GRUSF on OTC

Grown Rogue International Inc.

Grown Rogue International Inc. is a Canadian agricultural production-crops company based in Medford.1 Its shares trade on OTC under the symbol GRUSF.1

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Last updated Oct 21, 2026.

Overview

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  • TickerGRUSF on OTC1
  • IndustryAgricultural Production-Crops1
  • HeadquartersMedford, Oregon1
  • Incorporated inOntario, Canada2
  • Business address550 Airport Road, Medford, Or 975042
  • Filer category, Emerging growth company2
  • Legal formCorporation

We were incorporated on September 22, 1978 as Bonanza Red Lake Explorations Inc. under the Business Corporations Act (Ontario) . Until 2016, we operated predominantly as a mining and energy company. During that period we also underwent several name changes, from Bonanza Red Lake Explorations Inc. to Eugenic Corp; from Eugenic Corp to Eagleford Energy Inc.; and from Eagleford Energy Inc. to Eagleford Energy Corp.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

43.6%Gross margin4
-1.8%Operating margin4
10.0%Net margin4
21.8%Revenue growth, 20254
15.5%Return on equity4
0.48×Debt to equity4
-$1.1MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

New Jersey brought in 35% of the revenue Grown Rogue International Inc. broke down this way in fiscal 2025.

  1. New Jersey$11.3M435%up 3288% from 2024
  2. Oregon$11.1M434%down 9% from 2024
  3. Michigan$10.0M431%down 22% from 2024
Business segments by year
Business segments20242025
New Jersey$334.6K$11.3M
Oregon$12.1M$11.1M
Michigan$12.9M$10.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue56¢$18.3M
  • Other costs28¢$9.2M
  • Interest0¢$150.3K
  • Income tax5¢$1.6M
  • Profit10¢$3.2M

Out of $32.4M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$4.7M

Out of $3.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue56784$32.4M in 2025+726% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $3.9M$3.9M20192020: $4.2M$4.2M2020+8%2021: $9.4M$9.4M2021+121%2022: $17.8M$17.8M2022+89%2023: $3.6M$3.6M2023−80%2024: $26.6M$26.6M2024+632%2025: $32.4M$32.4M2025+22%
Gross profit56784$14.1M in 2025+1559% since 2019
0$5.0M$10.0M$15.0M2019: $852.6K$852.6K20192020: $1.8M$1.8M2020+116%2021: $6.1M$6.1M2021+231%2022: $8.1M$8.1M2022+33%2023: $2.4M$2.4M2023−71%2024: $13.2M$13.2M2024+459%2025: $14.1M$14.1M2025+7%
Operating income56784-$593.5K in 2025−92% since 2019
-$10.0M-$5.0M0$5.0M2019: -$7.6M-$7.6M20192020: -$1.6M-$1.6M2020−79%2021: $701.6K$701.6K20212022: $957.1K$957.1K2022+36%2023: $4.3M$4.3M2023+344%2024: $60.0K$60.0K2024−99%2025: -$593.5K-$593.5K2025
Net income56784$3.2M in 2025
-$20.0M-$15.0M-$10.0M-$5.0M0$5.0M2019: -$9.5M-$9.5M20192020: -$2.4M-$2.4M2020−75%2021: -$1.0M-$1.0M2021−57%2022: $420.0K$420.0K20222023: -$662.3K-$662.3K20232024: -$16.0M-$16.0M2024+2313%2025: $3.2M$3.2M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total revenue$32.4M$26.6M
Total cost of goods sold-$18.3M-$13.4M
Gross profit$14.1M$13.2M
Amortization (Notes 10, 11)$702.3K$993.4K
General and administrative$11.6M$10.6M
Share-based compensation (Notes 19, 20)$2.4M$1.6M
Total operating expenses$14.7M$13.2M
Income (loss) from operations-$593.5K$60.0K
Interest expense (Note 13,15)-$150.3K-$77.5K
Accretion expense (Notes 13,14,15)-$1.2M-$1.8M
Other income (Note 11)$932.7K$1.1M
Interest income (Note 9)$179.7K$350.7K
Unrealized gain (loss) on derivative liability (Note 16)$44.9K-$7.8M
Realized gain (loss) on derivative liability (Note 16)$5.9M-$5.0M
Unrealized gain on warrant asset (Note 7)$247.5K$3.1M
Realized loss on warrant liability (Note 17)-$1.7M
Loss on equity investment in associate (Note 8)-$453.0K-$251.2K
Total other income (expense), net$5.4M-$12.2M
Income (loss) before income tax expense$4.8M-$12.1M
Income tax expense (Note 22)-$1.6M-$3.9M
Net income (loss)$3.2M-$16.0M
Currency translation adjustment$4.0K-$17.9K
Total comprehensive income (loss)$3.2M-$16.0M
Income (loss) per share basic$0.01-$0.08
Income (loss) per share diluted$0.01-$0.08
Basic weighted average number of subordinate voting common shares outstanding$243.4M$209.4M
Diluted weighted average number of subordinate voting common shares outstanding$243.4M$209.4M
Shareholders$1.7M-$16.0M
Non-controlling interest$1.5M$27.0K
Net income (loss)$3.2M-$16.0M
Shareholders$1.7M-$16.0M
Non-controlling interest$1.5M$27.0K
Total comprehensive income (loss)$3.2M-$16.0M

