Grown Rogue International (GRIN) Investor Presentation summary

Strategic positioning and operational focus

• Specializes in craft, flower-forward cannabis production with roots in Oregon's Rogue Valley, emphasizing quality and operational discipline across multiple states.

• Maintains a culture that attracts top talent and prioritizes continuous improvement, cost control, and data-driven decision-making.

• Expands through both organic growth and acquisitions, targeting markets with limited craft-quality flower and distressed assets.

• Leadership team has a proven track record in operational turnarounds and efficiency, with a focus on disciplined capital deployment.

• Facilities are designed for scalability and efficiency, with a facility-first mindset to ensure quality and cost control.

Market presence and expansion

• Operates in Oregon, Michigan, and New Jersey, with an Illinois facility under construction and plans to enter at least one new state per year.

• Oregon and Michigan facilities each produce ~1,000 lbs/month of indoor flower, with New Jersey targeting similar output and higher wholesale pricing.

• Illinois entry is positioned as a high-ROI, capital-efficient expansion into a top-five U.S. cannabis market.

• Actively evaluates distressed opportunities in multiple markets to leverage industry headwinds for growth.

Financial performance and capital allocation

• Q2 2025 pro forma revenue reached $8.01M, with $1.82M in adjusted EBITDA; LTM revenue as of June 30, 2025, was $27.85M.

• Maintains a prudent balance sheet, with total debt of $9.81M and a debt/EBITDA ratio of 1.23x.

• Capital allocation targets >$0.75 sustainable EBITDA per $1 deployed, with strong returns from recent projects in Oregon, Michigan, and New Jersey.

• Financial flexibility is enhanced by early conversion of convertible notes and attractive commercial bank financing.