Slides
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Company Overview – Summer 2025 CSE: GRIN | OTC: GRUSFFlower-Forward Cannabis
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Company Overview – Summer 2025 Disclaimer 2 This presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, securities of Grown Rogue International Inc. (the “Company”). Any such offer will be made only by applicable offering documents and in accordance with securities laws.Certain statements herein may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. Such statements relate to future events or the Company’s future performance and include, without limitation, statements regarding the Company’s strategic plans, growth opportunities, market trends, expansion initiatives, regulatory developments, financial outlook, and other non-historical information. Forward-looking statements are often identified by words such as “may,” “will,” “should,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “continue,” “project,” “target,” or similar expressions.Forward-looking statements reflect management’s current expectations, estimates, and assumptions, which are believed to be reasonable as of the date hereof, but are subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied. Such factors include, but are not limited to: changes in general economic, business, and political conditions; the Company’s ability to obtain necessary financing; competition; market volatility; changes in laws or regulatory enforcement; public perception of cannabis; agricultural and environmental risks; execution risks; and reliance on third-party partnerships. Additional risk factors are described in the Company’s public filings available at www.sedarplus.ca. The Company operates in the legal recreational cannabis marketplace in certain U.S. states through its indirect subsidiaries. While such activities are permitted under applicable state laws, they remain illegal under United States federal law. Investors should carefully consider this conflict of laws and related risks.This presentation also includes non-IFRS financial measures, such as “EBITDA,” “Adjusted EBITDA,” and “Free Cash Flow,” which do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. These measures are provided for supplemental purposes only and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS.Any market or industry data herein has been obtained from publicly available sources or third-party reports believed to be reliable; however, the Company has not independently verified such data and makes no representation as to its accuracy or completeness. Past performance is not necessarily indicative of future results. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statements or information contained herein.No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained herein.
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Introduction
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Company Overview – Summer 2025 Grown Rogue is a flower-forward cannabis company rooted in Oregon’s Rogue Valley—long aligned with Humboldt for its legacy and craft. We deliver consistent, quality flower at scale through disciplined, cost-efficient operations. 4 Sample design
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Company Overview – Summer 2025 Sustained excellence in cannabis flower production is the engine of the industry’s supply chain — and our competitive advantage. 5 Why Grown Rogue? •Proven, battle-tested cultivation operations across competitive markets•Unwavering commitment to quality and customer value•Culture that attracts and retains top-tier, mission-aligned talent•Disciplined leadership focused on high-return growth•Strategically positioned to benefit from industry distress Our Flower-forward Thesis Biscotti Runtz
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Company Overview – Summer 2025 Our Story From 15 hand-dug holes and a passion for the plant to a company defined by authenticity and operational excellence. Founded by Obie & Sarah Strickler with hands-on experience in Southern Oregon’s legacy market. “Oregon is where we cut our teeth. It taught us how to grow the right way – no compromises. ” Authentic Roots, Proven Growth Oregon Born, Quality Driven Founder-Led with PurposeRooted in community and culture, guided by values and legacy, and growing with purpose. From mountain-side grows to a leading indoor flower producer — built through grit, discipline, and a relentless focus on quality. Obie and Sarah Strickler6
