Rubicon Organics Inc., a licensed producer focused on cultivating and selling organic certified and premium cannabis, today announced that it has repaid the $5.0 million first mortgage on the Delta facility in full. The repayment of indebtedness was a stated use of proceeds for the Company’s recently completed equity financing which raised gross proceeds of $23.0 million and closed on February 26, 2021. The Company expects to refinance the majority of its remaining debt to a long-term mortgage financing facility, with more favourable terms.
“Our debt financing has served us well, limiting dilution to shareholders as the Company was ramping up its operations. We remain very well capitalized to execute on our innovation pipeline and advance strategic initiatives, all with the goal of driving shareholder value through disciplined capital allocation,” said Jesse McConnell, Chief Executive Officer.
Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates, processes and sells organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art hybrid greenhouse located in Delta, BC, Canada. Rubicon Organics is focused on achieving industry leading profitability through a focus on innovation and the development of brands and cannabis 2.0 products, including its flagship super-premium brand Simply BareTM Organic and its super-premium concentrate brand LAB THEORYTM.