.5M from Q2 2023,” CEO Obie Strickler said.

Q4 2023 Financial Highlights

• Gross profit was $4.4 million.
• Net loss was approximately $2 million.
• Adjusted EBITDA came in positive $2.1 million compared to $1.7 million adjusted EBITDA gain in the prior year's period.
• Operating cash flow, before changes in working capital, of $1.8 million compared to $0.7 million in the fourth quarter of 2022, an increase of 156% year-over-year.
• Adjusted EBITDA margin was 32.1% compared to 32.8 % in the prior year's period.

Construction Progress In New Jersey

Grown Rogue announced its entry into the New Jersey market, with construction underway and on track to be completed in the second quarter of 2024, with sales expected in the subsequent period.

"We are particularly pleased with the construction progress in New Jersey by our partner and believe it to be one of, if not the highest return on investment in the cannabis space currently and are extremely excited to soon be bringing Oregon quality cannabis to the great people of New Jersey," Strickler said.

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