• Revenue of $23.4M compared to $17.8M in 2022, an increase of 32%
• Operating Cash Flow (OCF), before changes in working capital (WC), of $6.4M compared to $3.2M in 2022, an increase of 102%
• Free Cash Flow¹ (FCF) of $2.8M, after maintenance and growth investments of $3.5M
• Announced a strategic advisory agreement with Goodness Growth Holdings to focus on improving quality, yields, and efficiencies in their Minnesota and Maryland operations
• Announced entry into the attractive New Jersey market, with construction nearing completion and on track to be completed in Q2 2024, with sales expected in Q3 2024
• 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 $8.0M

MEDFORD, Ore., Feb. 29, 2024 /CNW/ – Grown Rogue International Inc. (“Grown Rogue” or the “Company”) (CSE: GRIN) (OTC: GRUSF), a craft cannabis company born from the amazing terroir of Oregon’s Rogue Valley, is pleased to report its audited 2023 results for the twelve months ended October 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated.

Fiscal 2023 Financial Summary ($USD Millions)

Management Commentary 

“We are pleased to announce another record year at Grown Rogue, highlighted by continued strong performance in our core markets of Oregon and Michigan, and in our new advisory agreement with Goodness Growth. Our year-over-year revenue and operating cash flow growth of 32% and 102%, respectively, shows our 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,” said Obie Strickler, CEO of Grown Rogue. “Our operational performance combined with our ability to raise $8 million in reasonably priced convertible debt, underscores my confidence in our ability to be successful in New Jersey and beyond.”

“We are pleased with the construction progress in New Jersey and continue to believe this is an incredibly compelling return on our capital and capabilities. We are particularly excited to soon be bringing Oregon quality cannabis to the great people of New Jersey.

We also recently announced a retail investment in New Jersey to augment our cultivation facility in that market. We are excited to be collaborating with Nile and Bengal in this investment to allow us to expand outside of our core competency without taking too much capital or bandwidth, and continue to look for similar opportunities to sponsor aligned New Jersey retail in the future. This allows us access to shelf space for our branded flower products and earn additional profits within the highly attractive New Jersey market, while continuing our meticulous focus on producing affordable, craft-quality flower,” continued Mr. Strickler.

“Our 2024 corporate objectives remain unchanged from 2023: continued operational improvements, launching in New Jersey, and identifying and executing our next expansion project. 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.

I want to personally thank the entire Grown Rogue team, our shareholders, and our customers for the continued support to help Grown Rogue achieve our goal of becoming the first nationally recognized craft cannabis company in the U.S.”

Oregon Market Highlights ($USD Millions)

• #1 Flower brand and #3 brand overall in 2023, according to LeafLink’s MarketScape data, and #1 flower brand for ten consecutive quarters
• Total harvested wet weights for the state of Oregon decreased 0% YoY for indoor, 3% YoY for mixed, and increased 1% YoY for outdoor, according to the Oregon Liquor and Cannabis Commission (OLCC) for calendar year 2023
• Increased Oregon sungrown capacity with a lease option of 35 acres in Medford
• Launched Grown Rogue and Yeti branded pre-roll packs that are exceeding internal expectations

Michigan Market Highlights ($USD Millions)

• Released strain specific packaging and Yeti pre-rolls that has pushed pre-packaged product mix to 40% of sales in Q4 and has led to an increase in pricing and brand awareness
• Sales in Michigan in December 2023 was a new record at $280M, and sales in 2023 were over $3.0B, the second market in the U.S to reach that milestone
• Grown Rogue exercised its option and acquired 87% of Canopy Management, LLC resulting in its controlling interest in Golden Harvests, LLC

Michigan operations are through Golden Harvests, LLC.

Financial Statements and aEBITDA reconciliation

NOTES:

NON-IFRS FINANCIAL MEASURES

EBITDA and aEBITDA are non-IFRS measures and do not have standardized definitions under IFRS. The Company has also provided unaudited pro-forma financial information, which assumes that closed and pending mergers and acquisitions in 2021 are included in the Company’s financial results as of the beginning of the quarterly and annual periods in 2021. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. Accordingly, the following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS.

