Conestoga College to vacate buidlings in Kitchener and Brantford as leases expire
Conestoga College announced the leases at their locations at 274 Colborne St. in Brantford and 49 Frederick St. in Kitchener are expiring.
A statement from the college to CBC News says the programs offered at those locations will move to a new spot.
"In downtown Kitchener, academic-related operations will transition to 1 Young St.," the statement said.
"In Brantford, operations will move to 50 Wellington St.."
The Brantford move takes effect May 1 while the Kitchener move to Young Street will happen in September.
Student housing and other locations
Across from the Frederick Street campus in Kitchener, the college is in the process of renovating a former office building for student housing. The college says the redevelopment of that 12-story vacant office building at 22 Frederick St. will continue.
Colleges in Ontario have undergone a number of changes this year due to international student caps. Conestoga saw their intake of students cut by 50 per cent.
Support staff at Conestoga College were told at the beginning of April they can expect layoffs in the near future.
Vikki Poirier, president of OPSEU Local 238 which represents support staff at the college, said at the time they had been holding information sessions for employees knowing other colleges were cutting jobs.
Conestoga has also announced other relocations and partnership programs:
The college says it will also welcome students to its new location in Stratford this fall.
Phase 2 of the Conestoga Skilled trade campus in Cambridge is scheduled to welcome students in the fall of 2026.
The school has also partnered with the Grand Erie District School Board to form a new program with the board called the College-Within-a-School Program. It's the first one in the province.
There's no word on the future of the buildings at Frederick Street in Kitchener or Colborne Street in Brantford.
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Three months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars, except %) Revenue 32.3 23.6 +36.8% Gross profit 10.5 4.1 +152.9% Gross profit % 32.5% 17.6% +14.9 percentage points Loss from operations (4.1) (11.7) +64.6% Net loss (9.5) (13.4) +29.0% Adjusted EBITDA 1 (2.2) (8.0) +72.1% Six months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars except %) Revenue 57.1 48.6 +17.7% Gross profit 15.9 10.6 +49.6% Gross profit % 27.8% 21.9% +5.9 percentage points Loss from operations (9.8) (21.9) +55.2% Net loss (15.4) (24.8) +38.1% Adjusted EBITDA 1 (6.2) (14.1) +56.2% Statement of Financial Position 30-Jun-23 31-Dec-24 (In millions of Canadian dollars) Total Assets 226.1 233.3 Total Liabilities 185.5 180.1 Equity 40.6 53.2 For a more detailed discussion of Anaergia's results for Q2 2025, please see the Company's financial statements for Q2 2025 and related MD&A, which are available at the Company's SEDAR+ page at Non-IFRS® Measures This press release makes reference to certain non-International Financial Reporting Standards ('IFRS') measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies. Definitions of non-IFRS measures and industry metrics used in this press release are provided below. ' Adjusted EBITDA ' is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning ('ERP') customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs. ' EBITDA ' is defined as net income before finance costs, taxes and depreciation and amortization. ' Revenue Backlog ' is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and O&M Services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See 'Reconciliation of Non-IFRS Measures' below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00 a.m. (EDT) on Wednesday August 13, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To listen to the webcast live: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the renewable natural gas ('RNG') sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ('GHGs') through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions. For further information please see: Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as 'may', 'will', 'would', 'should', 'could', 'expects', 'plans', 'intends', 'estimate', 'believes', 'likely', 'potential', 'continue', or 'future' or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. The purpose of the forward-looking statements in this press release is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Reconciliation of Non-IFRS Measures Three months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (9,488) (13,356) Finance costs (income), net 1,266 1,614 Depreciation and amortization 1,394 1,628 Income tax recovery 2,058 (486) EBITDA 1 (4,770) (10,600) Share based compensation expense 515 594 Losses related to equity-accounted investees - 2,431 Asset Impairment loss - 1,083 Other (gains) losses, net 402 (1,597) RIBF income tax credit transaction cost - - Foreign exchange (gain) loss 1,629 (271) Severance Costs - 376 Adjusted EBITDA 1 (2,224) (7,984) Six months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (15,385) (24,837) Finance costs (income), net 2,282 2,649 Depreciation and amortization 2,874 2,729 Income tax recovery 172 (503) EBITDA 1 (10,057) (19,962) Share based compensation expense 765 1,183 Losses related to equity-accounted investees - 2,909 Asset Impairment loss - 1,083 Other (gains) losses, net 1,211 (1,277) RIBF income tax credit transaction cost - 2,416 Foreign exchange (gain) loss 1,917 (816) Severance Costs - 376 Adjusted EBITDA 1 (6,164) (14,088) 1 'Adjusted EBITDA' is a non-IFRS measure.
