Grown Rogue Signals New Era of Financial Reporting Ahead of 2025 Results

MEDFORD, Ore. – February 18, 2026 – Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a cannabis company rooted in Oregon's craft cultivation scene, has signaled a pivotal shift in its financial reporting strategy as it prepares to release its fourth-quarter and full-year 2025 results on March 31, 2026. The announcement centers on a significant transition from International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (U.S. GAAP), a move that analysts see as a direct appeal to American investors seeking greater transparency and comparability.

The upcoming report, which will be followed by a conference call hosted by CEO Obie Strickler, will not only provide a snapshot of the company's performance in a dynamic market but will also mark the first time its financials include the full consolidation of its New Jersey affiliate, ABCO Garden State, LLC. This change is expected to offer a much clearer and more comprehensive view of Grown Rogue's multi-state operations, which span Oregon, Michigan, New Jersey, and a developing footprint in Illinois.

A Strategic Shift to U.S. GAAP

The decision to adopt U.S. GAAP is more than a procedural accounting change; it represents a strategic maneuver to align with the standards most familiar to the U.S. investment community. For a Canadian-listed company with significant and growing operations in the United States, the switch is crucial. U.S. GAAP is the benchmark for American multi-state operators (MSOs), and by adopting it, Grown Rogue allows for a more direct comparison of its financial health and performance against its largest competitors.

This transition is particularly impactful due to the planned consolidation of the New Jersey affiliate. Under the new framework, the assets, liabilities, and revenue streams of ABCO Garden State will be fully integrated into Grown Rogue's balance sheet and income statement. This eliminates the often-murky financial lines of affiliate agreements, providing investors with a holistic view of the company’s true economic scale. In an industry characterized by complex licensing structures and state-specific entities, this level of transparency is highly valued and can significantly influence market perception and valuation. While the transition requires considerable effort and cost, the potential benefits in enhanced investor confidence and a clearer corporate narrative are substantial.

Setting High Expectations After a Strong Year

Investors will be scrutinizing the upcoming March 31st report against a backdrop of impressive recent growth. Grown Rogue has been on a strong trajectory, reporting record annual revenue of $48.2 million for fiscal year 2024, a staggering 130% increase from the previous year. The company's operational prowess was further demonstrated in the third quarter of 2025, where it posted record revenue of $16.3 million and its ninth consecutive quarter of positive adjusted EBITDA, which reached $4.2 million.

This performance has been largely fueled by the company's success in the booming Michigan market, where its "flower-forward" strategy of producing high-quality indoor cannabis has resonated with consumers. In Q3 2025, Michigan revenues surged 20% sequentially to $10.1 million. However, the story isn't without its complexities. The company still reported a net loss of $2.0 million in the same quarter, and its gross profit margin showed some fluctuation, dipping to 27% from 32% in the prior quarter. This highlights the ongoing challenge for cannabis operators: balancing top-line growth with bottom-line profitability in a competitive environment. The full-year 2025 results will therefore be a critical test of whether Grown Rogue can sustain its revenue momentum while making progress toward net profitability.

Navigating a Challenging Cannabis Landscape

Grown Rogue's financial results will be interpreted within the broader context of the U.S. cannabis industry, which continued its complex evolution through 2025. The market remains a patchwork of state-level regulations and economic conditions. Mature markets like Oregon, the company's home base, are saturated and contending with significant pricing pressures due to oversupply. In this environment, a focus on "designer-quality" product is not just a marketing slogan but a necessary survival strategy to command premium pricing and maintain brand loyalty.

In contrast, states like Michigan and New Jersey represent high-growth opportunities. Michigan, while becoming more competitive, remains one of the nation's largest and most robust cannabis markets. New Jersey, still in the early stages of its adult-use rollout, offers substantial runway for expansion. Grown Rogue’s performance in these differing markets will serve as a barometer for its strategic adaptability. The upcoming report will reveal how effectively its model of blending "craft values with disciplined execution" is navigating these disparate economic realities, from the price-sensitive environment of the West Coast to the expanding frontiers of the East Coast.

Eyes on New Jersey and the Competitive Field

The consolidation of ABCO Garden State, LLC is arguably the most anticipated aspect of the upcoming financial report. New Jersey is a critical piece of the East Coast cannabis puzzle, and a strong foothold there is vital for any MSO with national ambitions. By bringing its New Jersey cultivation operations fully onto its books, Grown Rogue is providing a transparent look at its investment and progress in this key growth state. The performance of this affiliate will be a major indicator of the company's ability to execute on its expansion plans and capture market share in a new and promising territory.

This expansion comes as Grown Rogue continues to compete against a field of well-capitalized MSOs, including giants like Curaleaf, Green Thumb Industries, and Trulieve, all of which have a significant presence in its key markets. These competitors are also focused on operational efficiency and brand building to navigate industry headwinds. The Q4 and full-year 2025 results will offer a direct look at how Grown Rogue's capital-efficient, flower-focused model is faring against the more diversified, vertically integrated strategies of its larger rivals. As the company prepares to enter the lucrative but challenging Illinois market, its performance in 2025 will be seen as a key indicator of its readiness for the next phase of its growth. The March 31st report will thus be more than a summary of the past year; it will be a foundational document for assessing the company's future trajectory.