About Grown Rogue

Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a craft cannabis company operating in Oregon, Michigan, Minnesota, Maryland, and New Jersey, focused on delighting customers with premium flower and flower-derived products at fair prices. The Company’s roots are in Southern Oregon, where it has proven its capabilities in the highly competitive and discerning Oregon market. The Company’s passion for quality product and value, combined with a disciplined approach to growth, prioritizes profitability and return on capital without sacrificing quality. The Company’s strategy is to pursue capital efficient methods to expand into new markets, bringing craft-quality product at fair prices to more consumers. The Company also continues to make modest investments to improve outdoor craft cultivation capabilities in preparation for eventual interstate commerce. For more information, visit www.grownrogue.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company’s public disclosure documents filed on Sedar.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are disclosed in the Company’s Listing Statement filed on its issuer profile on SEDAR+ at www.sedarplus.ca. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Grown Rogue International Inc.

For further information: on Grown Rogue, please visit www.grownrogue.com or contact: Obie Strickler, Chief Executive Officer, obie@grownrogue.com; Jakob Iotte, Vice President of Investor Relations, jakeiotte@grownrogue.com, (458) 226-2662

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as “expects”, “will”, “anticipates”, and “estimates”; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief “snapshot” of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled “Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

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• Revenue of $4.5M compared to $3.7M in Q1 2022, an increase of 21%
• Operating Cash Flow (OCF), before changes in working capital (WC), of $1.3M compared to $0.5M in Q1 2022, an increase of 176%
• Free Cash Flow¹ (FCF) of $0.8M, after $0.4M spend on WC and capital expenditures
• Ended quarter with $3.5M of cash on hand, after $0.4M in debt repayment in the quarter
• Closed a $2.0M convertible debenture financing at 9% interest and half warrant coverage

MEDFORD, Ore., March 28, 2023 /CNW/ – Grown Rogue International Inc. (“Grown Rogue” or the “Company”) (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, is pleased to report its fiscal first quarter 2023 results for the three months ended January 31, 2023. All financial information is provided in U.S. dollars unless otherwise indicated.

First Quarter 2023 Financial Summary ($USD Millions)

Management Commentary

“We continue to demonstrate our operating abilities by generating substantial free cash flow margins while operating in extremely competitive markets. Our financial results for Q1 2023 were improved from Q4 2022 due to of our continued pursuit of operating efficiencies, and a modest increase in average wholesale pricing in Oregon,” said Obie Strickler, CEO of Grown Rogue.

“As we move forward, we are proactively ramping up our genetics programs in both Oregon and Michigan to make sure we stay on the front line of delivering industry-leading quality to our consumers. We believe that our philosophy and practice of constant iteration and improvement will engender more customer trust and deepen the relationship we have with our existing fans,” Mr. Strickler continued.

“Regarding capital allocation, we continue to focus on producing free cash flow to best position ourselves to meet our balance sheet obligations while being prepared for new market opportunities, using only a modest amount on increased working capital. With our internal cash generation and the recent $2M convertible debenture capital raise, we feel confident in our ability to take advantage of high-quality opportunities as they arise.

I want to thank the entire Grown Rogue team for their continued efforts and look forward to updating investors on our new market efforts in due course.”

Oregon Market Highlights ($USD Millions)

• #1 Flower brand for seven consecutive quarters, according to LeafLink’s MarketScape data
• Grown Rogue increased Oregon sungrown capacity with a lease option of 35 additional acres in Oregon’s Rogue Valley, that includes an addition cultivation license
• Focusing on increasing market share by launching craft pre-roll products in Q2-Q3 2023

Michigan Market Highlights ($USD Millions)

• Grown Rogue exercised its option and acquired 87% of Canopy Management, LLC resulting in its controlling interest in Golden Harvests, LLC
• Launching strain specific packaging in Q2-Q3 2023 which has garnered significant interest from customers

Michigan operations are through Golden Harvests, LLC.

