Earnings release
Page 1
Grown Rogue Reports Second Quarter 2025 Results Pro Forma Revenue and Pro Forma Adjusted EBITDA, including New Jersey affiliate, ABCO Garden State LLC ("ABCO"), were $8.01 million and $1.82 million , respectively, up 4% and down 12% year-over-year, and up 8% and down 2% on an apples-to-apples basis, excluding the 2024 second quarter contributions from the termination of the Vireo services agreement. Continued ramp in our New Jersey cultivation operations' second full quarter of sales, ongoing growth investments in talent and overhead, and substantial pricing pressure in Oregon and Michigan impacted our state-level and overall margins. Oregon operations generated $3.08 million in revenue and $0.80 million in Adjusted EBITDA (26.1% margin), maintaining healthy margins despite a challenging pricing environment, with our ASPs on A-grade flower down 25% YoY. Michigan operations contributed $2.28 million in revenue and $0.78 million in Adjusted EBITDA (34.2% margin), maintaining healthy margins despite a challenging pricing environment, with our ASPs on A-grade flower down 26% YoY. New Jersey affiliate ABCO generated $2.65 million in revenue and $1.29 million in Adjusted EBITDA (48.6% margin), demonstrating continued operational progress and replicable execution of our cultivation platform. Reported IFRS revenue was $5.56 million , with Adjusted EBITDA of $0.53 million . MEDFORD, Ore. , Aug. 12, 2025 /CNW/ - Grown Rogue International Inc. ("Grown Rogue" or the "Company") (CSE: GRIN) (OTC: GRUSF), a flower-forward cannabis company, combining craft values with scaled production and disciplined execution, is pleased to report its second quarter 2025 financial results for the three months ended June 30, 2025 . All financial information is provided in U.S. dollars unless otherwise indicated. Summary and Pro Forma Metrics (Q2 2025 vs. Q2 2024) ( US $ in millions) – Pro Forma figures are non-IFRS measures. Metric Q2 2025 Q2 2024 YoY Δ Pro Forma Revenue* (non-IFRS) 2 $8.01M $7.72M 4 % Pro Forma Adjusted EBITDA (non-IFRS) 1 $1.82M $2.08M -12 % % Pro Forma EBITDA Margin 22.7 % 26.9 % -418 bps Reported IFRS Revenue $5.56M $7.72M -28 % Adjusted EBITDA 1 $0.53M $2.08M -75 % % Adjusted EBITDA Margin 9.5 % 26.9 % -1,739 bps * Includes revenue from New Jersey (ABCO) which is not included in Grown Rogue Consolidated results ¹ Non-IFRS financial measure. See MD&A for further details and reconciliations Market Performance by State (Q2 2025 vs. Q2 2024) (US $ in millions) State Total Revenue Q2 2025 Total Revenue Q2 2024 YoY Δ Adj. EBITDA¹ Q2 2025 Adj. EBITDA¹ Q2 2024 YoY Δ Adj. EBITDA Margin Q2 2025 Adj. EBITDA Margin Q2 2024 Oregon $3.08 $3.65 -16 % $0.80 $1.14 -30 % 26.1 % 31.3 % Michigan $2.28 $3.46 -34 % $0.78 $1.69 -54 % 34.2 % 48.9 % New Jersey * (ABCO) $2.65 – – $1.29 – – 48.6 % – ¹ Non-IFRS financial measure. See MD&A for further details and reconciliations *New Jersey operations launched late 2024; no year-over-year comparison available Market Core KPIs (Q2 2025 vs. Q2 2024)
Page 2
Metric Oregon Q2 2025 Oregon Q2 2024 YoY Δ Michigan Q2 2025 Michigan Q2 2024 YoY Δ New Jersey Q2 2025* Total Flower Harvested (lbs) 2,942 2,457 20 % 3,432 3,010 14 % 1,445 Cost per Pound Produced ($/lb) $471 $563 -16 % $369 $432 -15 % $754 Yield ("A"/"B") Flower (g/sf) 63 58 8 % 72 64 13 % 54 Yield ("A" Flower) (g/sf) 43 42 3 % 45 43 6 % 33 Avg. Selling Price ("A" Flower) ($/g) $617 $825 -25 % $817 $1,106 -26 % $2,495 * New Jersey operations launched late 2024; no year-over-year comparison available Management Commentary from CEO, Obie Strickler "We have seen pricing in Oregon and Michigan compress significantly over the last year. We want to be clear to investors about our perspective on this: we believe price normalization is a natural and healthy part of any market — especially in cannabis, where lower prices pull more consumers into safer regulated products. We also firmly believe Oregon and Michigan are not outliers but rather harbingers of what every market in the nation will eventually experience to similar