Record quarterly revenue of $6.7M compared to $6.0M in the three months ended April 30, 2023, an increase of 11%  Operating Cash Flow (OCF), before changes in working capital (WC), of $1.8M compared to $1.7M in the three months ended April 30, 2023, a slight increase of 1%  Free Cash Flow1 (FCF) of ($1.9M), which includes $2.9M in cash advances to the New Jersey partners Announced management team update to lead the Company on its next phase of growth Construction in New Jersey is substantially on time and on budget with sales expected in H2 2024  Announced expansion into the Illinois market, with sales expected in H2 2025 MEDFORD, Ore., May 30, 2024 /CNW/ - Grown Rogue International Inc. ("Grown Rogue" or the "Company") (CSE:GRIN) (OTC:GRUSF), a craft cannabis born from the amazing terroir of Oregon's Rogue Valley, is pleased to report its first quarter 2024 results for the three months ended March 31, 2024. The comparison period for 2023 is the three months ended April 30, 2023, due to the recent fiscal year end change from October 31 to December 31. All financial information is provided in U.S. dollars unless otherwise indicated.  First Quarter 2024 Financial Summary ($USD Millions)  First Quarter 2024 Summary  2024 2023*  +/- %  Revenue  6.7 6.0 +11 % aEBITDA  2.4 2.1 +16 % aEBITDA %  36.9 % 35.1 % +180 bps  OCF (Before Changes in WC)  1.8 1.7 +1 % OCF %  26.5 % 29.1 % -260 bps  *2023 data is February-April due to the fiscal year end change Management Commentary   "This was another exciting quarter with record revenue and aEBITDA despite the year ago comparison period including April instead of January; April is seasonally a stronger month for the industry.  In addition, we achieved record indoor revenue in Michigan and Oregon during the quarter and are thrilled that an increasing number of customers in competitive markets are choosing our products which means we are continuing to bring them value," said Obie Strickler, CEO of Grown Rogue. "We completed a management enhancement in January, that bolstered our team across cultivation, post-harvest, finance, and accounting; to prepare for the significant growth that is in front of us. This included both internal and external talent and I'm particularly pleased with our ability to develop our internal team to take on greater responsibility and provide the foundation for new external talent to immediately contribute to our success. Thus far, we are thrilled with the performance of our entire team as we support our entry into new markets. Our primary growth drivers in 2024 and 2025 continue to be our expansion efforts in New Jersey and Illinois. The construction of New Jersey Phase I is substantially on time and on budget and we continue to expect sales to New Jerseyans in the back half of this year. Grown Rogue recently obtained initial state licensing approval in New Jersey and will share additional information on that shortly.  Illinois design and engineering is underway, and we are targeting sales starting in the second half of 2025," continued Mr. Strickler. "The recent early warrant exercise shows the commitment and alignment of our shareholders to our strategy and has capitalized the Company to execute on the current growth initiatives in New Jersey and Illinois. Our plan for expansion projects remains one to two new markets per year as we roll out our national expansion strategy.  We strongly believe that high quality, low cost cannabis cultivation, that delights our customers, is a protectable moat that sets us up for continued growth in new markets. I want to personally thank all of our customers, the entire Grown Rogue team, and our shareholders each doing their part to help Grown Rogue achieve our goal of becoming the first nationally recognized craft cannabis company in the U.S." Oregon Market Highlights ($USD Millions)  Oregon  2024 2023*  +/- %  Revenue  3.1 2.9 +5 % aEBITDA  1.2 1.1 +9 % aEBITDA Margin %    38.2 % 36.9 % +130 bps  * 2023 data is February-April Michigan Market Highlights ($USD Millions)  Michigan  2024 2023*  +/- %  Revenue  3.2 2.8 +14 % aEBITDA  1.4 1.3 +8 % aEBITDA Margin %   43.4 % 45.8 %  -240 bps  *2023 data is February-April Michigan operations are through Golden Harvests, LLC.  Financial Statements and aEBITDA reconciliation   CONSOLIDATED STATEMENTS OF FINANCIAL POSITION March 31, 2024 December 31, 2023 $ $ ASSETS Current assets Cash and cash equivalents 9,453,084 6,804,579 Accounts receivable (Note 18) 1,985,253 1,642,990 Biological assets (Note 3) 1,805,576 1,723,342 Inventory (Note 4) 4,883,654 5,021,290 Prepaid expenses and other assets 1,652,639 420,336 Notes receivable 264,333 - Total current assets 20,044,539 15,612,537 Property and equipment (Note 8) 9,908,337 8,820,897 Notes receivable (Notes 6.2.1, 6.2.2 and 6.2.3) 4,631,227 2,449,122 Warrants asset (Note 13.2) 3,054,229 1,761,382 Intangible assets and goodwill (Note 9) 725,668 725,668 Deferred tax asset (Note 20) 339,545 246,294 TOTAL ASSETS 38,703,545 29,615,900 LIABILITIES Current liabilities Accounts payable and accrued liabilities 1,706,864 1,358,962 Current portion of lease liabilities (Note 7) 741,086 925,976 Current portion of long-term debt (Note 10) 838,332 780,358 Business acquisition consideration payable (Note 5) 360,000 360,000 Derivative liability (Notes 11.1 and 11.2) 12,542,215 7,471,519 Income tax payable 1,060,386 873,388 Convertible debentures (Notes 11.1 and 11.2) 2,468,252 - Total current liabilities 19,717,135 11,770,203 Lease liabilities (Note 7) 1,850,337 1,972,082 Long-term debt (Note 10) 1,778,922 82,346 Convertible debentures (Notes 11.1 and 11.2) - 2,459,924 TOTAL LIABILITIES 23,346,394 16,284,555 EQUITY Share capital (Note 12) 28,309,071 24,593,422 Shares issuable (Note 12.5) 1,822,412 - Contributed surplus (Notes 13 and 14) 8,242,482 8,186,297 Accumulated other comprehensive loss (110,809) (108,069) Accumulated deficit (24,550,057) (20,353,629) Equity attributable to shareholders                                        13,713,099 12,318,021 Non-controlling interests (Note 23) 1,644,052 1,013,324 TOTAL EQUITY 15,357,151 13,331,345 TOTAL LIABILITIES AND EQUITY 38,703,545