Financial Statements and aEBITDA reconciliation

NON-IFRS FINANCIAL MEASURES

EBITDA and aEBITDA are non-IFRS measures and do not have standardized definitions under IFRS. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. Accordingly, the following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS.

About Grown Rogue

Grown Rogue International (CSE: GRIN | OTC: GRUSF) is a craft cannabis company focused on delighting customers with premium flower and flower-derived products at fair prices. Our roots are in Southern Oregon where we have demonstrated our capabilities in the highly competitive and discerning Oregon market and, more recently, we successfully expanded our platform to Michigan. We combine our passion for product and value with a disciplined approach to growth, prioritizing profitability and return on capital. Our strategy is to pursue capital efficient methods to expand into new markets, bringing our craft quality and value to more consumers. We also continue to make modest investments to improve our outdoor craft cultivation capabilities in preparation for eventual interstate commerce.

FORWARD-LOOKING STATEMENTS

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company’s public disclosure documents filed on Sedar.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are disclosed in the Company’s Listing Statement filed on its issuer profile on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Grown Rogue International Inc.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

MEDFORD, Ore., Feb. 21, 2023 /CNW/ – Grown Rogue International Inc. (“Grown Rogue” or the “Company”) (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, has announced the expansion of their Oregon craft sungrown capacity with a lease option (“Lease Option”) on a 35 acre-property (“Property”) in Medford, Oregon.

The Property has three tax lots that would allow, under current regulations, 120,000 square feet of additional sungrown canopy space.  Under Grown Rogue’s cultivation methods this Property, at full capacity, can produce in excess of 18,000 pounds of craft sungrown whole flower per year.  The Property comes with an existing Oregon Liquor Control Commission Tier II licensed farm allowing for 40,000 sq ft of production and the Company intends to transfer the Tier II license from their legacy medical farm in 2023 or 2024 to centralize production, further lowering costs and driving efficiencies.

The Company now controls approximately 100 acres and 6 parcels, that at full capacity can produce, under current regulations, approximately 40,000 pounds of sungrown whole flower annually. The Property is centrally located in the Rogue Valley, near Grown Rogue’s existing indoor and outdoor operations.  The Property boasts majestic views of surrounding geographic landmarks, comes with superb senior water rights, and a historic farmhouse that the Company plans to turn into an event space in the future.

“Expanding on our sungrown craft production is consistent with our company’s strategy of win now, and win later,” said Obie Strickler, CEO of Grown Rogue. “This Property will allow us to continue lowering our cost per pound of production and increase profitability metrics in the short term, while positioning ourselves for future interstate commerce. The recent moves in California, the Oregon lawsuit from Jefferson Packing House, and signs from the federal government, all suggest that interstate commerce is likely closer than we previously anticipated,” continued Mr. Strickler. “We are encouraged by the 17% decrease in outdoor weight harvested in Oregon in 2022 compared to 2021 and are experiencing a strong recovery in pricing and demand for flower products. We continue to focus on producing high-quality, low-cost products that delight our customers, allowing us to continue increasing our market share in our states.  2023 is going to be a transformational year for us as we look to expand into several new states where we will bring all the same attributes that have made us the leading producer in Oregon.”

The Lease Option is for one year with the ability to extend for an additional year.  Lease payments are $7,500/month with 75% of all lease payments applied to the total purchase price of $1,600,000.  15% is due at closing with an owner carry of three years that is greater of 5% or LIBOR plus 150bps in year 1, greater of 6% or LIBOR plus 150bps in year 2, and greater of 7% or LIBOR plus 150bps in year 3.

About Grown Rogue

Grown Rogue International (CSE: GRIN | OTC: GRUSF) is a craft cannabis company focused on delighting customers with premium flower and flower-derived products at fair prices. Our roots are in Southern Oregon where we have demonstrated our capabilities in the highly competitive and discerning Oregon market and, more recently, we successfully expanded our platform to Michigan. We combine our passion for product and value with a disciplined approach to growth, prioritizing profitability and return on capital. Our strategy is to pursue capital efficient methods to expand into new markets, bringing our craft quality and value to more consumers. We also continue to make modest investments to improve our outdoor craft cultivation capabilities in preparation for eventual interstate commerce.