degrees, albeit on different timelines. Even as pricing has come down, our teams continue to deliver profitability and attractive returns on capital. We recognize that pricing will be cyclical and that we do not control the overall market price. Instead, we focus on what we can control — executing at the highest levels possible to continue to elevate our craft. This means remaining a constantly improving team, particularly when it comes to driving cost efficiencies and enhancing flower quality. From my lens, our team has executed on these priorities exceptionally well. We are applying everything we have learned in Oregon and Michigan in New Jersey , and we are excited to continue to apply these learnings to the other growth engines in our business. We are underway with construction of Phase 1 of our affiliate Illinois cultivation facility, and we are evaluating Minnesota as our next potential organic, new build market. With our administrative support, our National Director of Cultivation was awarded pre-approval for a Minnesota cultivation license, and we are currently evaluating real estate options. Minnesota has the key attributes that align with our organic growth model, most notably, a limited supply of craft-quality indoor flower. We're excited about the potential to bring Grown Rogue's flower-forward approach to customers in a state we came to know well during our advisory agreement with Vireo. While expanding into new markets, we've also made intentional investments in corporate overhead and team capabilities. We're bringing in the right talent and systems to ensure that as we grow, we preserve the operational discipline and culture that set Grown Rogue apart. These investments may put short-term pressure on margins, but they position us to capitalize on the opportunities we see emerging across the industry — including several distressed opportunities currently under evaluation. We are also monitoring recent federal discussions on potential rescheduling. We support measures that advance legalization, decriminalization, and reduce regulatory complexity. From a business standpoint, we'd welcome any changes that ease the regulatory burden of operating in the cannabis industry, although we do not expect any of the potential near-term decisions being discussed to materially impact our operations or growth strategy." Management Commentary from CSO, Josh Rosen "A confluence of factors, most notably increased competition, limited access to incremental capital and substantial debt and lease burdens, has created a window of significant financial and operational distress across the industry, with overbuilt and expensive cultivation infrastructure often at the center. We view this period of industry distress as a real opportunity — our flower-forward model is built to thrive in competitive, price-sensitive markets. By staying low-cost, high-quality, and disciplined, we're positioned to capture share where others are struggling, and we plan to lean into these opportunities. One of the reasons I joined the Grown Rogue team was my personal experience navigating complex
Page 3
and immature state-level supply chains and recognizing that the efficient production of quality flower is the economic engine of the industry — amplifying profits across the supply chain during periods of high pricing and providing resilience when markets grow more competitive. Distressed and restructuring transactions tend to be slow and complex, so it's hard to predict exact timing or the scale of what we might accomplish — but we'll be disappointed if this isn't a meaningful contributor to our growth over the next 18–24 months. Looking ahead, we remain laser-focused on executing our core organic growth strategy — expanding in New Jersey , advancing in Illinois , and positioning ourselves to enter Minnesota if the opportunity aligns. At the same time, we're prepared to leverage our operational expertise into distressed opportunities. I'm confident in the strong foundation we're building to support our future growth." Management Commentary from