Grown Rogue International Inc (OTC: GRUSF) is a cannabis company that cultivates, manufactures, and sells cannabis flower and flower-derived products in the recreational and medical marketplace. Revenue comes from transactional product sales across three product lines: indoor flower, outdoor flower, and pre-rolls, sold through direct-to-retail delivery, third-party distributors, wholesalers, and processors. The company operates in Oregon, Michigan, and New Jersey, with Illinois expansion pending regulatory approval as of the 10-K filed April 8, 2026. Total net revenue was $32.4M for the year ended December 31, 2025, up 22% from $26.6M in FY2024. New Jersey was the largest single segment by revenue at $11.3M in FY2025, followed by Oregon at $11.1M and Michigan at $10.0M. Gross profit was $14.1M in FY2025 on a consolidated basis. The company was incorporated in Ontario, Canada, and completed a reverse merger in 2018 to enter cannabis operations. CEO J. Obie Strickler assumed the role on October 1, 2024 via a consulting arrangement with Strickler Geological Consulting, LLC.

Revenue model

Transactional product sales of cannabis flower (indoor and outdoor) and pre-rolls to dispensaries and wholesalers. Indoor flower generated $24.7M in FY2025 revenue, pre-rolls $5.2M, and outdoor flower $2.6M (year ended December 31, 2025). Distribution channels include direct-to-retail delivery, third-party delivery (mandated in Michigan), wholesalers, and processors.

Products and services

Indoor cannabis flower, outdoor cannabis flower, pre-rolls, trim and other flower-derived products. The company maintains a genetic library of more than 50 unique cultivars as of the 10-K filed April 8, 2026. Products are sold under the Grown Rogue brand to licensed dispensaries.

Customers and end markets

Licensed cannabis dispensaries in Oregon, Michigan, and New Jersey. End consumers are recreational cannabis users in all three states and medical cannabis patients in Michigan and New Jersey. No customer concentration data disclosed in the filing excerpts.

Value-chain role

Vertically integrated cannabis producer: cultivation (indoor and outdoor), manufacturing, and wholesale distribution to retail dispensaries. The company does not operate its own retail dispensaries based on filing excerpts.

Geographic exposure

Oregon ($11.1M net revenue, FY2025), Michigan ($10.0M net revenue, FY2025), New Jersey ($11.3M net revenue, FY2025). Illinois operations pending regulatory approval as of filing date April 8, 2026. Company is incorporated in Ontario, Canada.

Source: SEC 10-K, filed 2026-04-08

Industry: Agricultural Production-Crops Peers: Lexaria Bioscience Corp