FORWARD-LOOKING STATEMENTS

This press release contains statements which constitute “forward–looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward– looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company into Michigan and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward–looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward–looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward–looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company’s public disclosure documents filed on Sedar.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward–looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward–looking information except as otherwise required by applicable law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are disclosed in the Company’s Listing Statement filed on its issuer profile on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Grown Rogue International Inc.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

The demand for this superior cannabis continues to grow as consumers across the board prefer fresh products such as craft beer and organic food.

These high-end buds are higher in price compared to regular cannabis. However, here’s why paying a little extra for top-notch quality is well worth it.

Hand-Crafted

Each craft cannabis batch requires a small, dedicated team of farmers. Each plant requires individual attention to maintain the plant’s quality. These farmers shape and feed each cannabis plant-based on the strain. As it grows, they focus on maximizing its flower size, total yield, and euphoric effects.

The cannabis farms are a live environment and share a common problem, pests. They can damage crops, but these farmers use proven organic methods to control them.

With their consumers in mind, they emphasize clean and healthy growing techniques. That helps keep the facility clean and avoids the use of pesticides or chemicals.

Craft cannabis offers a choice that guarantees premium quality bud with a flavor difference you can taste compared to mass-produced weed.

Quality comes from farmers who meet the demands of cannabis from start to finish. After it is harvested, the stems and sugars leaves are hand-trimmed from the buds, maintaining the hands-on quality that makes the cannabis decidedly “craft.” In contrast, many major marijuana distributors process commercial weed through machines.

Is it Similar to Craft Beer?

There are many parallels between craft cannabis and craft beer.

Businesses in both industries emphasize that their products are “hand-made.” They also value resource management and practice sustainable methods, which is apparent in their attention to detail in their products, operations, and environmental impact.

Each industry relies on a devoted consumer base as craft businesses typically can’t mass-produce products in the same way major companies do. This makes the relationship between customers and businesses much more important.

That means the businesses typically give a more quality level of care to their products and can adapt to their customers’ evolving tastes, crafting a relationship that’s representative of the industry.

Where Do I Find It?

Finding a craft cannabis business in your area may require some research. Typically, craft cannabis is grown in smaller facilities and sold in local businesses.

Smaller cannabis cultivators, rather than chains, may be the best place to start.

Remember, true craft cannabis is “hand-made” throughout the cultivation cycle, meaning it’s hand-dried, hand-trimmed, and hand-packed.

Crafted cannabis should be rich in terpenes. According to WINK Cannabis, much of what you see on the craft market is cannabis with high terpene percentages, between 2-5%, that looks and smells amazing.

Remember, quality takes time and energy, which can raise costs for consumers. However, craft cannabis is the best cannabis on the market, and you get what you pay for.

As legalization continues to open up more markets, this niche field within the cannabis industry will likely continue to grow. Scope out dispensaries near you and consider making your dollar go further by purchasing top-notch quality.

But like any DIY project, you must prepare to do it correctly and safely because dangers and potential pitfalls abound. The last thing you want to do is get your friends sick with flower that has unsafe levels of powdery mildew, yeast, or mold.

Why is hydroponic growing the best method for cannabis? And what tools do you need to grow cannabis correctly with your hydroponic setup? Read on to find out the essentials.

What Does Growing Hydroponically Mean?

Hydroponic plants are grown with no soil. Rather, these plants depend on a light-growing medium. Growing media are essentially porous, fibrous substances that may look like soil but don’t actually provide any nutrients. These substances support each plant’s roots and help the plant better absorb nutrients like phosphorus, nitrogen, and calcium through enriched water. 

Rockwool, lightweight expanded clay aggregate and coconut fiber are among the most popular growing media, according to the plant experts at Everest Fernandez.

Exposure to light and oxygen allows the plants to grow without planting a seed in soil.

Why use a hydroponic system to grow plants like cannabis?