CFO, Andrew Marchington "Financially, we remain in a strong and flexible position – our core operations in Oregon and Michigan continue to generate healthy cash flow, and New Jersey is already contributing meaningfully while still early in its scale-up. As a reminder, because our New Jersey operations are through an affiliate, their results aren't consolidated in our IFRS financials. Instead, we provide Pro Forma Revenue and Adjusted EBITDA as supplemental measures – to give investors a better view of our total economic interest. We've included a reconciliation to reported IFRS results below for clarity." Reconciliation of Reported to Pro Forma Results (US$ in millions) Metric Q2 2025 Q2 2024 YoY Growth Reported IFRS Revenue $5.56 $7.72 -28 % Less: Elimination of Services Revenue Charged to ABCO ($0.20) n/a n/a Plus: New Jersey Affiliate Revenue (ABCO) $2.65 n/a n/a Pro Forma Revenue (non-IFRS) 2 $8.01 $7.72 4 % Reported Adjusted EBITDA 1 $0.53 2.08 -75 % Plus New Jersey Affiliate Adjusted EBITDA 1 $1.29 n/a n/a Pro Forma Adjusted EBITDA (non-IFRS) 1 $1.82 2.08 -12 % Pro Forma revenue and Pro Forma Adjusted EBITDA are non-IFRS financial measures that include the results of the Company's New Jersey affiliate, ABCO Garden State LLC ("ABCO"), which are not consolidated in the Company's IFRS financial statements. Management believes these measures provide investors with additional insight into the Company's economic interest in all operating assets. Further details and reconciliations for non-IFRS financial measures are provided in the Company's MD&A for the three and six months ended June 30, 2025 , which will be filed today on SEDAR+ ( www.sedarplus.ca ) and EDGAR ( www.sec.gov ). Conference Call and Webcast Information Grown Rogue will release its financial statements and Management's Discussion and Analysis for the three- and six-month periods ended June 30, 2025 , after market close on Tuesday, August 12, 2025 . To further enhance investor disclosure, the Company will also post an updated Company Overview presentation to its website and host a conference call and webcast shortly after the release. Conference Call Details Date: Tuesday August 12, 2025 Time: 4:30 p.m. Eastern Time ( 1:30 p.m. Pacific Time ) Webcast: Register
Page 4
Dial-in: 1-800-836-8184 ( Toll-Free in North America ) A telephone replay of the conference call will be available until 19 August 2025 , by dialing (+1) 888 660 6345 and using replay code: 33641# The webcast will be archived on Grown Rogue's Investor Relations website for approximately 90 days following the call. For assistance, please contact: invest@grownrogue.com About Grown Rogue Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a flower-forward cannabis company rooted in Oregon's Rogue Valley, a region known for its deep cannabis heritage and commitment to quality. With operations in Oregon , Michigan , and New Jersey—and expansion underway in Illinois— Grown Rogue specializes in producing designer-quality indoor flower. Known for exceptional consistency and care in cultivation, our products are valued by retailers, budtenders, and consumers alike. By blending craft values with disciplined execution, we've built a scalable, capital-efficient platform designed to thrive in competitive markets. We believe sustained excellence in cannabis flower production is the engine of the industry's supply chain—and our competitive advantage. For more information about Grown Rogue, please visit www.grownrogue.com . Unaudited Condensed Consolidated Statements of Income (Loss) (US$ in millions) Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 $ $ $ $ Revenue Product sales 5,354,033 7,109,563 10,732,496 13,380,867 Service revenue 205,500 608,566 403,500 991,736 Total revenue 5,559,533 7,718,129 11,135,996 14,372,603 Cost of goods sold Cost of finished cannabis inventory sold (3,226,744) (3,567,522) (6,150,265) (6,340,207) Costs of service revenue - (59,632) - (159,701) Gross profit, excluding fair value items 2,332,789 4,090,975 4,985,731 7,872,695 Realized fair value loss amounts in inventory