01:19 PM EST, 03/05/2024 (MT Newswires) -- Grown Rogue International Inc. ( GRUSF ) , a craft cannabis company, announced Tuesday that it has signed a definitive agreement on March 4, 2024 to form a joint venture (JV) with EBC Ventures, signalling the company's entrance into the Illinois market.

The JV entered into a definitive agreement on Feb. 22, 2024 to acquire 100% of CannEquality, LLC, which holds a craft growers license with the Illinois Department of Agriculture.

Obie Strickler, CEO of Grown Rogue ( GRUSF ), said in a statement: "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 Illinois market is particularly attractive to us as we believe there is pent up demand for craft-quality flower at accessible price points."

Grown Rogue ( GRUSF ) will own 70% of the JV and has agreed to contribute up to US$6 million to support the development of the facility, and the buildout will initially include about 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 ( GRUSF ) the ability to acquire 100% of the membership interests of the JV.

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