Compare Grown Rogue International Inc. with another company

Corporate structure

Grown Rogue International Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Grown Rogue International Inc.

  • Jesse Strickler Filed SCHEDULE 13G/A on Grown Rogue International Inc., latest Jun 8, 2026 (5 filings since Jan 13, 2023)
  • BENGAL CATALYST FUND LP Filed SCHEDULE 13D on Grown Rogue International Inc., latest Jul 1, 2025 (3 filings since Jan 26, 2022)
  • Mindset Value Fund LP Filed SC 13G/A on Grown Rogue International Inc., latest Jun 12, 2024 (5 filings since Sep 19, 2023)
  • Grown Rogue International Inc. Medford, Oregon

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Grown Rogue International Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$23.4M4 Dec 31, 2025$20.5M4 Dec 31, 2024+13.9%
Accumulated depreciation$9.3M4 Dec 31, 2025$6.5M4 Dec 31, 2024+44.0%
Property and equipment, net$14.1M4 Dec 31, 2025$14.0M4 Dec 31, 2024+0.1%
Operating-lease assets (leased space)$13.4M4 Dec 31, 2025$7.6M4 Dec 31, 2024+76.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.1M4 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$7.1M4 Dec 31, 2025$5.9M4 Dec 31, 2024+19.2%
Raw materials$1.0M4 Dec 31, 2025$647.6K4 Dec 31, 2024+60.4%
Work in process$1.3M4 Dec 31, 2025$1.4M4 Dec 31, 2024−7.9%
Finished goods$4.8M4 Dec 31, 2025$3.9M4 Dec 31, 2024+22.1%

Properties, in its own words

We believe that our facilities are generally in good condition and suitable to carry on our business.

Our U.S. executive offices consist of approximately 5,000 square feet of office space located at our Airport facility. The address of our U.S. executive offices 550 Airport Road, Medford, Oregon 97504.

The rest of Item 2

Our Ontario executive offices are located at 340 Richmond Street West, Toronto, Ontario, M5V 1X2, Canada.

We are organized into three operating segments, Oregon, Michigan and New Jersey, based on the way we manage and evaluate our business internally. Significant properties within our operating segments include the following:

Oregon

Through GR Gardens, we operate four cultivation facilities that currently service the Oregon recreational marijuana market: Airport, Rossanley, Ross Lane, and Foothill. We also lease a facility used for post-harvest processing called Lars in Medford, Oregon.

We lease approximately 42 acres of real property in Jackson County, Oregon, commonly known as 741 West Fork Trail Creek Road, Trail, Oregon 97541, through a Commercial Lease Agreement, dated March 1, 2017, between our CEO and GRU Properties, LLC (“GRUP”), our indirect wholly-owned subsidiary. This property is subleased by GRUP to GR Gardens pursuant to a Commercial Sublease Agreement, dated March 1, 2017.

We lease approximately 64 acres of real property in Jackson County, Oregon, commonly known as 3100 N. Foothill Road, Medford, Oregon, 97504, through a Commercial Lease Agreement, dated March 17, 2021, between Naumes, Inc., and GR Gardens.

