Grown Rogue International Inc. · CSE:GRIN
Grown Rogue International — Investor Presentation (2026)
33 slides from Grown Rogue International's investor presentation, 2026
Slide 1: Company Overview – Summer 2026
COMPANY OVERVIEW – SUMMER 2026 LOW COST IS OUR FOUNDATION QUALITY IS OUR PASSION CSE: GRIN | OTC: GRUSF
Slide 2: Disclaimer
Company Overview – Summer 2026 DISCLAIMER This presentation is provided for informational purposes only and does conditions, access to capital, competitive dynamics, consumer not constitute an offer to sell, or a solicitation of an offer to buy, demand, pricing pressures, regulatory developments, an
Slide 3: A 10-Year Operating Legacy — Illicit Roots Go Deeper
Company Overview – Summer 2026 A 10-YEAR OPERATING LEGACY — ILLICIT ROOTS GO DEEPER What built us then still drives us now: quality, consistency, and culture WHAT WE’VE PROVEN WHY IT MATTERS • Built from Southern Oregon roots into a hyper- • Scale alone is not a substantial advantage; unit efficient
Slide 4: Where We Grow
Company Overview – Summer 2026 WHERE WE GROW OR MN Bringing our craft to more consumers MN MI MI NJ Operating in Oregon, Michigan, New Jersey and Illinois, IL with Minnesota Phase I under development TOTAL INDOOR BENCH FLOWER CANOPY (SQ FT) OREGON MICHIGAN NEW JERSEY 14.8k 14.6k 10k 6K in developmen
Slide 5: Financial Snapshot
Company Overview – Summer 2026 FINANCIAL SNAPSHOT (US $ in millions, except margins) Metric Q2 2026 Q2 2025 Total Revenue $11.3 M $8.0 M └ Oregon Revenue $3.5 M $3.1 M └ Michigan Revenue $3.4 M $2.3 M └ New Jersey Revenue $4.4 M $2.7 M Gross Profit $5.4 M $3.6 M Gross Margin 47.6% 44.4% Total Adjust
Slide 6: U.S. Regulatory Landscape – Federal
Company Overview – Summer 2026 U.S. REGULATORY LANDSCAPE – FEDERAL WHAT COULD IMPROVE (TIMING UNCERTAIN) WHAT’S TRUE TODAY • Schedule III relief could reduce tax friction for qualifying Cannabis remains illegal under U.S. federal law, companies operate under individual operators and improve after-ta
Slide 7: U.S. Regulatory Landscape – State-by-State
Company Overview – Summer 2026 U.S. REGULATORY LANDSCAPE – STATE-BY-STATE Each state functions as its own market with separate rules, Fifty Markets, Not One licenses, supply chains, and pricing Market structures vary widely — some states are open and Open vs. Limited-License Markets highly competiti
Slide 8: U.S. Industry Backdrop: Growth
Company Overview – Summer 2026 U.S. INDUSTRY BACKDROP: GROWTH CANNABIS POLICY IN THE UNITED STATES • Legalization is expanding state-by-state, pulling consumers from illicit to regulated channels • Total market (incl. illicit) estimated at ~$75B; regulated currently captures ~$32B (2025E) • Consumer
Slide 9: U.S. Industry Backdrop: Challenges
Company Overview – Summer 2026 U.S. INDUSTRY BACKDROP: CHALLENGES U.S. INDUSTRY HEADWINDS • Hype-cycle growth drove excess capacity and weak returns 85% drop As an example, Michigan average flower price fell from • Early limited-license pricing hid inefficiency, $419/oz (2020) to ~$63/oz (2025), squ
Slide 10: U.S. Industry Reality
Company Overview – Summer 2026 U.S. INDUSTRY REALITY Commoditization rewards low-cost operators Pricing Normalization vs. Cost Curve (Illustrative) • As markets mature, pricing compresses and quality standards converge, high-cost operators struggle Market price ($/oz) Cost curve ($/oz) • In a normal
Slide 11: The Grown Rogue Advantage
Company Overview – Summer 2026 THE GROWN ROGUE ADVANTAGE Low cost and quality drive long-term share gains LOW COST: QUALITY: • Relentless cost discipline built in highly • Quality is a core expectation in competitive markets Southern Oregon — we operate to • We believe we are the lowest-cost a consi
