(RTTNews) - Grown Rogue International Inc. (GRUSF), a craft-focused cannabis company, announced it has acquired the remaining 30% minority interest in its Illinois subsidiary, Rogue EBC, LLC.
The total purchase price is $1.5 million, with $500,000 paid at closing, another $500,000 due in six months, and the final $500,000 payable either within 15 months of closing or at the first harvest date, whichever comes first.
CEO Obie Strickler said the consolidation allows Grown Rogue to move forward with its Illinois project. He noted that while the original plan was to share operations with a manufacturing partner, the partner's unrelated request for liquidity created an opportunity to acquire full ownership at an attractive price.
Strickler added that the decision aligns with the company's success in producing craft-quality flower efficiently in multiple markets, citing the recent launch in New Jersey as a comparable model to Illinois.
The transaction is pending final approval by the Illinois Department of Agriculture.
Monday GRUSF closed at $0.46 with no movement on the OTC Markets OTCQB.
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