Rubicon Organics Inc. has signed a product supply agreement with canacur GmbH, a medical cannabis distributor incorporated in Nuremburg, Germany (“Canacur”). Pursuant to the Agreement, Canacur shall purchase dried cannabis from Rubicon Organics for an initial term of three years, with two optional two-year extensions available. The Company expects first exports in the first half of 2021, pending EU-GMP certification.
“We are excited to bring our high-quality cannabis to German medical patients,” said Jesse McConnell, CEO of Rubicon Organics. “This milestone agreement with Canacur provides another route to market and access to the fast-growing German medical market.”
As part of the Agreement, Canacur has agreed to provide the Company up to $700,000 as advance payment for product, which will be secured behind existing secured lenders on the Company’s facility in Delta, British Columbia. This advance payment assists the Company to prepare for EU-GMP processing and certification.
Rubicon Organics Inc., through its wholly owned subsidiary Vintages Organic Cannabis Company Inc., is a licensed producer focused on cultivating and selling organic certified, super-premium cannabis from its flagship 125,000 sq. ft. state-of-the-art hybrid-greenhouse located on a 20-acre property in Delta, BC, Canada. The Company is focused on achieving industry leading profitability through the development of the brand identity Simply BareTM Organic, that combines the sale of high-margin, super-premium organic products with low-cost sustainable production. The Company is currently ramping up to production capacity of 11,000 kg per year of organic certified and environmentally sustainable cannabis.