According to the U.S. National Park Service, using the hydroponic method is “a better way to grow food” for multiple reasons:

• Bigger yields
• Less water use
• Smaller footprint
• Year-round growth

As water use becomes a more heated issue in the U.S., thanks to climate change, using a method like hydroponics can be a game-changer. The NPS says hydroponic systems use “as much as 10 times less water” than traditional soil growing methods.

Are There Different System Types for growing Hydroponic Cannabis? Which Is Best?

Yes, but it would take far more words than we’ve budgeted to explain. The National Park Service website describes the different types of hydroponic systems — everything from Wick to Air-Gap, Raft, and Ebb and Flow.

And as the experts at High Times say: “Your hydroponic setup can be as complicated or as simple as you like — it’s up to you. You can incorporate pumps, aerators, valves and switches, or you can fill a bucket with nutrient solution and simply pour it over your soilless growing medium.”

What Tools Do I Need?

Experts like Happy Hydro Superior Gardening Products recommend a range of products — and you’ll likely find five of these 10 items listed on many websites recommending products to buy. Companies like Urban-Gro will even build customized hydroponic systems for just about any space.

Here are some of the “essential tools” for every indoor hydroponic cannabis grower, according to Happy Hydro:

• LED loupe light: This is a magnifying lens with an attached LED light. It will allow you to keep a close eye on your plants, track their growth progress, and monitor for diseases, mildew, mold, and yeast.
• Grow room glasses: Grow rooms are very bright. They have to be to provide the nutrients the cannabis plant needs to grow to its full potential. Depending on your setup, glasses with a green or blue lens are the best way to avoid blinding yourself and to ensure you’re not missing tell-tale signs of pests and disease.
• Automatic pH reader: PH testing is critical to ensuring your plants grow big and healthy. Even though no soil is involved, keeping track of the Ph levels ensures suitable nutrient availability. And watch out, because optimal pH levels are different for plants grown in soil than those produced hydroponically.
• Plant Yo-Yos: These handy tools help your plants grow in the direction you desire.
• Automatic environmental monitor: These smart systems can connect to Wi-Fi and phone apps to allow you to observe the hydroponic environment and make adjustments.
• Hanging bud-drying rack: Cannabis must be dried and cured to provide the full effects most people want when consuming the plant. Drying is the first step — use one of these racks to maximize space.
• Trimming scissors: Much work goes into pruning cannabis into the beautiful nugs you see on the dispensary shelf. It all relies on the tool used to do the trimming. Depending on your type, they can run you anywhere from $30 to more than $100. They come straight and curved. It all depends on your personal preference.

We’ve given you the basics. Please explore the links we’ve provided to get the complete picture because it takes time, practice, money, patience, and experimentation to get it right. But we know you can do it!

• Total sales grew 25% quarter over quarter, and 126% from Q3’21
• Total revenue increased to $2.9M from $2.3M in Q2’22, and $1.3M in Q3’21
• Gross margin before fair value adjustments of 48%
• General and administrative expenses decreased to 35% of revenue

VANCOUVER, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) —  (CSE: CLC) Christina Lake Cannabis Corp. (the “Company” or “Christina Lake“) is pleased to report its financial results for the third quarter fiscal 2022 ended August 31, 2022 (“Q3’22”). All amounts are expressed in Canadian dollars unless otherwise noted.

“I am honored to be able to report a record quarter at Christina Lake,” said Christina Lake CEO Mark Aiken. “This represents our highest revenue per quarter, with 25% growth over last quarter. As one of Canada’s leading extractors, our team remains focused on driving significant growth with our high-quality extracts, while continuing to look for new opportunities in the market. On top of this, we have delivered another quarter of positive net income.”

Third Quarter 2022 Financial Highlights
The following table of financial highlights is presented in thousands of Canadian dollars.

Revenue grew 25% to $2.9M from $2.3M in the prior quarter, and from $1.3M in Q3’21. Revenue growth was driven by the growing demand in our premium distillate, extended product offerings, and expanding customer base.

