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Grown Rogue International Inc. (TSE:GRIN)
:GRIN
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Grown Rogue International
(GRIN)
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Rating:52Neutral
Price Target:
C$0.70
▲(18.14% Upside)
The score is held back primarily by weak financial performance, including declining revenue growth, ongoing profitability issues, and deteriorating free cash flow. Technicals are a relative positive with strong momentum and price above key averages, while valuation provides only modest support. The latest earnings call adds some optimism around cost control and expansion, but persistent pricing pressure and ramp-up challenges temper the outlook.
Positive Factors
Cost Control
Effective cost control enhances profitability and competitiveness, allowing the company to maintain margins despite pricing pressures.
Balance Sheet Strength
A strong balance sheet provides financial flexibility for strategic investments and resilience against market volatility.
Expansion Strategy
Strategic expansion into new markets can drive future revenue growth and diversify geographic risk, supporting long-term business sustainability.
Negative Factors
Revenue Decline
Declining revenue growth indicates challenges in market demand or competitive positioning, potentially impacting long-term financial health.
Profitability Challenges
Ongoing profitability issues suggest operational inefficiencies, which can hinder reinvestment and growth opportunities.
Cash Flow Concerns
Negative free cash flow growth limits the company's ability to fund operations and invest in growth, posing a risk to financial stability.
Grown Rogue International (GRIN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$154.74M
Dividend YieldN/A
Average Volume (3M)71.83K
Price to Earnings (P/E)16.7
Beta (1Y)0.98
Revenue Growth-18.30%
EPS GrowthN/A
CountryCA
Employees204
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.01
Shares Outstanding249,581,070
10 Day Avg. Volume38,149
30 Day Avg. Volume71,828
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)9.30
Price to Sales (P/S)5.01
P/FCF Ratio25.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Grown Rogue International Business Overview & Revenue Model
Company DescriptionGrown Rogue International (GRIN) is a cannabis company specializing in the cultivation, production, and distribution of premium cannabis products. Operating primarily in the legal cannabis sectors across North America, Grown Rogue is committed to delivering high-quality, sustainably grown cannabis. The company offers a diverse range of products, including flower, pre-rolls, and infused products, catering to both recreational and medicinal cannabis markets.
How the Company Makes MoneyGrown Rogue International generates revenue primarily through the sale of its cannabis products to dispensaries and consumers in legal markets. The company has established key revenue streams from its cultivation operations, which involve growing and harvesting cannabis plants for direct sale. Additionally, Grown Rogue engages in wholesale distribution, allowing it to supply larger volumes of product to retailers. The company also benefits from strategic partnerships with other cannabis businesses and distributors, enhancing its market reach and operational efficiency. Marketing initiatives and brand development further contribute to customer loyalty and repeat sales, bolstering overall revenue.
Grown Rogue International Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 07, 2026
Earnings Call Sentiment Positive
The earnings call highlights Grown Rogue's strong cost control, balance sheet management, and strategic expansion into new markets like New Jersey and Minnesota. However, the company faces ongoing pricing pressure in its core markets and operational challenges in New Jersey. Despite these lowlights, the company's strategic initiatives and financial management indicate a positive outlook.Q3-2025 Updates
Positive Updates
Strong Cost Control
Grown Rogue achieved all-in 4-wall production costs of $368 and $348 in Michigan and Oregon, respectively, with potential costs under $200 for indoor production. Yields improved by 20% year-over-year with a record of 75 grams per square foot.
Balance Sheet Strength
The company upsized its credit facility by an additional $5 million, now totaling $12 million at a sub 8% interest rate, and holds a cash balance of over $13 million.
Expansion and Awards
Successful expansion into New Jersey, with the company winning two awards at the Best-in-Grass competition. The New Jersey market has been slower than hoped but is showing promise.
Minnesota Expansion Plans
Plans to expand into Minnesota with a flexible real estate strategy, allowing for potentially doubling canopy size to 30,000 square feet. Expected early product availability in 2027.