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Company Overview – Summer 2025 Grown Rogue at a GlanceProfitable GrowthPrudent Balance SheetCurrent Footprint & Growth Platform Demonstrated Performance. Financially Disciplined. Strategically Positioned for Growth. •Demonstratedoperational resilienceacross competitive states•Solid gross and EBITDA margins with consistently strong operational KPIs, sustained through periods of significant price compression 7 •Secured commercial bank financing on attractive terms•Former convertible noteholders converted early, reducing interest expense•Improved financial flexibility supports a conservatively leveraged operating model •Operating inOregon, Michigan, New Jersey•Illinois facilityunder construction•Targetingat least one new state per year•Evaluating distressed opportunities across a number of markets
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Company Overview – Summer 2025 What Grown Rogue Stands For Rooted in the Rogue Valley, but defined by our refusal to follow corporate cannabis norms Flower-first alwaysCraftsmanship Commercial craft flower without selling out. 'Grown' reflects hands-on cultivation and love for the craftOur team obsesses over every detail — from seed to harvest, and trim to packaging 'Rogue' honors both our place and our independence IndependenceQuality-First We focus only on the things that raise quality and reduce cost — nothing else 8Solar Berry
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Operations 9
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Company Overview – Summer 2025 Where We GrowCraft Roots. Scaled Operations. Facilities in Oregon, Michigan, New Jersey and growing in Illinois 14.8k Sample design + Oregon Total Outdoor Canopy (sq ft) 10 Oregon 16.5kMichigan 8k +9k Phase II=17k total at full buildout New JerseyPlanned total of: 14k5K Phase I +9K Phase II Total Indoor Bench Cultivation (sq ft)Illinois ~80k
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Company Overview – Summer 2025 Sustained Excellence in Flower ProductionExcellence = Quality + Cost ControlDelivering, flavor, structure, novelty, potency — all while improving yields and reducing costsA culture of tastemakers and craftspeopleWe breed and grow innovative genetics, constantly evolving our portfolioFacility-first mindsetQuality and efficiency start with intelligent, no-frills facility design and maintenance Grown Rogue consistently delivers flower that performs across markets.Our craft-quality products drive strong demand, high re-order rates, and expanding shelf space. 11
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Company Overview – Summer 2025 The Virtuous Cycleof Being Flower ForwardDeliver designer-quality flower at value pricing — Craft appeal at prices the market can afford — and come back for Attract like minded, passionate team members — Our team self-selects: only the curious, collaborative and committed thrive here Continuous improvement becomes the culture: Better product, lower cost, stronger brand — over and over again “We don’t just grow cannabis — we build systems, culture, and discipline that make great flower inevitable. ” 12
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Company Overview – Summer 2025 Operational Metrics that MatterMetricOregon Q2 2025Oregon Q2 2024YoY ΔMichigan Q2 2025Michigan Q2 2024YoY ΔNew JerseyQ2 2025 Total Flower Harvested (lbs)2,9422,457+20%3,4323,010+14%1,445Cost per Pound Produced$471$563-16%$369$432-15%$754Yield ("A"/"B") Flower (g/sf)6358+8%72 64+13%54Yield ("A") Flower (g/sf)4342+3%45 43+6%33$ / lb "A" Flower ASP*$617$825-25%$817$1,106-26%$2,495 We don’t just track KPIs — we act on them — using them to guide daily decisions and share insights transparently across teams and markets. 13 •Oregon and Michigan both delivered strong YoY growth in total flower harvested with improved cost efficiency.•New Jersey’s initial reported harvest volumes and yields provide a solid starting point for optimization, though production costs are currently higher than established markets. •'A' grade yields and pricing declined in Oregon and Michigan, reflecting broader market price compression; focus remains on premium flower optimization.•New Jersey ASP significantly higher due to early-stage market dynamics and limited supply. Performance Data Guiding Continuous Improvement *Average Selling Price