Gross Margin Before Fair Value Adjustments was 52% of net revenue for the nine-month period ended August 31, 2022, compared with 60% in the comparative prior year period. The Company continued to realize production efficiencies to combat price compression in the wholesale distillate market as production and sales continued to ramp up.    This was offset by an evolving product mix, which included the monetization of slower moving inventory.

Total general & administrative (“G&A”) expenses declined by 20% in Q3’22 compared to in Q3’21, driven by year-over-year reductions in corporate development, marketing, and share based compensation expenses. G&A decreased to 35% of revenue during the quarter, compared with 42% in Q2’22 and 100% in Q3’21.  

Net income in Q3’22 was $2.5M which is a $1.3M decrease from Q3’21. The year-over-year decline is primarily driven by a decrease in the fair value change on the growth of biological assets, which was offset by an increase in revenue and reduction in G&A expenses.

Cash & Working Capital
As at August 31, 2022, the Company had working capital of $10.4M, which consisted of $1.2M of cash, $1.7M in receivables, $4.6M of inventory, $4.4M of biological assets, and $1.6M of current liabilities.

The Company was able to optimize processing techniques which lead to consistent production of high potency distilled oils and other extracts, while adding additional processing capacity. That improvement was a key contributor to the significant increase in the revenue from the prior fiscal year. Fiscal 2021 was the first year the Company established a commercial inventory for the sale of premium extracts and cannabis products. The Company intends to finish processing its remaining biomass and oils in inventory, and will look to accelerate processing of its third 2022 harvest.

ABOUT CHRISTINA LAKE CANNABIS CORP.

Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation license and corresponding processing amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020). Christina Lake Cannabis’ facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. CLC focuses its production on creating high quality extracts and distillate for its B2B client base with proprietary strains specifically developed for outdoor cultivation to enhance extraction quality.

For more information, please visit www.christinalakecannabis.com and www.sedar.com. CLC.CN

For more Information, please contact:

Jennifer Smith
Investor Relations and Media Inquiries
[email protected]

Reader Advisory

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“Forward-Looking Statements”) including and not limited to: the revenue growth; future crop growth and distillate sales; production capacity; and operating expenses. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.

The press release should be read in conjunction with the management’s discussion and analysis (“MD&A”) and unaudited condensed consolidated interim financial statements and notes thereto as at and for the nine months ended August 31, 2022. Readers should also refer to the section regarding “Non-IFRS Measures” in the immediately following section of this press release. Additional information about Christina Lake is available on the Company’s profile on SEDAR at www.sedar.com.

In this press release, reference is made to gross profit/(loss) before fair value adjustments which are not measures of financial performance under International Financial Reporting Standards (IFRS). These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and are as a result unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of a review of our financial information reported under IFRS. Further information regarding the above can be found in the MD&A for the nine months ended August 31, 2022, filed under the Company’s profile on SEDAR at www.sedar.com

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Some states have passed legislation, but have yet to roll out a retail plan (as of this writing, Mississippi, Alabama, and Virginia, among others, fall into that camp). 

That has some thinking about home grows. Growing the plant can be a rewarding experience, and growers pride themselves on their ability to provide flower for themselves and their friends.

But which cannabis strains are best for at-home grows? Let’s take a look.

First, be warned that not every legal cannabis state allows for home grows. Before attempting to grow your own weed, know your state’s rules surrounding that activity. For example, Alabama has legalized a medical marijuana program, but possession is still a jailable offense!

But once you know you’re in the clear, here are five of the best cannabis strains to grow indoors—you’ll pick up on some themes quickly.

Blue Dream

One of the most popular strains period, sativa-dominant hybrid Blue Dream also happens to be an excellent plant to grow indoors. One reason? It’s fast grow time. This is a common refrain among the strains we’ll look at today. A fast-growing time means less time for you from setup to harvest, and it allows for a quick turnaround. Blue Dream’s harvest time is barely three months at nine to 10 weeks.

The plant is also tough, meaning you can screw up and still succeed. If you’re experimenting with different nutrients or nitrogen levels, you can go a little overboard, and still have a good, consumable plant.

