Julie Lassonde Joins Board of Directors and Rubicon Organics Receives First Purchase Order from Northwest Territories Liquor and Cannabis Commission

Rhea-AI Summary

Rubicon Organics Inc. (OTCQX: ROMJF) appointed Julie Lassonde to its Board of Directors after receiving security clearance from Health Canada. Lassonde brings over 25 years of executive experience and will enhance the company's governance. Additionally, Rubicon has secured its first purchase order from the Northwest Territories Liquor and Cannabis Commission, with shipments expected in January 2022. This marks a significant geographical expansion, as their Simply Bare Organic product will now be available in stores and online across seven provinces and two territories, reaching over 90% of Canadians.

Positive

• Appointment of Julie Lassonde to the Board, bringing extensive governance and capital markets experience.
• First purchase order from Northwest Territories Liquor and Cannabis Commission, expanding market reach.
• Simply Bare Organic products available in seven provinces and two territories, enhancing brand visibility.

Negative

• Potential challenges in maintaining regulatory compliance as business expands.

VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) announces that Julie Lassonde has been appointed to the Company’s Board of Directors after receipt of security clearance from Health Canada and the Company has received its first purchase order from the Northwest Territories Liquor and Cannabis Commission (“NTLCC”).

“We are proud of the balance of skill sets we have on our board of directors. Julie Lassonde has significant experience in corporate governance and capital markets, and we are excited to be able to channel her expertise into furthering our mission to be the leading producer of premium organic cannabis brands," said Jesse McConnell, Chief Executive Officer.

Ms. Lassonde has more than 25 years of experience as a senior executive and board member in the mining and finance sectors. She also has an extensive philanthropic leadership background. Her current involvements include: Board of Governors, York University, where she serves on the Executive Committee and Chairs the External Relations Committee; Board of Governors, Royal Ontario Museum; Board of Directors, National Gallery of Canada Foundation, where she is on the Executive Committee and Chairs the Investment Committee; President, Canadian Engineering Memorial Foundation; Board of Directors, Pierre Lassonde Family Foundation, Director; and the Engineering Advisory Council at Brown University’s School of Engineering. Ms. Lassonde holds a degree in Civil Engineering from Queen’s University and an Executive MBA from Brown University and IE University.

Ms. Lassonde has been granted 25,000 Deferred Share Units in conjunction with her appointment to the Board of Directors.

First Purchase Order from the Northwest Territories Liquor and Cannabis Commission
The Company has received its first purchase order and is expecting to make its first shipment to the NTLCC in January 2022. Simply Bare^TM Organic super-premium flower will now be available in stores and online in seven provinces and two territories, representing more than 90% of the Canadian population.

"Simply Bare^TM Organic will now be sold in the Northwest Territories, expanding Rubicon Organics’ geographic coverage across Canada. As we build on our vision of developing a global premium cannabis brand, each step towards reaching new consumers is very valuable to our organization,” said Jesse McConnell, Chief Executive Officer.

ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through a focus on differentiated product innovation and brand portfolio management, including its flagship super-premium umbrella brand Simply Bare^TM Organic, its premium flower and hash brand 1964 Supply Co^TM, its premium concentrate brand LAB THEORY^TM, and its mainstream brand Homestead Cannabis Supply^TM. The Company ensures the quality of its supply chain by cultivating, processing, branding and  selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada.

CONTACT INFORMATION

Margaret Brodie
Chief Financial Officer
Phone: +1 (437) 929-1964
Email: ir@rubiconorganics.com

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 expectation that it will 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.

FAQ

What is the significance of Julie Lassonde's appointment to Rubicon Organics' Board?

Julie Lassonde's appointment brings over 25 years of executive experience, enhancing corporate governance and strategic insights for Rubicon.

What does the purchase order from the Northwest Territories Liquor and Cannabis Commission mean for ROMJF?

The purchase order signifies Rubicon's expansion into new markets, potentially increasing sales and brand recognition across Canada.

When is Rubicon Organics expected to ship to the Northwest Territories?

Rubicon Organics anticipates making its first shipment to the Northwest Territories in January 2022.

How does Rubicon Organics plan to achieve industry-leading profitability?

Rubicon Organics aims for profitability through differentiated product innovation and a strong brand portfolio, including its flagship Simply Bare Organic brand.