MEDFORD, Ore., Oct. 10, 2024 – PRESS RELEASE – Grown Rogue International Inc., a craft cannabis company born from the amazing terroir of Oregon's Rogue Valley, announced the termination of the advisory agreement with Vireo Growth Inc. (formerly Goodness Growth Holdings Inc.).
"While we are disappointed to no longer be working with Vireo, we are pleased with the benefits this collaboration generated for both sides,” Grown Rogue CEO Obie Strickler said. “This agreement allowed Grown Rogue to hone and elevate our team's ability to support a much larger cultivation platform across multiple markets, increasing our confidence in our ability to execute a nationwide expansion strategy. We are already applying what we learned in New Jersey and intend to do the same in Illinois next year.
“We view the agreement as a great success because it has better positioned our team to take advantage of future opportunities. We'd like to thank the Vireo team for the opportunity to work with them these last 18 months and we wish them success in the future."
As consideration for the early termination, Vireo will forfeit and return for cancellation 4,500,000 of the 8,500,000 share purchase warrants in Grown Rogue that are held by Vireo at a CAD$0.225 strike price and pay Grown Rogue US$800,000 in cash.
Vireo has the option of deferring the cash payment by making four quarterly payments of US$250,000. Grown Rogue will also receive its full fee for the work performed in Q3 and retains its 10,000,000 warrants in Vireo.
