Rubicon Organics Inc. announced that it, through a subsidiary, has completed a US$3,000,000 debt financing loan (the “Loan”) from a US real estate group. The Loan is for a term of 24 months, bears interest at 12.9% per annum, and is secured by a first ranking mortgage on the Company’s hybrid facility in Ferndale, Washington (the “Property”). The Loan will be used for general working capital purposes as the Company ramps-up production and sales across Canada.
“We are excited to complete this non-dilutive financing which will allow Rubicon to accelerate the distribution of Simply BareTM Organic flower to the provinces and retail stores across Canada” stated Jesse McConnell, CEO of Rubicon Organics.
Rubicon Organics Inc., through its wholly owned subsidiary Vintages Organic Cannabis Company Inc., holds a license to cultivate and process cannabis and is focused on cultivating and branding certified organic, super-premium cannabis at 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 by combining the sale of high-margin, super-premium organic products with low-cost production. The Company is currently ramping up to production capacity of 11,000 kg of certified organic, super-premium and environmentally sustainable cannabis in 2020.