Pro forma Revenue Growth
Pro forma revenue increased by 26% year-over-year, primarily due to contributions from New Jersey.
Negative Updates
Pricing Pressure in Core Markets
The company continues to face significant pricing pressure in Oregon and Michigan, with no immediate changes expected in market conditions.
Challenges in New Jersey
New Jersey's yields are currently in the 60-gram per square foot range, lower than expected, with production costs still high due to being in early operational stages.
Oregon Market Struggles
Oregon had a disappointing quarter with significant pricing environment challenges, affecting overall revenue despite controlled costs.
Company Guidance
During the Grown Rogue Third Quarter 2025 Earnings Conference Call, CEO Obie Strickler detailed the company's performance metrics and future strategies. The company reported significant improvements in production costs, with Michigan and Oregon achieving costs of $368 and $348 per pound, respectively. Yields have increased to 75 grams per square foot, marking a nearly 20% improvement year-over-year. The company maintains a robust balance sheet, having upsized its credit facility to $12 million at a sub-8% interest rate and ending Q3 with over $13 million in cash. Grown Rogue's expansion into New Jersey is progressing well, with the market anticipated to produce 500-600 pounds of flower per month at full Phase 1 capacity. Looking forward, the company plans to focus on Minnesota for new market expansion, leveraging its strong balance sheet and aiming for low production costs similar to those achieved in current markets.Grown Rogue International Financial Statement Overview
Summary
Grown Rogue International shows strong revenue growth and improved operational efficiency, but faces challenges with profitability and high leverage. Positive operating cash flows are a strength, but high debt levels and negative net income are concerns.Income Statement
Grown Rogue International has shown significant revenue growth from $3.9M in 2019 to $27M in 2024. The gross profit margin has improved over time, reaching nearly 50% in 2024. However, the company struggles with profitability as evidenced by negative EBIT and EBITDA margins in the TTM period, accompanied by significant net losses.Balance Sheet
The company's financial position is challenged by a high debt-to-equity ratio due to its substantial liabilities and relatively low equity base. The equity ratio is improving but remains a concern given past instances of negative stockholders' equity. Continuous increase in total assets indicates investment in growth, but leverage remains high.Cash Flow
Grown Rogue International's cash flow from operations has grown, supporting its investment activities. However, free cash flow growth is inconsistent, and the company relies heavily on financing activities. The operating cash flow to net income ratio is positive, indicating operational cash generation despite net losses.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.15M | 27.02M | 21.83M | 17.76M | 9.38M | 4.24M |
| Gross Profit | 11.03M | 13.44M | 14.22M | 8.12M | 6.10M | 1.85M |
| EBITDA | 10.21M | -3.66M | 3.44M | 3.41M | 2.55M | -701.40K |
| Net Income | 7.41M | -11.30M | -533.04K | 447.46K | -1.01M | -3.15M |
Balance Sheet | ||||||
| Total Assets | 55.90M | 43.32M | 30.16M | 16.37M | 14.21M | 3.76M |
| Cash, Cash Equivalents and Short-Term Investments | 18.22M | 4.68M | 8.86M | 1.58M | 1.11M | 217.79K |
| Total Debt | 17.37M | 8.39M | 6.72M | 4.91M | 4.57M | 2.66M |
| Total Liabilities | 23.66M | 27.41M | 17.61M | 7.43M | 7.09M | 4.71M |
| Stockholders Equity | 30.67M | 14.55M | 11.56M | 6.93M | 5.09M | -911.64K |
Cash Flow | ||||||
| Free Cash Flow | 811.46K | 5.39M | 4.27M | 892.89K | -2.29M | -851.60K |
| Operating Cash Flow | 2.54M | 7.12M | 5.73M | 2.00M | -238.46K | -293.84K |
| Investing Cash Flow | -4.78M | -12.20M | -2.89M | -1.11M | -2.73M | -647.76K |
| Financing Cash Flow | 11.22M | 2.95M | 4.43M | -422.54K | 3.86M | 1.08M |
Grown Rogue International Technical Analysis
Positive
0.59
Price Trends
0.51
Positive
0.55
Positive
0.55
Positive
Market Momentum
0.04
Negative
58.18
Neutral
36.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRIN, the sentiment is Positive. The current price of 0.59 is above the 20-day moving average (MA) of 0.57, above the 50-day MA of 0.51, and above the 200-day MA of 0.55, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 36.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GRIN.