Slide 12: Execution Engine – No Secret Sauce
Company Overview – Summer 2026 EXECUTION ENGINE – NO SECRET SAUCE There is no ‘secret sauce’ — results come from focus and passion Tenured team with deep cultivation and operational experience, TEAM shaped by our operator-led roots and clear accountability We live and breathe continuous improvement:
Slide 13: How We Compound Growth
Company Overview – Summer 2026 HOW WE COMPOUND GROWTH Primary growth drivers: 1 Selective new builds — prioritize undersupplied markets Capacity takeovers (“fixer-uppers”) — buy/enter right and lift 2 returns with our operating model 3 Product expansion — grow share through adjacent formats and broa
Slide 14: Case Study 1: Selective New Builds
Company Overview – Summer 2026 CASE STUDY 1: SELECTIVE NEW BUILDS Underwriting principles: 1 Enter markets with structural undersupply and clear regulatory frameworks Efficiently built and sized facilities mapped to realistic supply and 2 demand Underwrite to normalized pricing — early-cycle pricing
Slide 15: New Jersey: New Build
Company Overview – Summer 2026 NEW JERSEY: NEW BUILD 70% stake for $2M: Q2 Operating Progress: Strong Return Profile: Market entry through existing license- • 1,910 lbs of flower harvested • Q2 2026 Revenue: $4.4M holder partnership • 100% of revenue from packaged • Q2 2026 Adjusted EBITDA: $1.8M pr
Slide 16: Case Study 2: 'Fixer-Uppers'
Company Overview – Summer 2026 CASE STUDY 2: ‘FIXER-UPPERS’ WHY FIXER-UPPERS CAN DELIVER THE BEST ROIC • Turnkey entry vs. greenfield: less capital and a faster path to cash flow • Modest upgrades plus our playbook can improve yields, lower unit costs, and increase consistency • Existing cultivation
Slide 17: Illinois: Turnkey Facility – 'Fixer-Upper' Strategy
Company Overview – Summer 2026 ILLINOIS: TURNKEY FACILITY – ‘FIXER-UPPER’ STRATEGY SEA Craft transaction: Facility profile: Capital and timing: • 49% acquisition subject to regulatory • 66,000 sq ft fully constructed cultivation • Cultivation operations began in approval and processing facility June
Slide 18: Product Expansion
Company Overview – Summer 2026 PRODUCT EXPANSION Leverage distribution and quality • Goal: extend wallet share without diluting brand trust or operational focus • Prioritize adjacent formats where quality inputs and process control matter • Use existing shelf relationships to broaden distribution ef
Slide 19: Case Study: Product Expansion
Company Overview – Summer 2026 CASE STUDY: PRODUCT EXPANSION A natural extension of our flower-first approach With demonstrated consumer demand for more convenient formats, vapes represent the next step in bringing Grown Rogue quality to more occasions. We entered the category with the same discipli
Slide 20: Flower Powers Our Brand
Company Overview – Summer 2026 FLOWER POWERS OUR BRAND FROM OUTLAW ROOTS TO DISCIPLINED EXECUTION, THE FLOWER STILL RESERVE COMES FIRST. GROWN ROGUE PREMIUM 1/8 PACKAGE AND PRE-ROLLS. YETI PACKAGED FLOWER AND PREMIUM GENETICS PRE-ROLLS. PACKAGED FLOWER AND HIGH POTENCY QUALITY AND PRE-ROLLS. LIMITED
Slide 21: Leadership Team
Company Overview – Summer 2026 LEADERSHIP TEAM Operator led. Execution-focused. Chief Executive Officer, Co-Founder Obie Strickler Commercial-scale cultivation since 2000 VP Public Relations, Co-Founder Sarah Strickler Culture builder / team, brand & community Chief Strategy Officer Josh Rosen Opera
Slide 22: Long Term Objectives and Guidance