Blue Cheese

Talk about a fast flowering cycle! Indica-dominant hybrid Blue Cheese has one—and some say it even has actual blue cheese flavor! If you do things right, you can harvest flowers from a Blue Cheese plant in under two months. Fifty days is said to be the average.

Like Blue Dream, the plant is tough and has a lot of foliage, so you can have a heavy hand when it comes to nitrogen and not screw things up too badly. Another plus? The plant is known for its affinity to LED lights, which use less electricity.

Northern Lights

Perhaps the most legendary strain of them all is also one of the best for growing indoors. It has a Blue Cheese-like flowering period of six-to-seven weeks. And another common theme is emerging: Northern Lights likes nitrogen, so it’s hard to mess up the feedings.

Gorilla Glue No. 4

This extremely sativa-dominant cannabis strain is best for growing indoors because of its yield. The CenturianPro experts say you can get up to 21 ounces of flower from one plant. The average is about 17, depending on who you ask. It also has a relatively short flowering cycle, just about two months from planting.

But beware: This strain is known for being extra sticky, making for difficult harvesting.

Green Crack

You can likely tell by its name, but Green Crack is a sativa-dominant strain with an eight-week flowering cycle. It is sensitive to every plant’s nemesis: powdery mildew. So, make sure you’re growing it in a generally dry climate. And again, it is a plant that can handle little mistakes regarding feeding.

So whether you’re the DIY type or just can’t yet buy cannabis over the counter, these five plants should get you well on your way to your own harvest—and within months. Enjoy!

Generally considered to be two different species of the same plant, people have for decades seen sativa and indica strains as two completely different beasts regarding their effects. 

Today, there’s a movement away from defining strains simply as indica or sativa and toward “chemotype,” a strain defined by its actual chemical composition. For example, a strain that’s technically an indica may provide an effect more like the stereotypical sativa high depending on the cannabinoids and terpenes it possesses.

But it will likely take years for such complexities to be understood by your average, casual consumer (if they ever are). That’s why dispensaries and edibles manufacturers still primarily describe their products in a way their customers will understand: indica and sativa. It’s essential to understand what those labels are widely believed to mean. That way, you know what to expect. In this article, we’ll focus on cannabis indica, starting with the plant itself:

Plant Characteristics

There is some disagreement about whether or not the cannabis indica plant is a different species than the cannabis sativa, but they typically look different.

Cannabis indica plants are typically short, dense, and have a bushier appearance with wide and short leaves compared to the typical cannabis sativa plant. Cannabis sativa plants are typically more tree-like in comparison.

Indica plants grow naturally in the Middle East and Asia mountains, where the climate is dry. Cannabis indica is traditionally the source of the famous hashish (resin) produced in India and Morocco.

Thanks to its native inhospitable growing climate, cannabis indica plants have a relatively fast growing cycle—half that of some cannabis sativa strains. It takes about seven weeks for an indica to flower and be ready for harvesting.

Indica’s Effects

The stereotypical indica high is a “body high,” meaning you’ll primarily feel it in the body as opposed to the more cerebral, creative effects in a sativa strain. Here’s a trick on how to remember this: Indica is felt “in-da-body,” while you can think of the first two letters of “sativa” standing for “stay awake.”

The body high is often a heavy feeling that’s perfect for relaxation, sleep, and pain relief. Just know: You might not want to leave the couch! Indica is also thought to stimulate the appetite or be more likely to give you “the munchies”— a good or bad thing, depending on who you are.

Popular Indica Strains

Northern Lights is quite possibly the most famous strain of cannabis, period, let alone indica. Cannabis database Leafly calls its effects “euphoric” and says it relaxes muscles while “easing the mind.”

Also popular among indica fans: anything purple. And when we say “purple,” we literally mean the flower has blue, red, or purple hues. Helpfully, the word is typically in the strain’s name too. So, whether you’re going for Purple Trainwreck, Purple Punch, or Grizzly Purple Kush, you can expect a high THC count (upward of 24% in some cases) and a body high that could leave you couch-locked with a bag of chips in your lap.

