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Grown Rogue International
(GRIN)
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Rating:57Neutral
Price Target:
C$0.60
▼(-6.25% Downside)
Action:Reiterated
Date:08/22/26
The score is driven primarily by moderate financial strength: strong revenue growth and improved operating cash flow are tempered by current net losses and increased leverage. Technicals are mildly supportive with the price above major moving averages, while valuation is pressured by a negative P/E. The latest earnings call adds a positive offset due to operational execution and raised guidance, but execution and pricing volatility remain meaningful risks.
Positive Factors
Revenue growth and gross margin
Strong top-line growth combined with a healthy gross margin indicates that the company is expanding sales while retaining meaningful value from production. If maintained, this combination can support reinvestment, improve operating leverage, and strengthen competitiveness across regulated cannabis markets.
Negative Factors
Higher leverage and lower equity
The sharp increase in debt relative to equity reduces financial flexibility and makes the business more sensitive to operating setbacks. With losses still present, leverage may constrain funding for expansion, increase pressure on future cash generation, and limit management’s ability to absorb market volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and gross margin
Strong top-line growth combined with a healthy gross margin indicates that the company is expanding sales while retaining meaningful value from production. If maintained, this combination can support reinvestment, improve operating leverage, and strengthen competitiveness across regulated cannabis markets.
Read all positive factors
Grown Rogue International (GRIN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$154.96M
Dividend YieldN/A
Average Volume (3M)32.25K
Price to Earnings (P/E)―
Beta (1Y)1.13
Revenue Growth34.29%
EPS Growth-307.69%
CountryCA
Employees204
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.02
Shares Outstanding249,938,980
10 Day Avg. Volume13,357
30 Day Avg. Volume32,251
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)3.50
Price to Sales (P/S)4.85
P/FCF Ratio132.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Grown Rogue International Business Overview & Revenue Model
Company Description
Grown Rogue International Inc., operating through its various subsidiaries, specializes in the cultivation and distribution of diverse cannabis products across the United States. Its comprehensive product portfolio features an assortment of cannab...
How the Company Makes Money
GRIN makes money primarily by producing cannabis (cultivation) and converting harvested biomass into sellable products (post-harvest processing/manufacturing) that are sold into regulated markets. Key revenue streams include: (1) Wholesale cannabi...
Grown Rogue International Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call was overall positive: management reported record operational performance (notably in Michigan), clear progress on multi-state expansion (NJ, IL, MN), modest price recovery in Oregon, and demonstrated capital allocation discipline. Lowlights are largely operational/startup frictions, an ASP reporting distortion from a shake-based product in New Jersey, regulatory timing uncertainty in new states, and ongoing industry pricing volatility. The highlights — particularly the record cost and yield metrics, expanding capacity, and raised guidance supported by visibility — materially outweigh the manageable challenges discussed.Positive Updates
Record production efficiency in Michigan
Michigan delivered record yields and low costs: ~90 grams per square foot of flower and ~$277 per pound (flower-only). Management reported full-biomass costs below $200 per pound. Team execution set a new internal benchmark the company expects to replicate across other markets.
Negative Updates
New Jersey yields and costs below internal benchmark
New Jersey yields and cost metrics are not yet at the levels seen in Michigan or Oregon. Management cited higher power and slightly higher labor costs, and the impact of carrying fixed/management costs on partially utilized capacity, driving higher per-unit expenses until full buildout (16,000 sq ft) is complete.
Read all updates
Q2-2026 Updates
Positive
Negative
Record production efficiency in Michigan
Michigan delivered record yields and low costs: ~90 grams per square foot of flower and ~$277 per pound (flower-only). Management reported full-biomass costs below $200 per pound. Team execution set a new internal benchmark the company expects to replicate across other markets.