Company Overview – Summer 2026 LONG TERM OBJECTIVES AND GUIDANCE Clear targets to hold us accountable • Long-term (3–5 year) targets, using 2027 as the base year • Revenue growth of 25% per year, compounded • Profit growth (Adjusted EBITDA)** of 35% per year, compounded • Return on Incremental Inves
Slide 23: Investment Highlights
Company Overview – Summer 2026 INVESTMENT HIGHLIGHTS Built on execution. Grown by fanatics. Sold by performance. $37.7M Low-cost producer with a quality-first product focus — built to stay profitable as LTM Revenue, GAAP* markets mature Record Michigan yields and $277/lb flower cost demonstrate the
Slide 24: Let's Grow Together
LET’S GROW TOGETHER We’re building the most trusted flower producer and brand in cannabis. Contact: invest@grownrogue.com (458) 226-2662 pink passion fruit
Slide 25: Appendices
APPENDICES 25
Slide 26: Operating KPIs by Market
Company Overview – Summer 2026 OPERATING KPI’S BY MARKET Metric Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 OREGON* Total Flower Harvested (lbs) 3,594 3,277 2,980 3,547 3,392 Flower Cost Per Pound Produced $326 $342 $379 $294 $331 Total Flower Yield (g/sf)¹ 76 69 68 73 72 “A” Flower Yield (g/sf)¹ 53 50
Slide 27: Cap Table
Company Overview – Summer 2026 CAP TABLE GROWN ROGUE SUMMARY CAP TABLE AS OF JUNE 30, 2026 TOTAL SECURITIES Subordinate Voting Shares 249,938,980 Multiple Voting Shares — Dilutive Securities └ Outstanding Stock Options 14,015,000 └ Warrants @ CAD$0.225 4,000,000 └ Outstanding Restricted Stock Units
Slide 28: Selected Second Quarter 2026 Financial Results
Company Overview – Summer 2026 SELECTED SECOND QUARTER 2026 FINANCIAL RESULTS (UNAUDITED) SELECTED CONSOLIDATED RESULTS SELECTED RESULTS BY SEGMENT Metric Q2 2026 Q2 2025 YoY Q1 2026 Metric Q2 2026 Q2 2025 YoY Q1 2026 OREGON Revenue (GAAP) $11.3M $8.0M 41% $9.2M Revenue $3.5M $3.1M 14% $3.0M Gross P
Slide 29: Adjusted EBITDA Reconciliation Table (Unaudited)
Company Overview – Summer 2026 ADJUSTED EBITDA RECONCILIATION TABLE (UNAUDITED) Metric Q2 2026 Q2 2025 H1 2026 H1 2025 Net income (loss) (1,481,024) 1,655,378 (3,694,415) 2,398,249 Amortization included in cost of sales 754,506 658,232 1,577,037 1,092,435 Interest and accretion expense 429,240 432,5
Slide 30: Oregon Q2 2026 Operating Snapshot
Company Overview – Summer 2026 OREGON Q2 2026 OPERATING SNAPSHOT Metric Q2 2026 Q1 2026 Q2 2025 FINANCIAL RESULTS Revenue (GAAP) $3.5M $3.0M $3.1M Adjusted EBITDA $0.7M $0.4M $0.7M Adjusted EBITDA Margin 20.8% 14.2% 21.2% OPERATING KPIs Flower Harvested (lbs) 3,594 3,277 3,392 Flower Cost Per Pound
Slide 31: Michigan Q2 2026 Operating Snapshot
Company Overview – Summer 2026 MICHIGAN Q2 2026 OPERATING SNAPSHOT Metric Q2 2026 Q1 2026 Q2 2025 FINANCIAL RESULTS Revenue (GAAP) $3.4M $2.7M $2.3M Adjusted EBITDA $0.7M $0.5M $0.6M Adjusted EBITDA Margin 20.0% 19.6% 26.8% OPERATING KPIs Flower Harvested (lbs) 4,259 3,746 3,391 Flower Cost Per Poun
Slide 32: New Jersey Q2 2026 Operating Snapshot
Company Overview – Summer 2026 NEW JERSEY Q2 2026 OPERATING SNAPSHOT Metric Q2 2026 Q1 2026 Q2 2025 FINANCIAL RESULTS Revenue (GAAP) $4.4M $3.4M $2.7M Adjusted EBITDA $1.8M $1.5M $1.1M Adjusted EBITDA Margin 42.2% 44.2% 40.8% OPERATING KPIs Flower Harvested (lbs) 1,910 1,700 1,546 Flower Cost Per Po
Slide 33: Flower Capacity and Expansion Summary
Company Overview – Summer 2026 FLOWER CAPACITY AND EXPANSION SUMMARY State Online (sq ft) Under Development Nameplate Current Milestone Oregon (indoor) 14,752 N/A 14,752 Mature operating market Michigan 14,550 N/A 14,550 Mature operating market New Jersey 10,000 6,000 16,000 Expansion targeted subst
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