GRUSF - Grown Rogue Announces Entry into Illinois | Benzinga
- Signed a definitive agreement to form Rogue EBC, LLC, a joint venture with EBC Ventures
- The JV has entered into a definitive agreement to acquire 100% of CannEquality, LLC, which holds a craft growers license with the Illinois Department of Agriculture
- The JV holds all local zoning and planning approvals and has secured a long-term lease of a ~50,000 sq ft facility in Waukegan, Illinois
- The Facility will allow for development of up to 14,000 square feet of canopy for cultivation, and sufficient space to build out a manufacturing business
- Construction is expected to be completed in H1 2025 with first harvest to be completed in H2 2025
MEDFORD, Ore., March 5, 2024 /CNW/ - Grown Rogue International Inc. ("Grown Rogue" or the "Company") (CSE:GRIN) (OTC:GRUSF), a craft cannabis company born from the amazing terroir of Oregon's Rogue Valley, announces that it has signed a definitive agreement on March 4, 2024 to form a joint venture (the "JV") with EBC Ventures ("EBC"), signaling the Company's entrance into the Illinois market. The JV entered into a definitive agreement on February 22, 2024 to acquire 100% of CannEquality, LLC, which holds a craft growers license with the Illinois Department of Agriculture ("IDOA"). The acquisition is subject to regulatory approval from the IDOA.
The deal highlights are as follows:
- Grown Rogue will own 70% of the JV and has agreed to contribute up to US$6,000,000 to support the development of the facility
- The buildout will initially include ~5,000 square feet of canopy and 4,700 square feet of dedicated processing and manufacturing space, with the ability to increase to a total of 14,000 square feet of canopy allowed under the license
- The JV agreement includes multiple purchase options, which ultimately give Grown Rogue the ability to acquire 100% of the membership interests of the JV
"We are excited to announce our partnership with EBC, accelerating our ability to bring the quality and value of Grown Rogue products to the consumers of Illinois," said Obie Strickler, CEO of Grown Rogue. "We have been watching the Illinois market develop and believe this partnership represents a compelling opportunity to deliver great returns on our invested capital while enhancing the overall market for Illinois cannabis consumers. The ...