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Rubicon Organics Inc (ROMJF) is a Canadian-based company engaged in the production and distribution of high-quality, organic cannabis products. The company focuses on sustainable cultivation practices, innovative product development, and strategic brand positioning to become a leading player in the cannabis industry.
With a diverse product portfolio that includes flower, pre-rolled products, concentrates, and edibles, Rubicon Organics aims to cater to various consumer preferences in the Canadian cannabis market.
Recent financial results indicate a positive outlook for the company, with plans for operational growth, expansion of market share, and refinancing of debt to support long-term sustainability. The company's commitment to quality, brand differentiation, and operational efficiency sets it apart in the competitive cannabis landscape.
Rubicon Organics (OTCQX: ROMJF) announces the resignation of CEO Jesse McConnell, effective December 31, 2022. McConnell, co-founder of the company, led Rubicon to become an industry leader in premium organic cannabis, achieving profitability and a robust brand portfolio. The Board of Directors has begun the search for a successor to maintain the company's vision as a leader in the organic cannabis sector. During the transition, CFO Margaret Brodie will act as a liaison to ensure continuity. The company also postponed its Annual General and Special Meeting.
Rubicon Organics Inc. (ROMJF) reported strong Q2 2022 results with $8.8 million in net revenue, a 92% increase from Q2 2021. The company achieved Adjusted EBITDA of $0.3 million, marking its first quarter of profitability. Market share grew to 2.7% for flower and pre-rolls, and 8.6% for premium products. The company aims for international sales in late 2022 or early 2023. Production facility yield capacity has hit 10,000 kg. Management increased guidance for FY 2022, expecting continued positive cash flow.
Rubicon Organics will release its financial results for Q2 2022 on August 15, 2022. The company specializes in organic cannabis products and is recognized for its premium brands such as Simply Bare™ Organic. Following the results announcement, a conference call will be held at 7:00 AM PT / 10:00 AM ET, where the management will discuss the financial performance. Interested parties can join the call via local dial-in or toll-free options. The company is dedicated to sustainable practices and aims for industry-leading profitability.
Rubicon Organics Inc. (OTCQX: ROMJF) has granted 734,600 incentive stock options to directors and officers, priced at $0.86 per share for five years, as part of its Equity Incentive Plan. This option grant replaces some cash compensation to reduce cash expenditures for fiscal 2022. Additionally, amendments are proposed for 765,000 previously awarded options to lower the exercise price from C$3.25 to $0.86, with new vesting dates and an extended expiry date until December 31, 2025. Shareholder approval is required for these amendments.
Pierre Lassonde sold 1,000,000 Common Shares of Rubicon Organics at C$0.77 each on June 20, 2022, totaling C$770,000. Post-sale, Lassonde holds 5,715,413 Common Shares, approximately 10.21% of the total shares, and 284,587 Warrants. This marks a decrease in his ownership from 13.79% as reported on March 2, 2021. The sale was for investment management purposes, and Mr. Lassonde may continue to buy or sell shares based on market conditions and Rubicon's business prospects.
Rubicon Organics (OTCQX: ROMJF) announced a change of auditor from Deloitte LLP to PricewaterhouseCoopers LLP, effective May 20, 2022. The Board of Directors has accepted the resignation of the former auditor without reservations in their audit reports. In addition, the company corrected a clerical error in a previous press release related to stock options, changing the second vesting date from June 30, 2022, to June 30, 2023. Rubicon is known for its premium organic cannabis products and aims for industry-leading profitability through product innovation.
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) announced amendments to 778,500 incentive stock options, reducing the exercise price to $0.85. This change is part of the Company's equity incentive plan and aims to recognize employee contributions. Additionally, 40,000 incentive stock options were granted to employees, also priced at $0.85 and set to vest between December 2022 and December 2023. The amendments received conditional approval from the TSX Venture Exchange, with a focus on enhancing employee motivation. Rubicon aims to be a leader in organic cannabis products.
Rubicon Organics (ROMJF) reported Q1 2022 results, showcasing a 25% increase in net revenue to $5.2 million compared to Q1 2021. The company holds a 7.1% national market share in premium flower and pre-rolls, ranking #1 with its Simply Bare™ Organic brand. The 1964 Supply Co.™ launched with 141% revenue growth. Rubicon received IMC-G.A.P. Certification, facilitating international sales. CEO Jesse McConnell aims for positive EBITDA in H2 2022, focusing on operational efficiencies and cost management while navigating market challenges.
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) announced on May 18, 2022, that its Delta Facility has received the IMC-G.A.P. certification from Control Union, allowing for international exports. This certification aligns with World Health Organization and European Medicines Agency guidelines, ensuring compliance for cannabis cultivation and processing. CEO Jesse McConnell emphasized this milestone as crucial for becoming a global leader in premium organic cannabis, enabling exports to Israel, Europe, and Australia.
Rubicon Organics Inc. (TSXV: ROMJ, OTCQX: ROMJF) will report its financial results for the three months ended March 31, 2022, on May 24, 2022. The company is a licensed producer focusing on organic certified cannabis products. A conference call to discuss the results will take place at 7:00 AM PT / 10:00 AM ET on the same day. Interested participants can join via local dial-in or toll-free numbers, or online through a webcast. Rubicon Organics aims to achieve industry-leading profitability through innovative products like Simply Bare™ Organic and 1964 Supply Co™.
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