Grown Rogue International Inc. (CSE:GRIN) (OTC:GRUSF) reported on Tuesday its unaudited fiscal fourth quarter 2023 results for the three months ended Oct. 31, 2023.
The craft cannabis company operating in Oregon and Michigan, as well as in Minnesota and Maryland through an advisory agreement with Goodness Growth Holdings, Inc. (OTCQX:GDNSF) (CSE:GDNS), revealed a 29% year-over-year increase in revenue hitting $6.5 million in the fourth quarter.
"Our $6.5M in revenue continues our upward trajectory with a sequential increase of 3%, despite the cyclicality of our Oregon outdoor business, where sales were down $0.2M from the previous quarter and $0.5M from Q2 2023," CEO Obie Strickler said.
Q4 2023 Financial Highlights
- Gross profit was $4.4 million.
- Net loss was approximately $2 million.
- Adjusted EBITDA came in positive $2.1 million compared to $1.7 million adjusted EBITDA gain in the prior year's period.
- Operating cash flow, before changes in working capital, of $1.8 million compared to $0.7 million in the fourth quarter of 2022, an increase of 156% year-over-year.
- Adjusted EBITDA margin was 32.1% compared to 32.8 % in the prior year's period.
Construction Progress In New Jersey
Grown Rogue announced its entry into the New Jersey market, with construction underway and on track to be completed in the second quarter of 2024, with sales expected in the subsequent period.
"We are particularly pleased with the construction progress in New Jersey by our partner and believe it to be one of, if not the highest return on investment in the cannabis space currently and are extremely excited to soon be bringing Oregon quality cannabis to the great people of New Jersey," Strickler said.
Missed the first wave of cannabis investments? Don't make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF
But here's the kicker: Michael is about to release his next potential winners, and he's chomping at the bit to share these ticker symbols with you ASAP.
Don't miss out on the green rush!
Related News
- This Craft Cannabis Company Reports Q3 2023 Results With 48% Revenue Growth
- Grown Rogue Secures $5M Via Convertible Debenture Financing
- Grown Rogue Q2 FY23 Revenue Grows 18.2%, What About Income?