MEDFORD, Ore. – Grown Rogue International Inc., a craft cannabis company born from the terroir of Oregon’s Rogue Valley, will implement a reorganization of the Company’s share capital, as approved by the shareholders at the annual and special meeting.
“The purpose of the Share Reorganization is to preserve our foreign private issuer status in the United States and will have no impact on the voting power of any shareholder. Completing the Share Reorganization will allow us to defer the added reporting obligations and the conversion of our financial reporting standards from IFRS to GAAP,” said Obie Strickler, CEO of Grown Rogue. “Our accounting and finance team have already completed two sets of audited financial statements this year as a result in our change of year-end, and we want our entire team intently focused on our near-term operational and strategic goals, including getting our New Jersey and Illinois assets up and running.”
Pursuant to the Share Reorganization, the Company intends to amend its articles to redesignate its existing class of common shares without par value in the capital of the Company as Subordinate Voting Shares and create a new class of unlisted Multiple Voting Shares.
The new CUSIP and ISIN for the SV Shares are 39986R304 and CA39986R3045, respectively. The trading symbol for the SV Shares will remain “GRIN” on the Canadian Securities Exchange. The record date for the Share Reorganization is June 26, 2024, and the Share Reorganization will become effective on or about June 27, 2024.
Holders of Common Shares held in book-entry form or through a bank, broker or other nominee will have their positions automatically adjusted to reflect the Share Reorganization, subject to a broker’s particular processes, and do not need to take any action in connection with the Share Reorganization. A letter of transmittal was provided to Shareholders in connection with the Meeting. The letter of transmittal contains instructions on how registered shareholders can exchange their Common Share certificates for new certificates representing the SV Shares to which they are entitled.
Shareholders who hold Common Shares in brokerage accounts should direct any questions concerning the Share Reorganization to their brokers; all other shareholders may direct questions to the transfer agent, Capital Transfer Agency ULC, who can be reached at telephone number 416-350-5007.
About Grown Rogue
Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a craft cannabis company operating in Oregon, Michigan, Minnesota, Maryland, and New Jersey, focused on delighting customers with premium flower and flower-derived products at fair prices. The Company’s roots are in Southern Oregon, where it has proven its capabilities in the highly competitive and discerning Oregon market. The Company’s passion for quality product and value, combined with a disciplined approach to growth, prioritizes profitability and return on capital without sacrificing quality. The Company’s strategy is to pursue capital efficient methods to expand into new markets, bringing craft-quality product at fair prices to more consumers. The Company also continues to make modest investments to improve outdoor craft cultivation capabilities in preparation for eventual interstate commerce.