These days, Kush is giving Northern Lights a run for its money in popularity. The earthy-tasting, body-relaxing OG Kush strain has been combined in so many forms that it’s hard to keep up! There’s Bubba Kush, Pre-98 Bubba Kush, Commerce City Kush, King Louis OG, and even Charlie Sheen OG. 

Kush’s diversity and popularity are apparent in its celebration within hip-hop culture.

To sum up, the way we understand weed is changing, but the simplest way to categorize it is by its two most common species: indica and sativa. That’s how you’ll see it labeled at most retail stores or dispensaries and in everyday conversation with casual smokers.

Indica is known for its bushy appearance and body high and comes in the form of many popular strains you’ll hear about in stoner movies and hip-hop tracks. The more you know!

That may have you wondering if your favorite strain will also be affected? Retail is local for U.S. cannabis enthusiasts. So, global trends don’t have much of an immediate impact when it comes to getting cannabis flower from cultivators (grows) to manufacturers or retail stores (dispensaries).

However, higher fuel prices do impact transport. Plus, the manufacturers of devices like vape pens that rely on foreign metals or parts may see delays and higher prices. But overall, the transportation of cannabis itself is pretty constant, consistent, and straightforward.

According to experts and industry insiders, knowing your state’s rules and regulations is the most significant challenge. Like with everything cannabis, each state has its own requirements when it comes to marijuana’s transport (and the cash associated with it). Ultimately, it comes down to this: Safety first.

Many new businesses—with names like HARDCAR, Plymouth Armor Group, and Speedy Transporter, and staffed primarily by former military and law enforcement types—have cropped up around this new legal industry. And companies like INKAS Armored Vehicle Manufacturing and The Armored Group are turning normal-looking vans into armored vehicles specifically designed for the cannabis industry.

Long gone are the days of dispensary owners stuffing their trunks full of cannabis and taking it from the grow to the store. The pros have taken over transporting marijuana from the cultivator to the retailer, and they’re usually doing it in an fortified, bullet-proof vehicle.

But those pros face unique challenges beyond finding the right armored vehicle and security veterans to transport cannabis and its cash. Federal prohibition means that banking cannabis companies is technically illegal, so cannabis is still a cash-heavy business. And that illegal status at the national level means that transporting cannabis or money associated with it across state lines is a crime, too.

Companies like Plymouth Armor Group, which serves cannabis companies in multiple states across New England, must cross their T’s and dot their I’s and know every rule surrounding the transport of the plant in each state that it works.

In a recent interview with cannabis recruiting firm Vangst, Plymouth CEO Abbe Schnibbe and the former owner of Colorado’s first licensed cannabis transport business, Amy Sharp, gave their top advice for people looking to get into the transport business:

1. Insurance should be priority No. 1. And insurance is notoriously difficult to get in the cannabis industry

2. Law enforcement is your friend. The cops in legal states are no longer the weed-seller’s nemesis. You need them on your good side. Sharp said that goodwill goes both ways. The police appreciate an inside look at the business, its schedule, and what certain documents look like, and they’ll reciprocate that respect by looking out for you on the road.

3. Maintain strong relationships with banks and credit unions. These financial institutions are used to dealing with armored vehicles and understand state rules. For example, some states don’t allow armed guards to travel in trucks. That’s an important thing to know. And these financial institutions, which are already taking a considerable risk by working with a cannabis company, will want you to be as compliant as possible.

4. A cannabis transporter might be moving a lot of product and big money, but they shouldn’t expect to make bank. The overhead is high, and they’re technically plant-touching businesses, meaning they’re subject to Tax Code 280E.

Tax Code 280E is the cannabis industry’s No. 1 foil. The Reagan-era rule means that companies selling federally illegal narcotics, like marijuana, can’t claim the same tax deductions as other businesses. Thanks to that law, many cannabis companies see effective tax rates as high as 80%.

So when it comes to transporting cannabis from the grow to the store, U.S. consumers rarely need to worry about a supply-side crunch. But the people transporting the plant do have a lot on their plate.