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Market Deep Dive
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Company Overview – Summer 2025 Oregon: Proven Leadership in Craft Flower at Scale 15 #1 flower brand in Oregon since 2021 – loyalty built on quality & consistency $2M facility upgrade – 30,000 sq ft high-performance grow $0.80M Adjusted EBITDA in Q2 2025 – 26.1% margin, continued cash flow generation Pre-roll success – Top 10 in Oregon within months of 2024 launch ~1,000 lbs/month indoor flower (2 facilities)•700 lbs A-grade •300 lbs B-grade“Oregon is where we cut our teeth. If you can thrive here, you can thrive anywhere. ”—Obie Strickler, Co-Founder & CEO
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Company Overview – Summer 2025 Michigan: Replicated Oregon Performance 16 Strategic Entry: 80% ownership of MI Golden Harvests for ~$3M. Efficient Upgrades: $6M CapEx transformed local grow to high-efficiency facility, mirroring Oregon’s model $0.78M Adjusted EBITDA, 34.2% margin in Q2 2025 – maintaining discipline amid pricing pressure ~1,000 lbs/month indoor flower •700 lbs A-grade, 300 lbs B-grade – production on par with Oregon “Michigan is navigating its first price war — and we’re built for this” —Obie Strickler, Co-Founder & CEO16
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Company Overview – Summer 2025 New Jersey: Large Market, Attractive New Build 17 $12M Total Buildout:•Phase I – $7M Capex / $1M Working Capital(5,000 sq ft bench)•Phase II – $4M (Additional 9,000 sq ft bench)•Full 50,000 sq ft facility with ~14,000 sq ft cultivation bench Strong Return Profile: Wholesale pricing ~$2,000–$2,800/lb; Q2 2025 Adjusted EBITDA: $1.29M (48.6% margin) Proven Output Model: Target 1,000+ lbs/month – ~700 lbs A-grade + 300 lbs B-grade; mirrors OR/MI playbook 17 70% stake for $2M: Low-cost entry into top-tier East Coast market
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Company Overview – Summer 2025 Illinois: Our Next Market Entry, Strategic New Build 18 Facility Under Construction: New cultivation site launching in 2026; designed to replicate Oregon and Michigan’s high-yield, craft-quality production through phased construction focused on consistent flower performance Disciplined, High-ROI Expansion:Proven capital-efficient entryStrategic Market Rationale:Illinois is a top 5 U.S. cannabis market with limited craft-quality flower Illinois gives us room to scale while maintaining control, margins, and product integrity — a high-upside move, grounded in execution.
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Growth
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Company Overview – Summer 2025 Growth Strategy: Flower as the Engine 20 Organic growth and acquisitionsTargeting deep markets with limited craft-quality flowerAcquisition targets Proven Playbook1.Fixer-uppers (OR - Airport, MI)2.New builds (OR - Rossanley, NJ and IL)3.Deliberate, flower forward product expansion (pre-rolls) 1.MN, NY , PA, OH, MA, MD2.Focused on capital efficient market entry and cash on cash returns Roadmap1.Distressed fixer-uppers with low entry costs2.Complementary flower forward teams that augment our platform Alignment We expand our footprint while fiercely protecting the quality and authenticity of the Grown Rogue brand.
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Company Overview – Summer 2025 Capital Allocation and ReturnsTarget:>$0.75 sustainable EBITDA per $1 deployedProject Capital DeployedSustainable EBITDA*Oregon Airport Facility~$2M + modest improvements$2–3MMichigan Golden Harvest~$6M + ongoing improvements$4–6MNew Jersey ABCO Project~$15–16M (incl. Phase 2)$11–15M Every $1 invested is expected to return outsized cash flow. We don’t just manage capital —we aim to multiply it. *Peak EBITDA can be higher during unsustainable pricing environments before market maturity. 21
