Grown Rogue's Illinois entry weighs on Q3 as sales climb 29% to $11.0M
The Canadian-listed cannabis grower booked an $8.9M net loss after a $5.0M acquisition charge, yet kept its 2026 and 2027 outlook and still awaits sign-off on a New York purchase.
Grown Rogue International, which trades on the Canadian Securities Exchange as GRIN, posted third-quarter 2026 revenue of $11.0M on 12 November, a 29% increase. Adjusted EBITDA was $2.6M, so the underlying business remained profitable on that measure even as the bottom line turned deeply negative.
The net loss was $8.9M. A $5.0M charge tied to buying Rogue EBC, the transaction through which the company is building a presence in Illinois, accounts for a large share. That leaves roughly $3.9M of the loss that the available material does not itemise, and the comparison period for the 29% growth figure is not specified either.
Management left its guidance for 2026 and 2027 untouched. The ranges exclude New York, so any contribution from that state would be additive to the current outlook rather than already priced into it.
The New York piece is Grown Rogue's planned purchase of PharmaCann's licence and assets there. The deal has not closed and depends on regulatory approvals. The company also issued an update on its cultivation work in Minnesota, though the material available to us gives no detail on that update or on when the New York approvals might arrive.
Why it matters
- Acquisition-related charges can swamp the earnings of a small multi-state cannabis operator: Grown Rogue's adjusted EBITDA was positive while its net result was sharply negative.
- The New York deal hinges on regulators approving the licence and asset transfer, and its value is not reflected in company guidance.
- Grown Rogue's footprint now spans Illinois, Minnesota cultivation and a pending New York position, a state-by-state build-out that exposes it to separate regulatory processes in each market.
Company's press release (SEC filing): Grown Rogue International Inc. ↗
Written by CompePharma's editorial system from the company's filing; claims are the company's. AI-assisted; check the source before acting. Not investment advice.
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