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Michigan operations contributed $2.28 million in revenue and $0.78 million in Adjusted EBITDA (34.2% margin), maintaining healthy margins despite a challenging pricing environment, with our ASPs on A-grade flower down 26% YoY. New Jersey affiliate ABCO generated $2.65 million in revenue and $1.29 million in Adjusted EBITDA (48.6% margin), demonstrating continued operational progress and replicable execution of our cultivation platform. Reported IFRS revenue was $5.56 million, with Adjusted EBITDA of $0.53 million. MEDFORD, Ore., Aug. 12, 2025 /CNW/ - Grown Rogue International Inc. ("Grown Rogue" or the "Company") (CSE: GRIN) (OTC: GRUSF), a flower-forward cannabis company, combining craft values with scaled production and disciplined execution, is pleased to report its second quarter 2025 financial results for the three months ended June 30, 2025. All financial information is provided in U.S. dollars unless otherwise indicated. Summary and Pro Forma Metrics (Q2 2025 vs. Q2 2024) (US $ in millions) – Pro Forma figures are non-IFRS measures. * Includes revenue from New Jersey (ABCO) which is not included in Grown Rogue Consolidated results ¹ Non-IFRS financial measure. See MD&A for further details and reconciliations Market Performance by State (Q2 2025 vs. Q2 2024) (US $ in millions) ¹ Non-IFRS financial measure. See MD&A for further details and reconciliations *New Jersey operations launched late 2024; no year-over-year comparison available Market Core KPIs (Q2 2025 vs. Q2 2024) * New Jersey operations launched late 2024; no year-over-year comparison available Management Commentary from CEO, Obie Strickler "We have seen pricing in Oregon and Michigan compress significantly over the last year. 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We are applying everything we have learned in Oregon and Michigan in New Jersey, and we are excited to continue to apply these learnings to the other growth engines in our business. We are underway with construction of Phase 1 of our affiliate Illinois cultivation facility, and we are evaluating Minnesota as our next potential organic, new build market. With our administrative support, our National Director of Cultivation was awarded pre-approval for a Minnesota cultivation license, and we are currently evaluating real estate options. Minnesota has the key attributes that align with our organic growth model, most notably, a limited supply of craft-quality indoor flower. We're excited about the potential to bring Grown Rogue's flower-forward approach to customers in a state we came to know well during our advisory agreement with Vireo. While expanding into new markets, we've also made intentional investments in corporate overhead and team capabilities. We're bringing in the right talent and systems to ensure that as we grow, we preserve the operational discipline and culture that set Grown Rogue apart. These investments may put short-term pressure on margins, but they position us to capitalize on the opportunities we see emerging across the industry — including several distressed opportunities currently under evaluation. We are also monitoring recent federal discussions on potential rescheduling. We support measures that advance legalization, decriminalization, and reduce regulatory complexity. From a business standpoint, we'd welcome any changes that ease the regulatory burden of operating in the cannabis industry, although we do not expect any of the potential near-term decisions being discussed to materially impact our operations or growth strategy." "A confluence of factors, most notably increased competition, limited access to incremental capital and substantial debt and lease burdens, has created a window of significant financial and operational distress across the industry, with overbuilt and expensive cultivation infrastructure often at the center. We view this period of industry distress as a real opportunity — our flower-forward model is built to thrive in competitive, price-sensitive markets. By staying low-cost, high-quality, and disciplined, we're positioned to capture share where others are struggling, and we plan to lean into these opportunities. One of the reasons I joined the Grown Rogue team was my personal experience navigating complex and immature state-level supply