Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) reported third-quarter 2026 revenue of $11.0 million, up 29% from $8.5 million in the same period a year earlier, driven by strong growth across New Jersey, Oregon, and Michigan. Adjusted EBITDA rose 70% year-over-year to $2.6 million, while a $5.0 million loss on the acquisition of Rogue EBC, LLC pushed the GAAP net loss to $8.9 million. The company confirmed it is maintaining its 2026 guidance of $38–$41 million in revenue and its 2027 guidance of $55–$63 million, even as it simultaneously launches operations in Minnesota, Illinois, and New York.

Key Points

  • Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) reported unaudited Q3 2026 financial results for the three and nine months ended September 30, 2026.
  • Consolidated revenue rose 29% year-over-year to $11.0 million, with New Jersey leading segment growth at 44%.
  • Adjusted EBITDA of $2.6 million represented a 23.3% margin; cash and equivalents stood at $16.6 million at quarter-end.
  • Investors may be watching the New York integration timeline, Minnesota's first harvest in late November, and progress toward full-year revenue guidance.

New Jersey Leads Segment Performance as Gross Margin Expands

New Jersey remained the highest-margin segment, generating $4.9 million in revenue and $2.4 million in Adjusted EBITDA — up 44% and 65%, respectively, from Q3 2025. Gross margin for the consolidated business expanded to 49.8% from 43.0% in the prior-year quarter. The release states that Phase II construction at the New Jersey facility is progressing toward approximately 16,000 square feet of total flowering canopy, with substantial completion targeted by year-end. Oregon and Michigan also improved flower yields and reduced production costs, with Oregon's cost per pound declining to $284 from $326 sequentially.

$5.0 Million Rogue EBC Acquisition Loss Drives GAAP Net Loss to $8.9 Million

The quarter's GAAP net loss of $8.9 million — compared with net income of $1.6 million in Q3 2025 — was dominated by a $5.0 million non-cash loss on the acquisition of Rogue EBC, LLC. The release explains that this loss reflects an accounting impact following the company's decision to enter Illinois through the existing, formerly PharmaCann-operated Dwight cultivation facility rather than develop a planned Waukegan facility. The company's chief financial officer noted the company is in discussions to offset some ongoing Rogue EBC obligations. Illinois affiliate SEA Craft LLC completed its first flower deliveries to dispensaries after the quarter ended.

Minnesota Cultivation Under Way; New York Integration Adds Near-Term Complexity

Cultivation commenced at the Fridley, Minnesota facility, with an initial flowering canopy of approximately 8,000 square feet and the first harvest anticipated in late November. First Minnesota sales are expected in January 2027. In New York, Grown Rogue's 51%-owned subsidiary GRNY is revitalising cultivation at the Hamptonburgh facility, with a first harvest scheduled in December. A capital partner invested $10 million for a 49% preferred equity interest in GRNY. The company stated that New York results are excluded from current guidance and will be incorporated when fourth-quarter and full-year 2026 results are reported.

2026 and 2027 Financial Guidance Confirmed With Long-Term Growth Targets Intact

Grown Rogue confirmed 2026 Adjusted EBITDA guidance of $7–$9 million and 2027 guidance of $14–$18 million in Adjusted EBITDA on revenue of $55–$63 million. The company also reiterated three-to-five-year objectives, using 2027 as the base year, of 25% annual compounded revenue growth, 35% annual compounded Adjusted EBITDA growth, and return on incremental invested capital greater than 75%. Management noted the fourth quarter is typically seasonally slower than the third, and that guidance excludes pre-revenue startup expenses in Illinois and Minnesota estimated at $1.5–$2.0 million each for 2026.