We lease property located at 655 Rossanley Drive, Medford, Oregon, pursuant to a Commercial Lease Agreement, dated January 31, 2017, between VWPP, LLC, and GRUP. This property is subleased by GRUP to GR Gardens pursuant to a Commercial Sublease Agreement, dated January 31, 2017.

We lease property located at 550 Airport Road, Medford, Oregon, pursuant to that certain Commercial Lease Agreement, assumed on April 14, 2022, between Airport Road LLC (“Airport Road”) and GRUP.

We lease property located at 2046 Lars Way, Medford, Oregon, pursuant to a Commercial Lease Agreement, dated December 20, 2021, between Airport Road and GR Gardens.

On January 12, 2024, pursuant to a purchase option GR Gardens acquired 35 acres of real property that we had previously been leasing from Lender Capital, LLC in Jackson County, Oregon, commonly known as 2888 Ross Lane, Central Point, Oregon.

Michigan

We lease property located at 333 Morton St, Bay City, Michigan, pursuant to a Commercial Lease Agreement, dated February 1, 2020, between David Pleitner, LLC and Golden Harvests.

New Jersey

We lease property located at 1425 Grandview Avenue, Paulsboro, New Jersey, pursuant to a Commercial Lease Agreement, dated July 1, 2023, between FIVF-III-NJ1, LLC and ABCO.

Illinois

We, through Rogue EBC, LLC, our indirect majority owned subsidiary, lease property located at 345 Lakewood Avenue, Waukegan, Illinois, pursuant to a Commercial Lease Agreement, dated December 11, 2023.

Minnesota

We, through GR Unlimited, lease property located at 40 77th Ave. NE, Fridley, Minnesota 55432, pursuant to a Commercial Lease Agreement, dated December 5, 2025.

Item 2 of the 10-K filed Apr 8, 2026.3

Leadership

Who has led Grown Rogue International Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Andrew Marchington2026–now
Board members and other officers (4)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAdam Obie August named Dec 12, 2022 to Aug 23, 202317
  • Executive Officer, DirectorJ. Obie Strickler named Dec 12, 2022 to Aug 23, 202317
  • DirectorAbhilash Obie Patel named Dec 12, 2022 to Aug 23, 202317

Former names

  • Novicius Corp.Jun 1, 2017 to Jul 17, 20182
  • Intelligent Content Enterprises Inc.Feb 9, 2016 to May 19, 20172
  • Eagleford Energy Corp.Dec 30, 2014 to Feb 8, 20162
  • Eagleford Energy Inc.Jan 7, 2010 to Nov 14, 20142
  • EUGENIC CORPApr 29, 2009 to Jan 5, 20102

Timeline

  1. Sep 9, 20268-K Regulation FD disclosure18
  2. Aug 25, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure19
  3. Aug 4, 20268-K Results of operations20
  4. Jul 27, 20268-K Regulation FD disclosure21
  5. Jun 16, 20268-K Regulation FD disclosure22
  6. Jun 8, 2026New chief executive Jesse Strickler becomes CEO12
  7. May 12, 20268-K Results of operations23
  8. Apr 27, 20268-K Regulation FD disclosure24
  9. Apr 7, 20268-K Results of operations25
  10. Apr 1, 20268-K Regulation FD disclosure26
  11. Mar 18, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation27
  12. Feb 18, 20268-K Regulation FD disclosure28

Calendar

Coming up

  1. Around Oct 27, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results20
  2. May 12, 2026Reported quarterly or annual results23
  3. Apr 7, 2026Reported quarterly or annual results25

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

113 filings to the SEC since October 2021: 10 annual reports, 2 quarterly reports, 11 major events, 43 insider forms, 13 large holders, 3 private raises, 31 other. The latest 20:

  1. Sep 9, 20268-K EDGAR
  2. Sep 4, 2026DEF 14A EDGAR
  3. Aug 25, 20268-K EDGAR
  4. Aug 21, 2026PRE 14A EDGAR
  5. Aug 5, 202610-Q EDGAR
  6. Aug 4, 20268-K EDGAR
  7. Jul 28, 20264 PRIMARY DOCUMENT EDGAR
  8. Jul 28, 20264 PRIMARY DOCUMENT EDGAR
  9. Jul 28, 20264 PRIMARY DOCUMENT EDGAR
  10. Jul 28, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 27, 20268-K EDGAR
  12. Jun 26, 20263 PRIMARY DOCUMENT EDGAR
  13. Jun 26, 20263 PRIMARY DOCUMENT EDGAR
  14. Jun 26, 20264 PRIMARY DOCUMENT EDGAR
  15. Jun 26, 20263 PRIMARY DOCUMENT EDGAR
  16. Jun 26, 20263 PRIMARY DOCUMENT EDGAR
  17. Jun 16, 20268-K EDGAR
  18. Jun 8, 20263 PRIMARY DOCUMENT EDGAR
  19. Jun 8, 2026SCHEDULE 13G/A EDGAR
  20. May 12, 202610-Q EDGAR