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Company Overview – Summer 2025 Proactively Targeting Distress•A convergence of industry headwinds has created widespread financial and operational distress•Shifting regulations and intensifying competition continue to pressure underperforming operators•Many peers remain burdened by high-cost debt and overvalued real estate structures•Oligopoly profits often conceal poor execution and inefficiency•Overbuilt cultivation assets with high overhead are a key source of drag across the sector 22 Identifying value in a dislocated market Why Grown Rogue is well positioned•Proven track record of operational turnarounds and efficiency in flower production•Leadership team played a key role in stabilizing Vireo, preserving equity value and platform potential•Currently evaluating multiple distressed assets with return thresholds aligned to disciplined capital deployment•Restructuring deals take time—but Grown Rogue is prepared and positioned to act
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Flower Forward 23
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Company Overview – Summer 2025 Built on Execution. Grown by Fanatics. Sold by Performance.Why it WorksHow its Grown Grown Rogue is a sales-driven organization. We win on operational execution and product quality—not hype. Our strains move because they deliver. •Recognized brand with awards from regional competitions•Consistently recommended by trusted budtenders•Built an authentic reputation through quality and consistency•Loyal customers say it best: “You’ve got to try Grown Rogue”•Sell-through, not sell-in — we earn shelf space by turning product •Strain design = brand loyalty→ Unique flavor, aroma, and effects keep customers coming back•Innovation never stops→ Constant pheno-hunting and in-house breeding•Buzz built organically→ No gimmicks, just strains that spread by word-of-mouth•Only the best make the cut→ If it doesn’t hit all four (Yield. Potency. Terpenes. Appearance.), we don’t grow it “No shortcuts. No gimmicks. Just great cannabis, grown right. ” 24
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Company Overview – Summer 2025 Flower Powers Brand Packages and pre-rolls1/8 packages and pre-rolls Grown Rogue ReserveGrown RogueYetiQuality, consistency, and value create brand resonance Premium 1/8 package and pre-rolls 25
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Company Overview – Summer 2025 Genetic Innovation Drives Quality, Yield and Taste 26 Genetics are the foundation of ourflower-forward strategyCombininginternal breedingwith strategic partnerships to continually evolve our geneticsFocused onhigh-yield, terpene-rich strainstailored to consumer preferencesSupports consistentquality, potency, and flavor across markets In-house and collaborative expansion of genetics library.
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Financials 27
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Company Overview – Summer 2025 Financial Snapshot – Aligned for Growth 28 Metric Q2 2025 LTM as of 6/30/25Total Pro Forma Revenue$8.01 M $27.85 M└ Oregon Revenue$3.08 M $11.33 M└ Michigan Revenue$2.25 M $11.05 M└ New Jersey Revenue$2.65 M $4.76 MTotal Pro Forma Adjusted EBITDA$1.82 M $8.09 M└ Oregon Adjusted EBITDA$0.80 M $3.09 M└ Michigan Adjusted EBITDA$0.78 M $4.52 M└ New Jersey Adjusted EBITDA$1.29 M $2.14 M Credit Statistics*Total Debt (inc. income taxes payable)— $9.81 MTotal Debt / Adjusted EBITDA— 1.23x Fixed Charge Coverage Ratio— 2.32x (US $ in millions) Note:Pro forma financial figures arenon-IFRSmeasures and include results from the Company’s New Jersey affiliate, ABCO Garden State LLC, which are not consolidated in the Company’s IFRS financial statements. See MD&A for reconciliations and additional details.*As calculated by Grown Rogues senior lender
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Company Overview – Summer 2025 Cap Table 29 Grown Rogue Summary Cap Table as of June 30, 2025Total SecuritiesSubordinate Voting Shares249,502,938 Total 249,502,938 Dilutive Securities└ Options @ CAD 0.15 4,360,000 └ Options @ CAD 0.30 400,000 └ Options @ CAD 0.39 500,000└ Options @ CAD 0.74 30,000 └ Options @ CAD 0.84 6,855,000 └ Options @ CAD 0.87 2,000,000 └ Options @ CAD 0.93 500,000 └ Vireo Growth Warrants @ CAD 0.2254,000,000 └ Unvested Restricted Stock Units1,496,500 Total 20,141,500 Total Fully Diluted Shares Outstanding ( Treasury Method)*255,301,827*Assuming a closing share price of CAD $0.54
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People & Purpose
