MEDFORD, Ore. — November 11, 2025 — Leads & Copy — Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported its third quarter 2025 financial results, showing pro forma revenue of $8.5 million and pro forma adjusted EBITDA of $1.7 million, which includes the New Jersey affiliate ABCO Garden State LLC (ABCO). These figures represent a year-over-year increase of 26% and 25%, respectively. On an apples-to-apples basis, excluding the 2024 third quarter contributions from the terminated Vireo services agreement, revenue and adjusted EBITDA were up 35% and 78%.
According to the company’s press release, the improved results reflect operational improvements and sales penetration in New Jersey, along with better quarter-over-quarter operational performance and pricing in Michigan. These gains were partially offset by investments in corporate overhead and pricing pressure in Oregon.
Grown Rogue expanded its balance sheet by borrowing an additional $5 million on its bank loan, bringing the total loan to $12 million with a blended interest rate below 8%. This loan, along with anticipated operating cash flow, will fund near-term growth priorities, particularly in Minnesota, and support broader growth initiatives.
The company’s reported IFRS revenue was $5.4 million, with Adjusted EBITDA of $0.1 million.
Market performance by state for Q3 2025 includes:
- Oregon: Revenue of $2.6 million, Adjusted EBITDA of $0.3 million, with an Adjusted EBITDA margin of 11.6%.
- Michigan: Revenue of $2.5 million, Adjusted EBITDA of $1.0 million, with an Adjusted EBITDA margin of 39.7%.
- New Jersey (ABCO): Revenue of $3.4 million, Adjusted EBITDA of $1.6 million, with an Adjusted EBITDA margin of 46.6%.
CEO Obie Strickler stated that he is excited about the direction of Grown Rogue, noting the augmentation of their core team with experienced talent. He believes the company’s flower-forward, low-cost model positions it to succeed as the cannabis industry evolves.
Strickler highlighted the traction of Grown Rogue and Yeti brands in New Jersey and anticipates that branding and packaging efforts will strengthen the Michigan and Oregon businesses as the company shifts more volume into branded products. He emphasized a focus on disciplined, returns-driven growth, including product extensions, projects in Minnesota and New Jersey, and evaluation of distressed opportunities.
Grown Rogue is expanding its flower-forward product portfolio in Oregon and Michigan, becoming a top-five pre-roll producer in Oregon and introducing infused pre-rolls. The company is launching its first cured resin vape cartridge in Oregon and redesigning its pre-packaged flower program in Michigan to emphasize strain-specific packaging.
The company is prioritizing a new-build opportunity in Minnesota, where its National Director of Cultivation has received pre-approval for a cultivation license allowing up to 30,000 square feet of flowering canopy. Initial market entry is targeted for early 2027, with plans for approximately 10,000 square feet of bench flower canopy.
Josh Rosen, Chief Strategy Officer, mentioned that the company remains active in evaluating distressed assets and has submitted multiple non-binding letters of intent. Andrew Marchington, CFO, noted that the New Jersey operations are conducted through an affiliate and are not consolidated into the IFRS financial statements but will be in the full-year 2025 financial statements under U.S. GAAP.
For the three-month period ended September 30, 2025, ABCO generated unaudited cash flow from operations of $1.2 million, which is not included in Grown Rogue’s cash flows from operating activities in these IFRS financial statements.
A conference call and webcast will be hosted on Tuesday, November 11, 2025, at 5:00 p.m. Eastern Time.
For assistance, please contact: invest@grownrogue.com