The 113 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 22, 2026Marchington AndrewChief Financial OfficerSale1,400$0.43$602Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025J. Obie Strickler46$500.0K$1.2M32
2025Andrew Marchington$252.9K$705.9K32
2024PresidentChief Executive Officer and Director$500.0K$1.6M32
2024Former Chief Financial Officer and current Director$14.4K$60.4K32

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 17, 2023Raised $1 million in a private offering of securities Form D: $1.6 million offered in all Form D
  2. Jul 13, 2023Raised $4 million in a private offering of securities Form D: $6.4 million offered in all Form D
  3. Dec 2, 2022Raised $1.9 million in a private offering of debt Form D: $3 million offered in all Form D

SEC filer profile

How Grown Rogue International Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGrown Rogue International Inc.1
  • CIK0001463000
  • Employer ID (EIN)98-14638663
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inCanada3
  • Industry code (SIC)0100 Agricultural Production-Crops1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address550 Airport Road, Medford, OR 975041
  • Phone503 765-81081
  • Shares outstanding249,938,980 as of Aug 4, 20269
  • Public float$85.0M as of Jun 30, 20253
  • AuditorTurner, Stone & Company, L.L.P., Dallas, Texas PCAOB ID 76; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 29, 20091
  • Filings346 in all: 6-K (219), 4 (32), 20-F (18), SC 13G/A (12), 8-K (11), 3 (10), SC 13G (7), NT 20-F (6)1
    All 26 form types

    D (5), 20-F/A (3), SCHEDULE 13G/A (3), UPLOAD (3), 10-Q (2), 20FR12G/A (2), SC 13D (2), 10-K (1), 10-K/A (1), 20FR12G (1), 4/A (1), CORRESP (1), DEF 14A (1), F-1 (1), F-1/A (1), NT 10-K (1), PRE 14A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Apr 8, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Sep 4, 2026
    Latest 8-K (8-K) Sep 9, 2026

Risk factors and legal proceedings

The risks Grown Rogue International Inc. names in Item 1A of its 10-K filed Apr 8, 2026: 57 risks under these headings, as written.3