Read all positive updates
Company Guidance
Management guidance emphasized capacity buildouts and replicating Michigan-level efficiency: New Jersey is expected to reach full 16,000 sq ft flowering capacity (three additional flower rooms plus a mother room) by year‑end (100% of packaged flower sales this quarter and some bulk purchases to meet demand); Illinois had plants in June with first harvest expected in September and canopy expanding from an initial 5,000 sq ft to an approved 10,000 sq ft by year‑end; Minnesota plans to bring plants in August, harvest by year‑end and begin sales in Q1 2027. Operational targets call for matching Michigan’s record 90 grams/sq ft flower and $277/lb flower‑only cost (sub‑$200/lb full biomass), with management citing 90–100 g/sq ft and sub‑$300/lb flower as the new standard (sub‑$400–$500 and lower benchmarks cited as achievable), noting tech upgrades can be installed for low six‑figure costs; capital allocation aims to generate ~$0.75 of operating profit for every $1 invested after 12–18 months, the company reported Michigan excise tax as revenue, and it excluded a Yeti Ready‑to‑Roll SKU (shake normally ~$250/lb sold as ready‑to‑roll at ~ $1,000/lb) from flower ASP calculations.Grown Rogue International Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
45
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Oct 2023 | Jan 2023 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.28M | 22.15M | 27.02M | 21.83M | 17.76M | 9.38M |
| Gross Profit | 18.56M | 11.03M | 13.44M | 14.22M | 8.12M | 6.10M |
| EBITDA | 1.61M | 10.21M | -3.66M | 3.44M | 3.41M | 2.55M |
| Net Income | -2.65M | 6.35M | -11.30M | -533.04K | 447.46K | -1.01M |
Balance Sheet | ||||||
| Total Assets | 64.92M | 55.90M | 43.32M | 30.16M | 16.37M | 14.21M |
| Cash, Cash Equivalents and Short-Term Investments | 11.51M | 13.09M | 4.68M | 8.86M | 1.58M | 1.11M |
| Total Debt | 27.31M | 17.37M | 8.39M | 6.72M | 4.91M | 4.57M |
| Total Liabilities | 43.19M | 23.66M | 27.41M | 17.61M | 7.43M | 7.09M |
| Stockholders Equity | 15.27M | 30.67M | 14.55M | 11.56M | 6.93M | 5.09M |
Cash Flow | ||||||
| Free Cash Flow | -1.52M | 811.46K | 5.39M | 4.27M | 892.89K | -2.29M |
| Operating Cash Flow | 8.19M | 2.54M | 7.12M | 5.73M | 2.00M | -238.46K |
| Investing Cash Flow | -8.39M | -4.78M | -12.20M | -2.89M | -1.11M | -2.73M |
| Financing Cash Flow | 3.85M | 11.22M | 2.95M | 4.43M | -422.54K | 3.86M |
Grown Rogue International Technical Analysis
Negative
0.64
Price Trends
0.62
Negative
0.58
Negative
0.54
Positive
Market Momentum
>-0.01
Positive
39.02
Neutral
30.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRIN, the sentiment is Negative. The current price of 0.64 is above the 20-day moving average (MA) of 0.63, above the 50-day MA of 0.62, and above the 200-day MA of 0.54, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.02 is Neutral, neither overbought nor oversold. The STOCH value of 30.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GRIN.
Grown Rogue International Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$338.61M | 9.73 | 18.12% | ― | 18.79% | 10.74% | |
72 Outperform | C$193.61M | 17.21 | 9.45% | ― | 14.66% | -33.72% | |
57 Neutral | C$154.96M | -27.58 | -12.66% | ― | 34.29% | -307.69% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | C$161.76M | -1.68 | 53.44% | ― | 4.96% | -12.20% |
* Healthcare Sector Average
TSE:GRIN
Grown Rogue International
0.58
-0.04
-6.45%
TSE:JUSH
Jushi Holdings
0.78
-0.14
-15.22%
TSE:XLY
Auxly Cannabis Group
3.24
1.28
65.31%
TSE:LOVE
Cannara Biotech
1.96
0.24
13.66%
Grown Rogue International Corporate Events
Business Operations and StrategyProduct-Related Announcements
Grown Rogue Launches Cannabis Cultivation Operations in Minnesota
Positive
Sep 8, 2026
Grown Rogue has begun cultivation at an affiliated licensed cannabis facility in Fridley, Minnesota, marking a significant step in its expansion into the state. Phase I includes about 8,000 square feet of flowering canopy across five rooms within ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Grown Rogue Moves into New York Market with PharmaCann Asset Deal and $15 Million Financing
Positive
Aug 21, 2026
Grown Rogue International is entering the New York cannabis market through a planned acquisition of PharmaCann’s New York license and assets, including a large Hamptonburgh cultivation and manufacturing facility and four Verilife-branded dis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.