chains and recognizing that the efficient production of quality flower is the economic engine of the industry — amplifying profits across the supply chain during periods of high pricing and providing resilience when markets grow more competitive. Distressed and restructuring transactions tend to be slow and complex, so it's hard to predict exact timing or the scale of what we might accomplish — but we'll be disappointed if this isn't a meaningful contributor to our growth over the next 18–24 months. Looking ahead, we remain laser-focused on executing our core organic growth strategy — expanding in New Jersey, advancing in Illinois, and positioning ourselves to enter Minnesota if the opportunity aligns. At the same time, we're prepared to leverage our operational expertise into distressed opportunities. I'm confident in the strong foundation we're building to support our future growth." Management Commentary from CFO, Andrew Marchington "Financially, we remain in a strong and flexible position – our core operations in Oregon and Michigan continue to generate healthy cash flow, and New Jersey is already contributing meaningfully while still early in its scale-up. As a reminder, because our New Jersey operations are through an affiliate, their results aren't consolidated in our IFRS financials. Instead, we provide Pro Forma Revenue and Adjusted EBITDA as supplemental measures – to give investors a better view of our total economic interest. We've included a reconciliation to reported IFRS results below for clarity." Reconciliation of Reported to Pro Forma Results (US$ in millions) Pro Forma revenue and Pro Forma Adjusted EBITDA are non-IFRS financial measures that include the results of the Company's New Jersey affiliate, ABCO Garden State LLC ("ABCO"), which are not consolidated in the Company's IFRS financial statements. Management believes these measures provide investors with additional insight into the Company's economic interest in all operating assets. Further details and reconciliations for non-IFRS financial measures are provided in the Company's MD&A for the three and six months ended June 30, 2025, which will be filed today on SEDAR+ ( and EDGAR ( Conference Call and Webcast Information Grown Rogue will release its financial statements and Management's Discussion and Analysis for the three- and six-month periods ended June 30, 2025, after market close on Tuesday, August 12, 2025. To further enhance investor disclosure, the Company will also post an updated Company Overview presentation to its website and host a conference call and webcast shortly after the release. Conference Call Details Date: Tuesday August 12, 2025 Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) Webcast: Register Dial-in: 1-800-836-8184 (Toll-Free in North America) A telephone replay of the conference call will be available until 19 August 2025, by dialing (+1) 888 660 6345 and using replay code: 33641# The webcast will be archived on Grown Rogue's Investor Relations website for approximately 90 days following the call. For assistance, please contact: [email protected] About Grown Rogue Grown Rogue International Inc. (CSE: GRIN | OTC: GRUSF) is a flower-forward cannabis company rooted in Oregon's Rogue Valley, a region known for its deep cannabis heritage and commitment to quality. With operations in Oregon, Michigan, and New Jersey—and expansion underway in Illinois— Grown Rogue specializes in producing designer-quality indoor flower. Known for exceptional consistency and care in cultivation, our products are valued by retailers, budtenders, and consumers alike. By blending craft values with disciplined execution, we've built a scalable, capital-efficient platform designed to thrive in competitive markets. We believe sustained excellence in cannabis flower production is the engine of the industry's supply chain—and our competitive advantage. For more information about Grown Rogue, please visit Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 $ $ $ $ Revenue Product sales 5,354,033 7,109,563 10,732,496 13,380,867 Service revenue 205,500 608,566 403,500 991,736 Total revenue 5,559,533 7,718,129 11,135,996 14,372,603 Cost of goods sold Cost of finished cannabis inventory sold (3,226,744) (3,567,522) (6,150,265) (6,340,207) Costs of service revenue - (59,632) - (159,701) Gross profit, excluding