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Company Overview – Summer 2025 Our Team – Built by Growers. Backed by DoersFlower-first. Execution-focused. Decades of hands-on experience at every level.Obie StricklerCultivating cannabis since 2000CEO, Founder | Decades of experience in commercial-scale craft cultivation 31 Seann Igoe With Grown Rogue since its founding in 2017VP Post-Harvest I 25+ years of cannabis experience with expertise in post-harvest and process control Christian StiersWith Grown Rogue team since early 2021VP Cultivation I Over 20 years of cultivation and advanced cannabis genetics expertise With Grown Rogue since 2023CFO I CPA with finance experience across cannabis and emerging industriesAndrew Marchington Josh RosenGuiding Strategy at Grown Rogue since 2025CSO I Veteran cannabis operator and investor bridging Wall Street and weed since 2010 Nolan Snyder With Grown Rogue since 2022VP Sales I 10 years in cannabis and CPG, specializing in new market entry and brand-led sales growth
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Company Overview – Summer 2025 Our Pillars – Built on Passion, Guided by PurposeLove the Plant:Everything starts with the plant. From our Rogue Valley roots to our in-house breeding program, we seek out and cultivate standout genetics that inspire curiosity, creativity, and connection. Quality is in our DNA—and it shows in every harvest.Craft Cultivators:We grow with intention—not to be the biggest, but to be the best. Our right-sized facilities are designed to scale boutique-quality flower without compromise. As consumers ourselves, we take pride in the flower we share with the world.Continuous Improvement:We are relentless in our pursuit of better. Through data, feedback, and innovation, we fine-tune everything—from cultivation to post-harvest—to deliver a consistent, high-quality experience that sets the standard.Cost Control:Efficiency isn’t just smart—it’s sustainable. We optimize every dollar to drive value for our customers and stakeholders. If it doesn’t support the plant or the people who enjoy it, we cut it.Team First:Our people are our power. From legacy growers to new talent, we cultivate a culture of trust, accountability, and mutual respect. At Grown Rogue, we don’t just grow cannabis—we grow leaders.32
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Let’s Grow TogetherWe’re building the most trusted flower producer and brand in cannabis. Contact: invest@grownrogue.com | (458) 226-2662 Pink Passion Fruit
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34 Appendix
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Company Overview – Summer 2025 Quarterly Pro Forma Revenue by Segment 35 Segmented RevenueQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023**Q3 2023**Q2 2023**└ Oregon$3.08$2.87$2.52$2.87$3.65$3.05$2.90$3.24$2.91└ Michigan2.282.512.843.423.463.223.192.842.82└ New Jersey2.651.770.33- - - - - -└ Corporate*- - -0.700.610.380.390.270.27Pro Forma Total Revenue$8.01$7.15$5.69$6.99$7.72$6.65$6.48$6.35$6.00 (US $ in millions) *Includes services revenue from March 2023 - September 2024**Historical 2023 periods are for Fiscal Quarter of the year ending October 31, 2023Note:Pro forma financial figures arenon-IFRSmeasures and include results from the Company’s New Jersey affiliate, ABCO Garden State LLC, which are not consolidated in the Company’s IFRS financial statements. See MD&A for reconciliations and additional details.New Jersey operations launched late 2024; data not available for prior period.
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Company Overview – Summer 2025 Quarterly Pro Forma Adjusted EBITDA by Segment 36 Segmented Adjusted EBITDAQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023**Q3 2023**Q2 2023**Q1 2023** └ Oregon$0.80$0.98$0.71$0.60$1.14$1.17$1.35$1.10$0.90$1.27└ Michigan0.780.910.941.881.691.511.611.341.26-0.46└ New Jersey1.290.770.08- - - - - - -└ Corporate*-1.05-1.09-1.34-0.81-0.76-0.42-0.97-0.33-0.250.45Pro forma Adjusted EBITDA$1.82$1.57$0.40$1.67$2.08$2.26$2.00$2.11$1.92$1.26 *Includes services revenue from March 2023 - September 2024**Historical 2023 periods are for Fiscal Quarter of the year ending October 31, 2023Note:Pro forma financial figures arenon-IFRSmeasures and include results from the Company’s New Jersey affiliate, ABCO Garden State LLC, which are not consolidated in the Company’s IFRS financial statements. See MD&A for reconciliations and additional details.New Jersey operations launched late 2024; data not available for prior period. (US $ in millions)