MEDFORD, Ore. – Grown Rogue International Inc., a craft cannabis company born from the amazing terroir of Oregon’s Rogue Valley, terminated its advisory agreement with Vireo Growth Inc. (formerly Goodness Growth Holdings, Inc.).
“While we are disappointed to no longer be working with Vireo, we are pleased with the benefits this collaboration generated for both sides. This agreement allowed Grown Rogue to hone and elevate our team’s ability to support a much larger cultivation platform across multiple markets, increasing our confidence in our ability to execute a nationwide expansion strategy,” said Obie Strickler, CEO of Grown Rogue. “We are already applying what we learned in New Jersey and intend to do the same in Illinois next year. We view the agreement as a great success because it has better positioned our team to take advantage of future opportunities. We’d like to thank the Vireo team for the opportunity to work with them these last eighteen months and we wish them success in the future.”
As consideration for the early termination, Vireo will forfeit and return for cancellation 4,500,000 of the 8,500,000 share purchase warrants in Grown Rogue that are held by Vireo at a CAD$0.225 strike price and pay Grown Rogue US$800,000 in cash. Vireo has the option of deferring the cash payment by making 4 quarterly payments of US$250,000. Grown Rogue will also receive its full fee for the work performed in Q3 and retains its 10,000,000 warrants in Vireo.
About Grown Rogue
Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a craft cannabis company operating in Oregon, Michigan, New Jersey and Illinois. 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.
