Oregon-Based Cannabis Company Grown Rogue International Buys Real Estate In Detroit

Grown Rogue International Inc GRIN bought two properties in Detroit’s Milwaukee Junction neighborhood from the parent of Emagine Entertainment, according to Crain’s Detroit Business.

Why It’s Important

The purchase positions Grown Rogue to seize a large, freshly legalized and relatively unsaturated recreational cannabis market. By its estimates, Michigan has 27.06 medical marijuana patients per capita — far exceeding the rates of California (23.16) and Colorado (15.86).

"By any measure, Michigan has one of the most active medical cannabis markets in America which is a leading indicator in the potential size of the recreational market," Grown Rogue said in March 12 a press release.

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That activity has proven attractive to cannabis ventures. Earlier this year, Tidal Royalty announced entry into the Michigan market, and Green Peak Innovations recently took $30 million in debt to expand its local presence.

The interest could diminish, though, as the state legislature considers new restrictions disadvantaging established operations.

What’s Next

The Oregon-based cannabis company plans to execute on its Metro Detroit plan once it secures its licenses.

"Grown Rogue's current expected portfolio in Michigan includes two strategically positioned retail centers (known as provisional licenses) in Hazel Park and Midtown Detroit as well as a 19,000 (square-foot) cultivation center in Detroit,” according to the press release. “Additional license acquisitions are being reviewed.”

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