sold (559,544) (1,020,633) (1,078,709) (1,948,112) Unrealized fair value gain amounts on growth of biological assets 528,245 305,250 651,011 708,664 Gross profit 2,301,490 3,375,592 4,558,033 6,633,247 Expenses Amortization of property and equipment (Note 8) 119,159 211,293 233,294 466,345 General and administrative (Note 19) 2,380,489 3,008,543 4,683,637 5,027,867 Share option and restricted stock unit expense 674,734 28,186 1,442,343 84,371 Total expenses 3,174,382 3,248,022 6,359,274 5,578,583 Income (loss) from operations (872,892) 127,570 (1,801,241) 1,054,664 Other income (expense) Interest expense (157,283) (79,636) (275,739) (169,323) Accretion expense (368,258) (378,404) (588,391) (760,067) Other income (49,575) 29,522 569,308 46,498 Interest income 393,669 162,312 782,129 261,609 Unrealized gain (loss) on derivative liability (Notes 10.5, 11) 2,895,393 (7,546,164) 5,738,641 (13,206,204) Unrealized gain (loss) on warrants asset (168,162) 663,459 (1,340,654) 1,956,307 Loss on equity investment in associate (Note 6.1) (1,957) - (81,584) - Total other income (expense), net 2,543,827 (7,148,911) 4,803,710 (11,871,180) Gain (loss) from operations before taxes 1,670,935 (7,021,341) 3,002,469 (10,816,516) Income tax (Note 20) (251,077) (552,481) (502,069) (923,006) Net income (loss) 1,419,858 (7,573,822) 2,500,400 (11,739,522) Other comprehensive income (items that may be subsequently reclassified to profit & loss) Currency translation gain (loss) (6,547) (5,132) 1,288 (7,872) Total comprehensive income (loss) 1,413,311 (7,578,954) 2,501,688 (11,747,394) Gain (loss) per share attributable to owners of the parent – basic 0.01 (0.04) 0.01 (0.06) Weighted average shares outstanding – basic 246,988,149 210,438,579 237,209,594 196,811,444 Gain (loss) per share attributable to owners of the parent – diluted 0.01 0.01 0.01 0.01 Weighted average shares outstanding – diluted 256,532,400 243,741,268 244,244,594 215,111,968 Net income (loss) for the period attributable to: Non-controlling interest 99,131 109,472 182,131 140,200 Shareholders 1,320,727 (7,683,294) 2,318,269 (11,879,722) Net income (loss) 1,419,858 (7573,822) 2,500,400 (11,739,522)
Page 5
Comprehensive income (loss) for the period attributable to: Non-controlling interest 99,131 109,472 182,131 140,200 Shareholders 1,314,180 (7,688,426) 2,319,557 (11,887,594) Total comprehensive income (loss) 1,413,311 (7,578,954) 2,501,688 (11,747,394) Unaudited Condensed Consolidated Statements of Financial Position (US$ in millions) June 30, 2025 December 31, 2024 $ $ ASSETS Current assets Cash and cash equivalents (Note 18) 9,252,242 4,682,221 Accounts receivable, net (Note 18) 2,096,742 1,596,912 Biological assets (Note 3) 1,883,901 1,554,622 Inventory (Note 4) 4,504,265 4,769,776 Prepaid expenses and other assets 826,180 864,009 Notes receivable (Note 6.2) 8,217,783 7,189,635 Total current assets 26,781,113 20,657,175 Warrant asset (Note 13.1) 3,515,141 4,855,795 Other investments (Note 6.1) 1,728,779 1,810,363 Notes receivable (Notes 6.2) 2,765,431 2,613,969 Property and equipment (Note 8) 11,713,154 11,870,220 Intangible assets and goodwill (Note 9) 1,257,668 1,257,668 Deferred tax asset (Note 20) 317,241 250,620 TOTAL ASSETS 48,078,527 43,315,810 LIABILITIES Current liabilities Accounts payable and accrued liabilities 1,533,678 2,107,619 Current portion of lease liabilities (Note 7) 960,945 736,453 Current portion of long-term debt (Note 10) 1,057,319 227,679 Current portion of convertible debentures (Note 11) - 1,945,226 Current portion of business acquisition consideration payable (Note 5) 543,030 536,881 Derivative liability (Notes 10.5.1, 11.2) 119,778 12,504,175 Income tax payable 1,606,452 1,907,177 Total current liabilities 5,821,202 19,965,210 Lease liabilities, net of current portion (Note 7) 4,551,220 4,475,490 Long-term debt, net of current portion (Note 10) 6,593,748 1,001,681 Business acquisition consideration payable, net of current portion (Note 5) 1,560,370 1,693,540 Other non-current liabilities (Note 20) 657,627 269,883 TOTAL LIABILITIES 