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Grown Rogue International Inc.(CSE: GRIN) (OTC: GRUSF) continued expansion efforts in key markets during its third quarter ending Sept. 30, amid ongoing price pressures.

The Oregon-based company reported revenue of $7 million, up 7% versus $6.5 million in the year-ago period. Operating cash flow before working capital changes declined 24% to $1.2 million versus $1.5 million in the prior year quarter, which the company attributed to increased SG&A spending related to New Jersey operations and one-time compensation payments.

“This was another exciting quarter for Grown Rogue with solid financial metrics showing the continued execution by our team in competitive markets against a backdrop of modest price compression,” CEO Obie Strickler said in a statement.

The craft cannabis operator saw some pricing pressure in both Oregon and Michigan markets during 2024 but noted signs of stabilization heading into year-end. The company maintained its position as Oregon’s top flower producer and remained a top 5 indoor flower wholesaler in Michigan year-to-date in 2024, according to the earnings report.

Strickler said the company completed its first harvest in New Jersey, with initial product expected to hit the market in December. Phase II construction is already underway and scheduled for completion in first half 2025, with first harvest anticipated in summer 2025. At full capacity after Phase II completion, the New Jersey facility will produce approximately 1,100 pounds of whole flower monthly, according to the company.

In Illinois, where design and engineering work is nearly complete, management is evaluating contractor bids for construction. The company is targeting Phase I completion in the second half of 2025, with more specific timing to come once construction plans are finalized.

“We remain very intentional about new market expansion and are confident that we will find one or two new opportunities that meet our strict criteria over the coming year,” Strickler said. “We are continuing to evaluate growth capital options that strengthen our balance sheet to support expansion.”

Subsequent to quarter end, Grown Rogue announced the termination of an advisory agreement with Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF), receiving an $800,000 termination fee and retaining 10 million warrants in Vireo Growth.

Adjusted EBITDA for the quarter held steady at $2.1 million, with margins declining slightly to 30% versus 32.1% in the prior year period. The company ended the quarter with $5.6 million in cash.