Grown Rogue International Inc GRUSF GRIN, renowned for its craft cannabis lineage rooted in Oregon’s Rogue Valley, has unveiled plans to enter the Illinois cannabis landscape. This move is cemented by a partnership with EBC Ventures, establishing Rogue EBC LLC, a joint venture poised to reshape the craft cannabis segment in Illinois.
Facility Development And Market Expansion
The collaboration has led to the acquisition of CannEquality LLC, holder of a craft growers license by the Illinois Department of Agriculture, underpinning the venture’s compliance and strategic positioning. This acquisition, pending regulatory nods, sets the stage for an ambitious development of a roughly 50,000 square foot facility in Waukegan, Illinois. This site is envisioned to foster up to 14,000 square feet of cultivation canopy, alongside a robust manufacturing arm, slated for completion and operational debut in the latter half of 2025.
Financial Structure And Strategic Goals
Grown Rogue’s majority stake in the venture, coupled with a substantial investment commitment of up to US$6,000,000, underscores the firm’s dedication to not only nurturing its growth prospects but also fortifying its market presence. The facility’s design anticipates an initial canopy spread of approximately 5,000 square feet, with scalable provisions to maximize the cultivation area as per the licensing terms.
Management Commentary
Obie Strickler, Grown Rogue’s CEO, expressed enthusiasm over the Illinois foray, highlighting the venture as a strategic pivot to meet the burgeoning demand for craft-quality cannabis at competitive price points. Strickler’s commentary accentuates the venture’s dual focus on market penetration and product excellence, reinforcing Grown Rogue’s commitment to delivering high-quality, craft cannabis experiences to Illinois consumers.
This expansion leverages Illinois’ vibrant recreational cannabis market, which boasted over $1.5 billion in sales in 2023 alone, with December witnessing a record-breaking $154 million in recreational cannabis transaction
GRUSF Price Action
GRUSF's shares were trading at $0.47 per share at the time of this writing around 10 AM ET Tuesday.
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