19,184,167 27,405,804 EQUITY Share capital (Note 12) 48,021,463 38,499,491 Shares issuable 51,382 - Contributed surplus (Notes 13 and 14) 9,998,062 9,025,541 Accumulated other comprehensive loss (124,642) (125,930) Accumulated deficit (30,522,274) (32,847,334) Equity attributable to shareholders 27,423,991 14,551,768 Non-controlling interests (Note 23) 1,470,369 1,358,238 TOTAL EQUITY 28,894,360 15,910,006 TOTAL LIABILITIES AND EQUITY 48,078,527 43,315,810 Unaudited Condensed Consolidated Statements of Cash Flow (US$ in millions) Six months ended Six months ended June 30, 2025 June 30, 2024 $ $ Operating activities Net income (loss) 2,500,400 (11,739,521) Adjustments for non-cash items in net income (loss): Amortization of property and equipment 233,294 466,345 Amortization of property and equipment included in costs of inventory sold 964,605 1,004,759 Amortization of debt issuance costs 16,461 - Unrealized fair value gain amounts on growth of biological assets (651,011) (708,664) Realized fair value loss amounts in inventory sold 1,078,709 1,948,112 Deferred income taxes (66,621) (145,171) Share-based compensation 1,442,343 84,371 Accretion expense 588,391 760,067 Accrued interest (768,119) - Loss on equity method investment in associate 81,584 - Loss on disposal of property and equipment 26,715 2,177 Unrealized loss on fair value of derivative liability (5,738,641) 13,206,204
Page 6
Unrealized gain on warrants asset 1,340,654 (1,956,306) Currency translation loss 1,288 (7,872) Total adjustments for non-cash items in net income (loss) 1,050,052 2,914,501 Changes in non-cash working capital (Note 15) (1,309,117) 425,091 Net cash provided by (used in) operating activities (259,065) 3,339,592 Investing activities Purchase of property and equipment and intangibles (532,194) (527,811) Acquisition of Canopy Management, LLC and Golden Harvests LLC (254,828) (362,453) Cash advances and loans made to other parties (611,491) (3,694,868) Repayment of principal and interest 200,000 250,000 Equity investment in ABCO Garden State LLC - (1,784,782) Dividend issued from Golden Harvests LLC to minority owner* (70,000) (120,000) Net cash provided by (used in) investing activities (1,268,513) (6,239,914) Financing activities Proceeds from long-term debt 7,000,000 - Long-term debt and equity issuance costs (263,374) (126,914) Proceeds from warrants exercised - 4,657,460 Proceeds from stock options exercised 405,866 195,608 Proceeds from sale of membership units of subsidiary - 600,000 Repayment of long-term debt (581,590) (714,304) Interest payments on convertible debentures (96,900) (337,203) Payments of lease principal (366,403) (657,018) Net cash provided by (used in) financing activities 6,097,599 3,617,629 Change in cash and cash equivalents 4,570,021 717,307 Cash and cash equivalents, beginning 4,682,221 6,804,579 Cash and cash equivalents, ending 9,252,242 7,521,886 Grown Rogue Adjusted EBITDA Reconciliation (US$ in millions) Six months ended June 30 June 30 Adjusted EBITDA Reconciliation 2025 ($) 2024 ($) Net income (loss), as reported 2,500,400 (11,739,522) Add back realized fair value amounts included in inventory sold 1,078,709 1,948,112 Deduct unrealized fair value gain on growth of biological assets (651,011) (708,664) Add back amortization of property and equipment included in cost of sales 964,606 1,004,759 3,892,704 (9,495,315) Add back interest and interest accretion expense, as reported 864,130 929,391 Add back amortization of property and equipment, as reported 233,294 466,345 Deduct unrealized gain/add back unrealized loss on derivative liability, as reported (5,738,641) 13,206,204 Deduct unrealized gain on warrants asset, as reported 1,340,654 (1,956,307) Loss of equity method investment in associate 81,584 2,177 Interest income (782,129) (261,609) Other income (569,308) (46,498) Add back income tax expense, as reported 502,069 923,006 EBITDA (175,643) 3,767,394 Costs associated with acquisition of Golden Harvests 60,000 488,000 Share based compensation 1,442,343 84,371 New production location startup costs - 154,628 Nonrecurring legal and transaction costs - 177,641 Adjusted EBITDA 1,326,700 4,672,034 Segmented Adjusted EBITDA – Six months ended June 30, 2025 (US$ in millions) Oregon Michigan Corporate Consolidated Revenue 5,948,946 4,783,550 403,500 11,135,996 Costs of revenue, excluding fair value adjustments (3,536,353) (2,613,912) - (6,150,265) Gross profit (loss) before fair value adjustments 2,412,593 2,169,638 403,500 4,985,731 Net fair value ("FV") adjustments (423,010) (4,688) - (427,698) Gross profit 1,989,583 2,164,950 403,500 4,558,033 Operating expenses: General and administration 1,177,434 896,059 2,610,144 4,683,637 Depreciation and amortization 62,772 64,003 106,519 233,294 Share based compensation - - 1,442,343 1,442,343 Other income and expense: Interest and accretion (104,507) (48,473) (711,150) (864,130) Interest income - - 782,129 782,129 Unrealized (loss) gain on derivative liability - - 5,738,641 5,738,641 Unrealized (loss) gain on warrants asset - - (1,340,654) (1,340,654) Loss of equity method investment in associate - - (81,584) (81,584)
Page 7
Other income 48,685 (24,552) 545,175 569,308 Net income (loss) before tax 693,555 1,131,863 1,177,051 3,002,469 Tax - - (502,069) (502,069) Net income (loss) after tax 693,555 1,131,863 674,982 2,500,400 Net FV adjustments 423,010 4,688 - 427,698 Amortization of property and equipment included in cost of sales 546,285 418,321 - 964,606 Amortization of property and equipment 62,772 64,003 106,519 233,294 Unrealized derivative liability - - (5,738,641) (5,738,641) Unrealized warrants asset - - 1,340,654 1,340,654 Loss on equity method investment in associate - - 81,584 81,584 Interest income - - (782,129) (782,129) Other income (48,685) 24,552 (545,175) (569,308) Interest and accretion 104,507 48,473 711,150 864,130 Income tax - - 502,069 502,069 EBITDA 1,781,444 1,691,900 (3,648,987) (175,643) Costs associated with acquisition of Golden Harvests 1 - - 1,442,343 1,442,343 Share based compensation - - 60,000 60,000 Adjusted EBITDA 1,781,444 1,691,900 (2,146,644) 1,326,700 Notes : 1 . The Company's "aEBITDA," or "Adjusted EBITDA," is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "EBITDA" as the Company's net income or loss for a period, as reported, before interest, taxes, depreciation and amortization, and is further adjusted to remove transaction costs, stock- based compensation expense, accretion expense, gain (loss) on change in fair value of derivative liabilities, the effects of fair-value accounting for biological assets and inventory, as well as other non-cash items and items not representative of operational performance as reported in net income (loss). Adjusted EBITDA is defined as EBITDA adjusted for the impact of various significant or unusual transactions. The Company believes that this is a useful metric to evaluate its operating performance. The Company defined "Pro Forma Adjusted EBITDA" as the combined Adjusted EBITDA of the Company plus the Adjusted EBITDA of New Jersey (ABCO), with any intercompany transactions eliminated. 2 . "Pro forma Revenue" is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "Pro forma Revenue" as combined revenue of the Company plus revenue of New Jersey (ABCO), an affiliate which is accounted for as an equity method investment, with any intercompany revenues eliminated. Non-IFRS Financial Measures EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Revenue 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 operations which will be consolidated in the future are consolidated in the current reported periods. 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. Forward-Looking Statements Disclaimer
Page 8
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. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2025/12/c8683.html
Page 9
%SEDAR: 00008380E For further information: General Inquiries and Investor Contact: Obie Strickler, Chief Executive Officer, obie@grownrogue.com; Investor Relations: invest@grownrogue.com, (458) 226-2662 CO: Grown Rogue International Inc. CNW 16:05e 12-AUG-25