Grown Rogue International Inc.

Management did not give a revenue or EPS number in the prepared remarks, but it described the quarter as “very solid” and “a great, clean, easy quarter.” The clearest hard operating figures discussed were Michigan’s 90 grams per square foot of flower and $277 per pound of flower cost, plus New Jersey’s move to 100% packaged flower sales this quarter. For forward plans, management said New Jersey should complete its 16,000 square foot buildout by year-end; Illinois expects first harvest in September and full 10,000 square feet by year-end; Minnesota expects plants in August, first harvest by year-end, and sales beginning in Q1 2027.

Obie Strickler emphasized execution, culture, and disciplined expansion. He said the company is running multiple projects in parallel across New Jersey, Minnesota, and Illinois, and framed the team’s “problem-solving, collaboration, passion, and intensity” as a core advantage. He also outlined five cultural pillars—love the plant, craft cultivation, continuous improvement, cost control, and team-first mentality—while stressing that Grown Rogue wants to preserve its scrappy, entrepreneurial culture as it scales.

Andrew Marchington kept his comments brief and focused on financial presentation and execution. He reminded investors that Michigan excise tax is reported as revenue, with the corresponding expense in G&A, and said the company had a “great, clean, easy quarter.” He added that the team has a lot of work ahead in Q3 and is focused on execution rather than elaborate commentary.

Analysts focused on whether Michigan’s strong yield and cost performance could be replicated in Oregon, New Jersey, Illinois, and Minnesota, and management said there is “no” practical reason it could not be, though each market will differ in mechanical needs, capacity planning, and installation costs. Management said some Oregon upgrades are already underway and should show up in Q3/Q4, while noting that Michigan’s current level may become the new standard, with 90 to 100 grams per square foot and sub-$300 pounds viewed as achievable benchmarks. Another question asked about why guidance was raised; Josh Rosen said the company has better visibility two quarters into the year, saw Michigan production support revenue growth, and saw Oregon pricing stabilize and tick up slightly in Q2, which improved confidence for the second half of the year. A separate question on cost differences across markets brought a detailed response on power, labor, rent, and underutilized capacity in New Jersey.