Grown Rogue Boosts Revenue 41% on New Jersey Growth, Raises 2026-2027 Guidance
Event summary
- Q2 2026 revenue rose 41% YoY to $11.3M, driven by 65% growth in New Jersey and 49% in Michigan (31% excluding excise tax).
- Adjusted EBITDA increased 36% YoY to $2.1M with an 18.2% margin (18.9% excluding Michigan excise tax).
- Company raised 2026 revenue guidance to $38-41M from $34-37M and 2027 guidance to $55-63M from $50-58M.
- New Jersey expansion continues with 16,000 sq. ft. of flowering canopy expected by year-end; Illinois and Minnesota facilities progressing.
The big picture
Grown Rogue's strong Q2 performance highlights the strategic value of its New Jersey operations, where disciplined execution in a higher-priced market is driving significant revenue growth. The company's ability to scale its cultivation platform across multiple states while maintaining cost discipline positions it favorably as cannabis markets mature. However, success will depend on executing its expansion plans without compromising operational efficiency or profitability.
What we're watching
- Market Expansion Pace
- Whether Grown Rogue can sustain its aggressive expansion in Illinois and Minnesota while maintaining profitability.
- Pricing Volatility
- How the company will navigate continued pricing volatility in mature markets like Oregon and Michigan.
- Product Diversification
- The impact of measured product expansion around its core flower-forward ethos on wallet share growth.