  • In addition to the other information presented in this Annual Report, the following risk factors should be given special consideration when evaluating an investment in our securities.
  • Risks Factors Relating to Our Business
  • Our business is illegal under U.S. federal law.
  • We may be subject to additional scrutiny by Canadian regulatory authorities.
  • We are subject to numerous federal, state and local laws and regulations, and changes in these laws and regulations could adversely affect our business.
  • Current and future consumer protection regulatory requirements may adversely affect our business.
  • We are affected by a number of operational risks, some of which may not be insurable.
  • We have a limited operating history.
  • We may incur tax liabilities and a reduction to our tax attributes due to limitations on tax deductions and credits under Section280E of the Internal Revenue Code.
  • There are many external factors that could impact the success of our business strategy.
  • If we fail to manage growth effectively it could have an adverse effect on our business.
  • Changes in industry standards or consumer demand could have an adverse effect on our business.
The other 46 risks
  • We are dependent on information and operational technology systems and subject to risks related to system failures, cyber attacks and security breaches.
  • We may not be able to adequately protect our intellectual property.
  • We are vulnerable to rising energy costs.
  • We are vulnerable to agricultural risks.
  • We are vulnerable to physical security risks.
  • We may be subject to litigation, enforcement actions, complaints, etc.
  • Our business is dependent on our ability to maintain our licenses.
  • We have a limited customer base and are subject to retail price volatility.
  • In addition to federal and state laws, we are also subject to local laws and ordinances.
  • Our contracts may be unenforceable, and our property may be subject to seizure.
  • Third party service providers may withdraw or suspend their service.
  • Our business is highly regulated and we may not be issued necessary licenses, permits, and cards to maintain our business.
  • The marijuana industry faces significant opposition in the United States.
  • The size of our target market is difficult to quantify.
  • We have numerous competitors, some of whom have greater resources than we do, and we may not be able to effectively compete.
  • As a cannabis company, we may not be able to maintain a bank account.
  • The protections of U.S. bankruptcy law may be unavailable to us.
  • We may have a difficult time obtaining insurance which may expose us to additional risk and financial liabilities.
  • Our websites are accessible in jurisdictions where medicinal or recreational use of marijuana is not permitted and, as a result, we may be found to be violating the laws of those jurisdictions.
  • We are subject to currency fluctuations.
  • Hedging against interest rate exposure may adversely affect our earnings, limit our gains or result in losses, which could adversely affect cash available for distributions.
  • Hedging instruments are often not traded on regulated exchanges or guaranteed by an exchange or its clearing house and involve risks and costs that could result in material losses.
  • We are subject to risks associated with making acquisitions.
  • We are subject to environmental risks.
  • Border crossing for non-U.S. residents involved in the cannabis industry, including members if our Board of Directors, may create additional challenges.
  • We are subject to taxation in both Canada and the United States.
  • Changes in tax laws or tax rulings could materially affect our financial position and results of operations.
  • General Risk Factors
  • We are a holding company and all of our assets are held and operations are conducted through subsidiaries.
  • We may require additional capital which may not be available to us on acceptable terms, or at all.
  • We have significant trade and other payables which may make it difficult to service our debts and adversely affect our ability to obtain additional financing.
  • We must continue to institute procedures designed to avoid potential conflicts involving our officers and directors.
  • We rely on the expertise of certain persons and must ensure that these relationships are developed and maintained.
  • We must indemnify our officers and directors against certain actions.
  • Possible volatility of price of shares of our securities.
  • Our investors may have difficulty selling our securities as there is a limited public trading market for such securities.
  • Risks Factors Relating to Our SV Shares
  • The market price of our SV Shares is subject to volatility.
  • Our investors may have difficulty selling our SV Shares as there is a limited public trading market for such shares.
  • As a public company we are subject to complex legal and accounting requirements that require us to incur significant expenses and expose us to risk of non-compliance.
  • We do not anticipate paying dividends on our SV Shares.
  • Our shareholders may experience dilution as a result of the exercise of outstanding restricted share units and share purchase options, as well as a result of our future issuance of additional SV Shares or other securities.
  • Applicable SEC rules governing the trading of “penny stocks” limit the trading and liquidity of our SV Shares and may affect the trade price for our share capital.
  • FINRA sales practice requirements may limit a shareholder’s ability to buy and sell our SV Shares.
  • Volatility in our SV Share price may subject us to securities litigation, thereby diverting our resources that may have a material effect on our profitability and results of operations.
  • Rule 144 sales in the future may have a depressive effect on the price of our SV Shares as an increase in supply of shares for sale, with no corresponding increase in demand may cause prices to fall.
  • We are an “emerging growth company” and a “smaller reporting company,” and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies may make our SV Shares less attractive to investors.
  • Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and our operating results.

Legal proceedings

On September 22, 2022, the SEC instituted administrative proceedings against the Company alleging violations of the Exchange Act for failing to timely file its periodic reports. We have responded and are working toward resolving the matter. At present, we are current in our Exchange Act reporting, we have also filed a registration statement with the SEC to re-register our SV Shares under the Securities Act of 1933, as amended, and, once effective, we intend to seek a resolution of the administrative proceeding on the merits of our proactive registration.

There are no additional pending legal proceedings to which we or our subsidiaries are a party or of which any of our property or assets is subject. There are no legal proceedings to which any of the directors, officers or affiliates or any associate of any such directors, officers or affiliates of either our company or our subsidiary is a party or has a material interest adverse to us.

We may, from time to time, become involved in disputes and proceedings arising in the ordinary course of business. In addition, as a public company, we are also potentially susceptible to litigation, such as claims asserting violations of securities laws. Any such claims, with or without merit, if not resolved, could be time-consuming and result in costly litigation. There can be no assurance that an adverse result in any future proceeding would not have a potentially material adverse effect on our business, results of operations, and financial condition.

The opening of Item 3, Legal Proceedings.3

Sources

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