v3.26.1
BASIS OF PRESENTATION (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of reconciliation of consolidated balance sheets
                             
    Note     IFRS     Effect of
transition to
U.S. GAAP		     U.S. GAAP  
          $     $     $  
ASSETS                              
Current assets                              
Cash and cash equivalents           6,804,579       -       6,804,579  
Accounts receivable, net           1,642,990       -       1,642,990  
Biological assets   (B)       1,723,342       (1,723,342 )     -  
Inventory   (B)       5,021,290       (444,799 )     4,576,491  
Prepaid expenses           420,336       -       420,336  
Total current assets           15,612,537       (2,168,141 )     13,444,396  
Warrant asset           8,820,897       -       8,820,897  
Notes receivable   (A)       2,449,122       (2,192,372 )     256,750  
Property and equipment, net   (A)(C)       1,761,382       (669,459 )     1,091,923  
Right of use assets   (A)(C)       -       2,976,405       2,976,405  
Intangible assets           725,668       -       725,668  
Deferred tax asset           246,294       -       246,294  
TOTAL ASSETS           29,615,900       (2,053,567 )     27,562,333  
                               
LIABILITIES                              
Current liabilities                              
Accounts payable and accrued liabilities           1,358,962       -       1,358,962  
Current portion of lease liabilities   (C)       925,976       (925,976 )     -  
Current portion of operating lease liabilities   (A)(C)       -       925,976       925,976  
Current portion of long-term debt           780,358       -       780,358  
Current portion of consideration payable on business acquisitions           360,000       -       360,000  
Derivative liability   (D)       7,471,519       10,863       7,482,382  
Warrant liability   (D)       -       4,270,342       4,270,342  
Income tax payable           873,388       -       873,388  
Total current liabilities           11,770,203       4,281,205       16,051,408  
Lease liabilities, net of current portion   (C)       1,972,082       (1,972,082 )     -  
Operating lease liabilities, net of current portion   (A)(C)       -       1,901,645       1,901,645  
Long-term debt, net of discounts and current portion           82,346       -       82,346  
Convertible debentures   (D)       2,459,924       (1,876,795 )     583,129  
Other non-current liabilities   (F)       -       2,128,057       2,128,057  
TOTAL LIABILITIES           16,284,555       4,462,030       20,746,585  
                               
SHAREHOLDERS’ EQUITY                              
Subordinate voting common shares, convertible into multiple voting common shares, no par value; unlimited shares authorized; 249,738,980 and 222,446,113 shares issued and outstanding as at December 31, 2025 and 2024, respectively   (D)(E)       24,593,422       7,205,942       31,799,364  
Multiple voting common shares, no par value; unlimited shares authorized; nil and nil shares issued and outstanding as at December 31, 2025 and 2024, respectively           -       -       -  
Contributed surplus   (E)       8,186,297       (8,186,297 )     -  
Accumulated other comprehensive loss           (108,069 )     -       (108,069 )
Accumulated deficit   (A)(B)(C)(D)(F)       (20,353,629 )     (5,535,242 )     (25,888,871 )
Equity attributable to Grown Rogue International, Inc. shareholders           12,318,021       (6,515,597 )     5,802,424  
Non-controlling interests           1,013,324       -       1,013,324  
TOTAL SHAREHOLDERS’ EQUITY           13,331,345       (6,515,597 )     6,815,748  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           29,615,900       (2,053,567 )     27,562,333  

 

Reconciliation of consolidated balance sheets as at December 31, 2024

 

                               
    Note     IFRS     Effect of
transition to
U.S. GAAP		     U.S. GAAP  
          $     $     $  
ASSETS                              
Current assets                              
Cash and cash equivalents   (A)       4,682,221       235,487       4,917,708  
Accounts receivable, net   (A)       1,596,912       (39,787 )     1,557,125  
Biological assets   (B)       1,554,622       (1,554,622 )     -  
Inventory   (A)(B)       4,769,776       1,171,775       5,941,551  
Prepaid expenses   (A)       864,009       (164,647 )     699,362  
Current portion of notes receivable   (A)       7,189,635       (7,189,635 )     -  
Total current assets           20,657,175       (7,541,429 )     13,115,746  
Other long-term assets   (A)       -       200,000       200,000  
Warrant asset           4,855,795       -       4,855,795  
Other Investments   (A)       1,810,363       (1,234,396 )     575,967  
Notes receivable   (A)       2,613,969       (1,075,958 )     1,538,011  
Property and equipment, net   (A)(C)       11,870,220       2,174,013       14,044,233  
Right of use assets   (A)(C)       -       7,591,048       7,591,048  
Intangible assets   (A)       1,257,668       1,767,525       3,025,193  
Deferred tax asset   (A)       250,620       441,485       692,105  
TOTAL ASSETS           43,315,810       2,322,288       45,638,098  
                               