fair value items 2,332,789 4,090,975 4,985,731 7,872,695 Realized fair value loss amounts in inventory sold (559,544) (1,020,633) (1,078,709) (1,948,112) Unrealized fair value gain amounts on growth of biological assets 528,245 305,250 651,011 708,664 Gross profit 2,301,490 3,375,592 4,558,033 6,633,247 Expenses Amortization of property and equipment (Note 8) 119,159 211,293 233,294 466,345 General and administrative (Note 19) 2,380,489 3,008,543 4,683,637 5,027,867 Share option and restricted stock unit expense 674,734 28,186 1,442,343 84,371 Total expenses 3,174,382 3,248,022 6,359,274 5,578,583 Income (loss) from operations (872,892) 127,570 (1,801,241) 1,054,664 Other income (expense) Interest expense (157,283) (79,636) (275,739) (169,323) Accretion expense (368,258) (378,404) (588,391) (760,067) Other income (49,575) 29,522 569,308 46,498 Interest income 393,669 162,312 782,129 261,609 Unrealized gain (loss) on derivative liability (Notes 10.5, 11) 2,895,393 (7,546,164) 5,738,641 (13,206,204) Unrealized gain (loss) on warrants asset (168,162) 663,459 (1,340,654) 1,956,307 Loss on equity investment in associate (Note 6.1) (1,957) - (81,584) - Total other income (expense), net 2,543,827 (7,148,911) 4,803,710 (11,871,180) Gain (loss) from operations before taxes 1,670,935 (7,021,341) 3,002,469 (10,816,516) Income tax (Note 20) (251,077) (552,481) (502,069) (923,006) Net income (loss) 1,419,858 (7,573,822) 2,500,400 (11,739,522) Other comprehensive income (items that may be subsequently reclassified to profit & loss) Currency translation gain (loss) (6,547) (5,132) 1,288 (7,872) Total comprehensive income (loss) 1,413,311 (7,578,954) 2,501,688 (11,747,394) Gain (loss) per share attributable to owners of the parent – basic 0.01 (0.04) 0.01 (0.06) Weighted average shares outstanding – basic 246,988,149 210,438,579 237,209,594 196,811,444 Gain (loss) per share attributable to owners of the parent – diluted 0.01 0.01 0.01 0.01 Weighted average shares outstanding – diluted 256,532,400 243,741,268 244,244,594 215,111,968 Net income (loss) for the period attributable to: Non-controlling interest 99,131 109,472 182,131 140,200 Shareholders 1,320,727 (7,683,294) 2,318,269 (11,879,722) Net income (loss) 1,419,858 (7573,822) 2,500,400 (11,739,522) Comprehensive income (loss) for the period attributable to: Non-controlling interest 99,131 109,472 182,131 140,200 Shareholders 1,314,180 (7,688,426) 2,319,557 (11,887,594) Total comprehensive income (loss) 1,413,311 (7,578,954) 2,501,688 (11,747,394) Unaudited Condensed Consolidated Statements of Financial Position (US$ in millions) June 30, 2025 December 31, 2024 $ $ ASSETS Current assets Cash and cash equivalents (Note 18) 9,252,242 4,682,221 Accounts receivable, net (Note 18) 2,096,742 1,596,912 Biological assets (Note 3) 1,883,901 1,554,622 Inventory (Note 4) 4,504,265 4,769,776 Prepaid expenses and other assets 826,180 864,009 Notes receivable (Note 6.2) 8,217,783 7,189,635 Total current assets 26,781,113 20,657,175 Warrant asset (Note 13.1) 3,515,141 4,855,795 Other investments (Note 6.1) 1,728,779 1,810,363 Notes receivable (Notes 6.2) 2,765,431 2,613,969 Property and equipment (Note 8) 11,713,154 11,870,220 Intangible assets and goodwill (Note 9) 1,257,668 1,257,668 Deferred tax asset (Note 20) 317,241 250,620 TOTAL ASSETS 48,078,527 43,315,810 LIABILITIES Current liabilities Accounts payable and accrued liabilities 1,533,678 2,107,619 Current portion of lease liabilities (Note 7) 960,945 736,453 Current portion of long-term debt (Note 10) 1,057,319 227,679 Current portion of convertible debentures (Note 11) - 1,945,226 Current portion of business acquisition consideration payable (Note 5) 543,030 536,881 Derivative liability (Notes 10.5.1, 11.2) 119,778 12,504,175 Income tax payable 1,606,452 1,907,177 Total current liabilities 5,821,202 19,965,210 Lease liabilities, net of current portion (Note 7) 4,551,220 4,475,490 Long-term debt, net of current portion (Note 10) 6,593,748 1,001,681 Business acquisition consideration payable, net of current portion (Note 5) 1,560,370 1,693,540 Other non-current liabilities (Note 20) 657,627 269,883 TOTAL LIABILITIES 19,184,167 27,405,804 EQUITY Share capital (Note 12) 48,021,463 38,499,491 Shares issuable 51,382 - Contributed surplus (Notes 13 and 14) 9,998,062 9,025,541 Accumulated other