Mr. Obie Strickler reports

GROWN ROGUE ANNOUNCES PARTIAL CONVERSION OF US$2,000,000 DEBENTURE FINANCING

Further to Grown Rogue International Inc.'s news release on Dec. 5, 2022, a debentureholder has converted an aggregate of $1.5-million (U.S.) of the $2-million (U.S.) debentures that mature on Dec. 5, 2025. The early retirement of the debt will save the company over $300,000 (U.S.) in interest payments over the length of the term.

The conversion results in the issuance of 10,151,250 common shares of the company at a price of 20 cents per share in accordance with the terms of the December debentures. After the conversion, the company's common shares outstanding increased from 170,832,611 to 180,983,861.

"The partial conversion of our December debentures shows the strong shareholder confidence in Grown Rogue all while providing us extra financial flexibility as we navigate through a tough cannabis environment," said Obie Strickler, chief executive officer of Grown Rogue. "The conversion was completed by Mindset Capital, who remains a large debentureholder and supporter of the company's long-term strategy," continued Mr. Strickler.

"Mindset Capital believes that Grown Rogue can accelerate their growth, and that's easier to accomplish with less debt and less interest payments," said Aaron Edelheit, CEO of Mindset Capital. "We believe the company has a long runway of growth opportunities to bring Oregon quality flower, at Oregon costs, to limited licence markets. Converting our debt into equity in such a well-run company was an easy decision."

About Grown Rogue International Inc.

Grown Rogue International is a craft cannabis company operating in Oregon and Michigan. Grown Rogue's strategy is built to win now and in the future, as it profitably delivers craft cannabis at appropriate scale while continually scaling its sun-grown capabilities to support eventual interstate commerce. The company's mission is to bring low-cost, high-quality, craft cannabis from the amazing terroir and legacy of Oregon's Rogue Valley to consumers nationwide.

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