LIABILITIES                              
Current liabilities                              
Accounts payable and accrued liabilities   (A)       2,107,619       583,288       2,690,907  
Current portion of lease liabilities   (A)       736,453       (736,453 )     -  
Current portion of operating lease liabilities   (A)(C)       -       1,047,763       1,047,763  
Current portion of long-term debt           227,679       1       227,680  
Convertible debentures   (D)       1,945,226       (1,281,490 )     663,736  
Current portion of consideration payable on business acquisitions           536,881       -       536,881  
Derivative liability           12,504,175       5       12,504,180  
Income tax payable   (A)       1,907,177       9,549       1,916,726  
Total current liabilities           19,965,210       (377,337 )     19,587,873  
Lease liabilities   (C)       4,475,490       (4,475,490 )     -  
Operating lease liabilities, net of current portion   (A)(C)       -       6,699,808       6,699,808  
Long-term debt, net of discounts and current portion   (A)       1,001,681       1,072,429       2,074,110  
Consideration payable on acquisitions, net of discounts and current portion           1,693,540       -       1,693,540  
Other non-current liabilities   (F)       269,883       4,737,265       5,007,148  
TOTAL LIABILITIES           27,405,804       7,656,675       35,062,479  
                               
SHAREHOLDERS’ EQUITY                              
Subordinate voting common shares, convertible into multiple voting common shares, no par value; unlimited shares authorized; 249,738,980 and 222,446,113 shares issued and outstanding as at December 31, 2025 and 2024, respectively   (D)(E)       38,499,491       13,865,837       52,365,328  
Multiple voting common shares, no par value; unlimited shares authorized; nil and nil shares issued and outstanding as at December 31, 2025 and 2024, respectively           -       -       -  
Contributed surplus   (E)       9,025,541       (9,025,541 )     -  
Accumulated other comprehensive loss           (125,930 )     -       (125,930 )
Accumulated deficit   (A)(B)(C)(D)(F)       (32,847,334 )     (10,466,426 )     (43,293,760 )
Equity attributable to Grown Rogue International, Inc. shareholders           14,551,768       (5,334,387 )     8,945,638  
Non-controlling interests   (A)       1,358,238       271,743       1,629,981  
TOTAL SHAREHOLDERS’ EQUITY           15,910,006       (5,334,387 )     10,575,619  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           43,315,810       2,322,288       45,638,098  
Schedule of reconciliation of net loss
                             