comprehensive loss (124,642) (125,930) Accumulated deficit (30,522,274) (32,847,334) Equity attributable to shareholders 27,423,991 14,551,768 Non-controlling interests (Note 23) 1,470,369 1,358,238 TOTAL EQUITY 28,894,360 15,910,006 TOTAL LIABILITIES AND EQUITY 48,078,527 43,315,810 Unaudited Condensed Consolidated Statements of Cash Flow (US$ in millions) Grown Rogue Adjusted EBITDA Reconciliation (US$ in millions) Six months ended June 30 June 30 Adjusted EBITDA Reconciliation 2025 ($) 2024 ($) Net income (loss), as reported 2,500,400 (11,739,522) Add back realized fair value amounts included in inventory sold 1,078,709 1,948,112 Deduct unrealized fair value gain on growth of biological assets (651,011) (708,664) Add back amortization of property and equipment included in cost of sales 964,606 1,004,759 3,892,704 (9,495,315) Add back interest and interest accretion expense, as reported 864,130 929,391 Add back amortization of property and equipment, as reported 233,294 466,345 Deduct unrealized gain/add back unrealized loss on derivative liability, as reported (5,738,641) 13,206,204 Deduct unrealized gain on warrants asset, as reported 1,340,654 (1,956,307) Loss of equity method investment in associate 81,584 2,177 Interest income (782,129) (261,609) Other income (569,308) (46,498) Add back income tax expense, as reported 502,069 923,006 EBITDA (175,643) 3,767,394 Costs associated with acquisition of Golden Harvests 60,000 488,000 Share based compensation 1,442,343 84,371 New production location startup costs - 154,628 Nonrecurring legal and transaction costs - 177,641 Adjusted EBITDA 1,326,700 4,672,034 Segmented Adjusted EBITDA – Six months ended June 30, 2025 (US$ in millions) Notes: The Company's "aEBITDA," or "Adjusted EBITDA," is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "EBITDA" as the Company's net income or loss for a period, as reported, before interest, taxes, depreciation and amortization, and is further adjusted to remove transaction costs, stock-based compensation expense, accretion expense, gain (loss) on change in fair value of derivative liabilities, the effects of fair-value accounting for biological assets and inventory, as well as other non-cash items and items not representative of operational performance as reported in net income (loss). Adjusted EBITDA is defined as EBITDA adjusted for the impact of various significant or unusual transactions. The Company believes that this is a useful metric to evaluate its operating performance. The Company defined "Pro Forma Adjusted EBITDA" as the combined Adjusted EBITDA of the Company plus the Adjusted EBITDA of New Jersey (ABCO), with any intercompany transactions eliminated. "Pro forma Revenue" is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "Pro forma Revenue" as combined revenue of the Company plus revenue of New Jersey (ABCO), an affiliate which is accounted for as an equity method investment, with any intercompany revenues eliminated. Non-IFRS Financial Measures EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Revenue are non-IFRS measures and do not have standardized definitions under IFRS. The Company has also provided unaudited pro-forma financial information, which assumes that operations which will be consolidated in the future are consolidated in the current reported periods. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. Accordingly, the following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. Forward-Looking Statements Disclaimer This press release contains statements which constitute "forward ‐ looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward ‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward ‐ looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward ‐ looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward ‐ looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company's public disclosure documents filed on Sedar. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward ‐ looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward ‐ looking information except as otherwise required by applicable law. The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are disclosed in the Company's Listing Statement filed on its issuer profile on SEDAR+ at Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. SOURCE Grown Rogue International Inc.
