Rubicon Organics Announces Resignation of Chief Executive Officer effective December 31st, 2022
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.
- Achieved profitability.
- Established as the #1 premium cannabis brand in Canada with Simply Bare Organic.
- Potential concerns over leadership continuity.
- Need for a new CEO may introduce uncertainty during the transition period.
VANCOUVER, British Columbia, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified, premium cannabis, announces that Jesse McConnell, Co-Founder and Chief Executive Officer (“CEO”) of Rubicon Organics has provided his notice of resignation as CEO of the Company. Mr. McConnell is currently on parental leave and his resignation is anticipated to become effective on December 31, 2022.
The Board of Directors of the Company will immediately begin a search for a successor who can lead the Company in driving forward its vision to be "the global brand leader in premium organic cannabis”.
Mr. McConnell co-founded Rubicon Organics in June of 2015 with Peter Doig with a vision to provide leadership in organic cultivation of premium cannabis. Under his leadership, the Company has grown to become the industry leader in super-premium organic cannabis products with a robust portfolio of premium cannabis brands and industry leading quality and yields.
“Rubicon Organics has delivered on being the #1 premium cannabis brand in Canada with Simply BareTM Organic and has now reached profitability,” said Jesse McConnell. “My job as co-Founder and CEO has been to get the business to a place where there is a highly talented team in place, a super-premium quality product and a financially stable and profitable business. I’m incredibly proud that the Company is at this stage. I have loved my journey as Rubicon’s CEO and I look forward to finding the right individual to lead us to even greater heights.”
Following Mr. McConnell’s departure, Rubicon Organics’ executive team will work closely with the Board of Directors to continue to drive the Company forward and ensure business continuity during the search for a permanent replacement. Margaret Brodie, Chief Financial Officer, who is also a member of Rubicon Organics’ Board, will serve as the liaison between the Company’s leadership and the Board during this time of transition.
Further to the Company’s press release of August 15, 2022, Rubicon will postpone its Annual General and Special Meeting of shareholders to a future date to be determined by the Board of Directors.
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 its premium cannabis flower, product innovation and brand portfolio management, including its flagship super-premium brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co.™, its premium concentrate brand LAB THEORY™, and its mainstream brand Homestead Cannabis Supply™.
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
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, statements regarding Rubicon Organics' goal 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 word 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 the effective date of the resignation and the ability attract and retain a new CEO. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and the effects of 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 prompted Jesse McConnell's resignation from Rubicon Organics (ROMJF)?
Who will lead Rubicon Organics after Jesse McConnell's departure?
What impact does Jesse McConnell's resignation have on Rubicon Organics' operations?
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