    Note     IFRS     Effect of
transition to
U.S. GAAP		     U.S. GAAP  
          $     $     $  
Revenue                              
Product sales   (A)       25,029,634       334,559       25,364,193  
Service revenue   (A)       1,987,631       (729,500 )     1,258,131  
Total revenue           27,017,265       (394,941 )     26,622,324  
Cost of goods sold                              
Cost of finished cannabis inventory sold   (A)(B)       (12,827,041 )     (345,636 )     (13,172,677 )
Costs of service revenue           (206,669 )     -       (206,669 )
Total cost of goods sold           (13,033,710 )     (345,636 )     (13,379,346 )
Gross profit, excluding fair value items           13,983,555       (740,577 )     13,242,978  
Realized fair value loss amounts in inventory sold   (B)       (3,358,862 )     3,358,862     -  
Unrealized fair value gain amounts on growth of biological assets   (B)       2,816,943       (2,816,943 )     -  
Gross profit           13,441,636       (198,658 )     13,242,978  
Operating expenses                              
Amortization   (A)(D)       939,727       53,652       993,379  
General and administration   (A)(G)       10,075,360       505,434       10,580,794  
Share-based compensation   (E)       1,306,607       302,216       1,608,823  
Total operating expenses           12,321,694       861,302       13,182,996  
Income from operations           1,119,942       (1,059,960 )     59,982  
Other income (expense)                              
Interest expense   (A)(C)(D)       (379,161 )     301,648       (77,513 )
Accretion expense   (A)(C)       (2,042,556 )     206,116       (1,836,440 )
Other income   (A)       1,938,713       (848,064 )     1,090,649  
Interest income   (A)       -       350,656       350,656  
Gain on extinguishment of notes receivable           156,165       (156,165 )     -  
Unrealized gain (loss) on derivative liability   (D)       (12,768,905 )     5,014,503       (7,754,402 )
Realized loss on derivative liability   (D)       -       (5,049,209 )     (5,049,209 )
Unrealized gain on warrant asset           3,094,413       -       3,094,413  
Realized loss on warrant liability   (D)       -       (1,741,710 )     (1,741,710 )
Loss on equity investment in associate   (A)       (169,637 )     (81,593 )     (251,230 )
Loss on disposal of property, plant and equipment   (G)       50,057       (50,057 )     -  
Total other income (expense), net           (10,120,911 )     (2,053,875 )     (12,174,786 )
Loss before income tax expense           (9,000,969 )     (3,113,835 )     (12,114,804 )
Income tax expense   (A)(F)       (1,695,825 )     (2,168,722 )     (3,864,547 )
Net loss           (10,696,794 )     (5,282,557 )     (15,979,351 )
Other comprehensive loss                              
Currency translation adjustment           (17,861 )     -       (17,861 )
Total comprehensive loss           (10,714,655 )     (5,282,557 )     (15,997,212 )
                               
Net loss for the period attributable to:                              
Shareholders           (11,303,642 )     (4,702,737 )     (16,006,379 )
Non-controlling interest   (A)       606,848       (579,820 )     27,028  
Net loss           (10,696,794 )     (5,282,557 )     (15,979,351 )
                               
Comprehensive income (loss) for the period attributable to:                              
Shareholders           (11,321,503 )     (4,702,737 )     (16,024,240 )
Non-controlling interest   (A)       606,848       (579,820 )     27,028  
Total comprehensive income (loss)           (10,714,655 )     (5,282,557 )     (15,997,212 )
Schedule of reconciliation of statement of cash flows
                             
    Note     IFRS    

Effect of

transition to
U.S. GAAP

     U.S. GAAP  
          $     $     $  
Operating activities                              
Net income (loss)           (10,696,794 )     (5,282,557 )     (15,979,351 )
Adjustments for non-cash items in net loss:                   -          
Depreciation of property and equipment   (A)       939,727       53,652       993,379  
Depreciation of property and equipment included in costs of finished cannabis inventory sold   (A)(C)       1,980,597       (1,544,550 )     436,047  
Lease costs included in costs of finished cannabis inventory sold   (A)(C)       -       328,957       328,957  
Unrealized fair value gain amounts on growth of biological assets   (B)       (2,816,943 )     2,816,943       -  
Realized fair value loss amounts in inventory sold   (B)       3,358,862       (3,358,862 )     -  
Share-based compensation   (E)       1,306,607       302,216       1,608,823  
Accretion expense   (D)       2,042,556       (206,116 )     1,836,440  
Unrealized (gain) loss on derivative liability   (D)       12,768,905       (5,014,503 )     7,754,402  
Realized loss on derivative liability   (D)               5,049,209       5,049,209  
Unrealized (gain) loss on warrant asset           (3,094,414 )     1       (3,094,413 )
Realized loss on warrant liability   (D)               1,741,710       1,741,710  
Loss on equity investment in associate   (A)       169,637       81,593       251,230  
Loss on disposal of property and equipment           (50,057 )     -       (50,057 )
Gain on extinguishment of notes receivable   (A)       (156,165 )     156,165       -  
Deferred income taxes   (A)       (4,326 )     (107,872 )     (112,198 )
Currency translation loss           (17,861 )     17,861       -  
            5,730,331       (4,966,153 )     764,178  
Changes in non-cash working capital   (A)       1,394,111       456,691       1,850,802  
Net cash provided by operating activities           7,124,442       (4,509,462 )     2,614,980  
                               