Grown Rogue International Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$173.66M | 12.73 | 13.39% | ― | 30.64% | 101.12% | |
67 Neutral | C$198.22M | 4.23 | 31.46% | ― | 27.38% | ― | |
56 Neutral | C$173.01M | -9.66 | -184.37% | ― | 40.28% | 26.23% | |
52 Neutral | C$154.74M | 16.67 | 15.32% | ― | -18.30% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | C$163.26M | -1.77 | ― | ― | 3.17% | -24.07% | |
37 Underperform | C$227.80M | -1.07 | ― | ― | -26.73% | -32.33% |
* Healthcare Sector Average
TSE:GRIN
Grown Rogue International
0.62
-0.28
-31.11%
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Grown Rogue International Corporate Events
Business Operations and Strategy
Grown Rogue’s New Jersey Affiliate Marks First Year with Expansion Plans
Positive
Dec 15, 2025
Grown Rogue International’s New Jersey affiliate, ABCO Garden State, celebrates its first year of sales, achieving significant production and sales milestones. The company has seen increased demand for its Yeti value brand and is currently expanding its production capacity with Phase 2 construction, aiming to deepen its presence in the New Jersey market while maintaining a disciplined approach to capital deployment.
The most recent analyst rating on (TSE:GRIN) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Grown Rogue International stock, see the TSE:GRIN Stock Forecast page.
Business Operations and Strategy
Grown Rogue Expands into Minnesota with New Cultivation Facility
Positive
Dec 9, 2025
Grown Rogue International Inc. has secured a long-term lease for a cannabis cultivation facility in Fridley, Minnesota, marking a significant step in its expansion into the Minnesota market. The facility, which has received local approval for cannabis cultivation, will undergo phased construction beginning in 2026, with the first products expected in early 2027. This strategic move positions Grown Rogue to capitalize on the growing demand for cannabis in Minnesota, with the potential to expand its flower canopy to the maximum allowed size, thereby enhancing its market presence and operational scale.
The most recent analyst rating on (TSE:GRIN) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Grown Rogue International stock, see the TSE:GRIN Stock Forecast page.
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Grown Rogue International Reports Strong Q3 2025 Growth Amid Market Challenges
Positive
Nov 11, 2025
Grown Rogue International reported its third quarter 2025 financial results, highlighting a pro forma revenue of $8.5 million and pro forma adjusted EBITDA of $1.7 million, marking significant year-over-year growth. The company experienced operational improvements and sales penetration in New Jersey and Michigan but faced challenges in Oregon due to pricing pressure. The expansion of their balance sheet with an additional $5 million loan supports their growth initiatives, particularly in Minnesota, while the New Jersey affiliate ABCO showed strong revenue and EBITDA performance.
The most recent analyst rating on (TSE:GRIN) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Grown Rogue International stock, see the TSE:GRIN Stock Forecast page.
Financial Disclosures
Grown Rogue to Announce Q3 2025 Financial Results and Host Conference Call
Neutral
Oct 20, 2025
Grown Rogue International Inc. announced it will report its third-quarter 2025 financial results on November 11, 2025, after market close, followed by a conference call hosted by CEO Obie Strickler. This announcement highlights the company’s commitment to transparency and engagement with stakeholders, potentially impacting its market positioning and investor relations.
The most recent analyst rating on (TSE:GRIN) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Grown Rogue International stock, see the TSE:GRIN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.