Grown Rogue International announced the termination of the joint venture between its Michigan partner, Golden Harvests, and Pure Extracts Corp., previously announced on August 19, 2021. The termination is immaterial to the company, and the company's financial statements since Grown Rogue had not incorporated any revenue or profits from this joint venture into their forecasts or planning.
"We are disappointed Pure couldn't fulfill their part of the joint venture agreement," said Obie Strickler, Chief Executive Officer of Grown Rogue. "We were optimistic that this opportunity with Pure would come to fruition, allowing Golden to bring additional products to the Michigan market to increase our current market position in the state. However, the company never included projections from the joint venture in our fiscal budget, so the termination is immaterial to us. We are in discussions with several new processing partners to help expand the company's product offerings in Michigan", continued Mr. Strickler. "We have already completed the initial licensing with pre-approval from the state and look forward to finding a new partner and bringing our customers in Michigan additional products that provide the same quality and consistency they have found with our flower and pre-roll offerings."
For more information:
Grown Rogue
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www.grownrogue.com