Investing activities                              
Purchase of property and equipment   (A)       (1,739,014 )     (2,343,140 )     (4,082,154 )
Acquisition of Golden Harvests LLC   (A)       (529,998 )     529,998       -  
Acquisition of Canopy Management, LLC           (271,438 )     -       (271,438 )
Dividend issued from Golden Harvests, LLC to minority owner           (530,000 )     -       (530,000 )
Advance of notes receivable   (A)       (7,898,136 )     6,350,458       (1,547,678 )
Repayment of notes receivable   (A)       484,160       (217,743 )     266,417  
Investment in ABCO Garden State, LLC           (1,980,000 )     -       (1,980,000 )
Cash acquired on investment in ABCO Garden State, LLC   (A)       -       2,815       2,815  
Repayment of bridge note   (A)       266,417       (266,417 )     -  
Advance on purchase of remaining Rogue EBC, LLC equity interest   (A)       -       (827,197 )     (827,197 )
Net cash used in investing activities           (12,198,009 )     3,228,774       (8,969,235 )
                               
Financing activities                              
Proceeds from exercise of stock options           359,958       -       359,958  
Proceeds from exercise of warrants           4,657,460       (47,883 )     4,609,577  
Proceeds from long-term debt   (A)       -       450,000       450,000  
Debt issuance costs           (126,914 )     -       (126,914 )
Repayment of long-term debt           (1,230,093 )     88,656       (1,141,437 )
Payment of interest on convertible debentures           (521,953 )     68,514       (453,439 )
Proceeds from sale of units of subsidiary           787,500       -       787,500  
Payment of lease liability   (C)       (974,749 )     974,749       -  
Net cash provided by financing activities           2,951,209       1,534,036       4,485,245  
                               
Effect of foreign exchange on cash and cash equivalents           -       (17,861 )     (17,861 )
                               
Change in cash and cash equivalents   (A)       (2,122,358 )     235,487       (1,886,871 )
Cash and cash equivalents, beginning of year           6,804,579       -       6,804,579  
Cash and cash equivalents, ending of year           4,682,221       235,487       4,917,708  
Schedule of consolidated financial statements
                           
Entity     Defined term     Location     Purpose     Percentage
held		  
Grown Rogue Unlimited, LLC     “GR Unlimited”     Oregon     U.S. Holding Company       100 %
Grown Rogue Gardens, LLC     “GR Gardens”     Oregon     Operating Entity (Cultivation)       100 %
GRU Properties, LLC     “GRU Properties”     Oregon     Property Management       100 %
GRIP, LLC     “GRIP”     Oregon     Marketing/Branding       100 %
Grown Rogue Distribution, LLC     “GR Distribution”     Oregon     Operating Entity (Distribution)       100 %
Rogue EBC, LLC     “Rogue EBC”     Illinois     Operating Entity (Cultivation)       70 %*
Cannequality, LLC     “Cannequality”     Illinois     Licensing Company       70 %*
Canopy Management, LLC     “Canopy”     Michigan     Holding Company       100 %**
Golden Harvests LLC     “Golden Harvests”     Michigan     Operating Entity (Cultivation)       80 %
Grown Rogue Retail Ventures, LLC     “GR Retail”     Delaware     Holding Company       100 %
Grown Rogue West New York, LLC     “West NY”     New Jersey     Holding Company (Retail)       44 %***
ABCO Garden State, LLC     “ABCO”     New Jersey     Operating Entity (Cultivation)       70 %

 

 
* The Company does not have the unilateral ability to direct activities of Rogue EBC and therefore the investment constitutes a joint venture in accordance with ASC 323, Investments – Equity Method and Joint Ventures, and has been accounted for using the equity method (Note 8). Cannequality is wholly owned by Rogue EBC, in which Cannequality is the legal entity that holds the acquired cannabis license for Rogue EBC’s joint arrangement operations. When regulatory milestones are achieved, the Company plans to dissolve Cannequality. Cannequality remains inactive.
** Canopy was dissolved in the second quarter of 2025 after regulatory milestones were achieved resulting in GR Unlimited directly holding an 80% ownership interest in Golden Harvests.
*** The Company has the unilateral ability to direct the activities of West NY and therefore the Company consolidates West NY in accordance with ASC 810, Consolidation.