- Launching Rubicon Organics’ third brand, 1964™ exclusive to Quebec
- Product innovation portfolio continues to expand with the launch of hash
VANCOUVER, British Columbia, Dec. 29, 2020 (GLOBE NEWSWIRE) — Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified cannabis, today announced that it has received its first purchase order from the Société québécoise du cannabis (“SQDC”) under the letter of understanding that was announced on November 24, 2020.
Rubicon Organics is launching the 1964™ brand exclusively for Quebec. The 1964™ brand will include both flower and hash. The Company’s product portfolio in Quebec will include dry flower and pre-rolls sold under the Simply Bare™ Organic brand and flower and hash sold under the 1964™ brand. All products are expected to be made available in store effective immediately.
“We are capping out an incredible year in which we have delivered on the commitments made to our supply partners, customers and shareholders. We are thrilled to have our product available to Quebec consumers in 2020 and they can expect targeted best-in-class product offerings from our 1964™ and Simply Bare™ Organic brands,” said Jesse McConnell, Chief Executive Officer. “With our brand and product portfolio maturing, we expect to see continued revenue growth as we make our way towards adjusted EBITDA profitability in the near term.”
Restricted Share Awards
In addition, the Company has granted an aggregate of 300,000 restricted share awards (“RSAs”) in accordance with the Company’s equity incentive plan to certain officers of the Company. The RSAs vest immediately as compensation for their services.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates, processes and sells organic certified, sustainably produced cannabis products from its state-of-the-art hybrid greenhouse located in Delta, BC, Canada. Rubicon Organics is focused on achieving industry leading profitability through a focus on innovation and the development of brands and cannabis 2.0 products, including its flagship brand Simply Bare™ Organic and its concentrate brand LAB THEORY™.
CONTACT INFORMATION
Margaret Brodie
Chief Financial Officer
Phone: +1 (437) 929-1964
Email: [email protected]
The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements such as the Company’s belief that it is becoming the global brand leader in organic cannabis products, achieving adjusted EBITDA profitability in the near-term and the Company’s intention of achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such words or statements that certain actions, events or results “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that its capital needs will be as currently projected. Risks and uncertainties associated with forward looking information in this press release include, among others, information or statements concerning the Company’s expectations of financial resources available to fund operations; Rubicon Organics’ limited operating history and lack of historical profits; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing at reasonable terms through the sale of equity and/or debt commitments; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4940aad-365d-43ae-85c9-262fbf9e8008
