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Grown Rogue International Inc. (CSE:GRIN) (OTC:GRUSF) acquired a facility and retail dispensary in Oregon from a subsidiary of Acreage Holdings Inc. (OTCQX:ACRHF) for roughly $3 million.
The acquired facility, previously owned by HSCP LLC, is located in Medford, close to Grown Rouge’s facility. This should enable the company to lower production costs to at or below 80 cents per gram.
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The facility is expected to have the capacity to manufacture around 2,400 pounds or $2.5 million in revenue of flower for the rest of the year.
Once it is enhanced with a fourth cultivation space, the facility will be able to produce 5,000 pounds or $6 million in revenue of flower.
The acquired retail dispensary is located in Portland, and Grown Rouge should take over its retail activities in two to four months upon obtaining regulatory approvals. The company hopes it will boost its yearly revenue by $1 million via retail sales from this dispensary.
With these strategic acquisitions, Grown Rouge’s total indoor capacity reaches 127,000 square feet and its total annual revenue is projected to hit $20 million.
“This value acquisition is another example of our talented team’s disciplined focus on our core competency of high-quality, low-cost flower production,” Grown Rogue CEO Obie Strickler said. “We are picking up where we left off in 2020, when we completed a controlling interest acquisition of a first-rate cannabis asset in Michigan."
Grown Rogue will continue to "execute" its business strategy of acquiring undervalued assets, Strickler added.
Courtesy image
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.