Craft Cannabis Co. Grown Rogue Reports Gross Profit Increase In 2023, CEO Signals Expansion

Cannabis company Grown Rogue International Inc. GRIN GRUSF, reported its audited 2023 results on Thursday for the twelve months ended Oct, 31, 2023, revealing a 32% year-over-year increase in revenue to $23.4 million and a 102% spike in operating cash flow to $6.4 million.

These figures are a testament to the company's "ability to profitably scale our business, our commitment to controlling costs through the growth cycle, and our focus on high-quality cannabis products that delight our consumers,” says Obie Strickler, CEO of Grown Rogue.

2023 Financial Highlights

• Gross profit totaled $12.7 million, up from $8.1 million in the prior year.
• Total expenses amounted to $8.4 million up from $7.2 million in 2022.
• Income from operations was $4.2 million up from $957,149.
• Total comprehensive loss was $666.882, compared to total comprehensive income of $400,716 in the prior year.
• Adjusted EBITDA came in positive at $7.6 million, down from a positive adjusted EBITDA of $5.1 million in fiscal 2022.
• Free cash flow was $2.8 million.

Other Operational Highlights

• Announced a strategic advisory agreement with Goodness Growth Holdings Inc. GDNS GDNSF to focus on improving quality, yields, and efficiencies in their Minnesota and Maryland operations.
• Announced entry into the New Jersey market, with construction nearing completion and on track to be completed in the second quarter of 2024, with sales expected in the third quarter of the same year.
• Augmented New Jersey presence with a retail investment in collaboration with Bengal Capital to invest in the operations of an adult-use dispensary in West New York, New Jersey.
• Closed three tranches of convertible debentures for total gross proceeds of $8.0 million.

2024 Outlook

“Our 2024 corporate objectives remain unchanged from 2023: continued operational improvements, launching in New Jersey, and identifying and executing our next expansion project," Strickler said. "We continue to refine our production, genetics, and efficiencies in our markets, drive increases in quality and yield for Goodness Growth, and gain market share in our new packaged products in Michigan and Oregon. We are also looking to expand into at least one additional market should we find an opportunity that fits our criteria, and we are in some advanced discussions on this front."

GRUSF Price Action

Grown Rogue's shares traded 2% lower at $0.49 per share at the time of writing on Thursday.

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