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Rubicon Organics provides up-to-date corporate and operational information from the Canadian Business Journal.

  • We reiterate our positive adjusted EBITDA financial guidance1 Profitability in 2022
  • BC Hydro power upgrade completed
  • Maintained 8.6% premium market position2 Nationwide market share

VANCOUVER, British Columbia, September 19, 2022 (GLOBE NEWSWIRE) — Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or “Company”) focuses on growing and marketing organic is a licensed producer. Certified Premium Cannabis is pleased to provide an update on its company and operations for the period ending August 31, 2022.

Corporate update

We are pleased to reaffirm our financial guidance effective August 15, 2022. He currently has positive operating cash flow in 2022 and expects his adjusted EBITDA to be positive. As previously reported, the Company achieved positive Adjusted EBITDA for his three months ended June 30, 2022. We are confident that by improving our product quality and brand portfolio, Rubicon will be able to deliver on its commitments and win the Canadian premium cannabis market.

“All products in the Rubicon Organics portfolio delivered positive gross margins, and financial discipline and cost-cutting initiatives such as the BC Hydro power upgrade enabled us to deliver our first full year of adjusted EBITDA profitability. .Treasurer.

In addition, our Board of Directors has now launched a search for internal and external candidates to succeed the Chief Executive Officer who can guide the Company in advancing its vision of becoming a global brand leader in premium organic cannabis. .

operational update

Delta Facility Power Upgrade

Our fully licensed 125,000 square foot glass roof facility in Delta, British Columbia (the “Delta Facility”) is successfully connected to the BC hydroelectric grid. This grid connection to the Delta facility eliminates the need for routine operation of natural gas generators, reduces the company’s operating costs, and contributes to the company’s environmental, social and governance (“ ESG”) further contribute to one of our goals. The company is in the process of purchasing backup generators that can support all major operational systems in the event of a power outage.

Premium market share

In the three months to 31 August 2022, the company achieved a total market share of 8.6%.2 In the premium flower and pre-roll categories across Canada. In 2022, we see a significant increase in average THC, with certain strains consistently seeing him reach his THC of 29%. The shift in quality in the market since spring has been experienced by consumers and we believe has led to higher sales rates and resulting increased revenue. Our priority and focus is to continue to provide ultra-premium quality cannabis flowers and pre-rolls as a key pillar of Rubicon’s business.

The growth of the premium segment of the Canadian cannabis market outpaces the growth of the entire cannabis industry3 Rubicon is looking to capitalize on this trend by launching new products across markets in September and October 2022.

Additionally, Simply Bare™ Organic continues to rank as the #1 premium brand, according to Hifyre.Four Based on sales of floral and pre-roll products across Canada for the 12 months ending August 31, 2022.

About Rubicon Organics

Rubicon Organics Inc. is a global brand leader in premium organic cannabis products. The company is vertically integrated through his Rubicon Holdings Corp, a licensed producer wholly owned subsidiary. Rubicon Organics is focused on achieving industry-leading profitability through premium cannabis flowers, product innovation and brand portfolio management. These include our flagship super-premium brand, Simply Bare™ Organic, our premium flour and hash brand, 1964 Supply Co.™, and our premium concentrate brands. Lab Theory™, and its mainstream brand, Homestead Cannabis Supply™.

The company grows, processes, brands and sells certified organic, sustainably produced, ultra-premium cannabis products from its state-of-the-art glass roof facility in Delta, British Columbia, Canada, by expanding the supply chain. We guarantee quality.

contact address

Margaret Brody
Phone: +1 (437) 929-1964
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities laws. future estimates, plans, programs, predictions, forecasts, goals, assumptions, statements regarding expectations or beliefs about future performance, statements regarding Rubicon Organics’ goal of achieving industry-leading profitability; All statements that are not historical facts are “future.” – “look statement”. Forward-looking information is expressed through the use of words such as “will,” or variations of such words, or statements that a particular action, event, or result will “happen,” occur, or be achieved. can be identified. Such forward-looking statements involve known and unknown risks, uncertainties and actual results, events or developments that may affect future results, events or developments expressed or implied by the forward-looking statements. Includes other factors that can vary significantly from deployment. The forward-looking information in this press release is based on the assumption that management based on certain assumptions that Attract and retain new CEOs. Risks and uncertainties associated with the forward-looking information in this press release include, among other things, our reliance on obtaining and maintaining regulatory approvals, including obtaining and renewing federal, state, local or other licenses; and failure to obtain all required government-approved licenses and permits. To build at the facility in a timely manner. Regulatory or political changes, such as changes in applicable laws or regulations, including bureaucratic delays or inefficiencies, or for any other reason. Other factors or developments that may hinder market growth; Rubicon Organics’ limited operating history and lack of past profits; reliance on management; the impact of capital market conditions and other factors on the availability of capital; Competition, including more established or better-financed competitors. The need to secure and maintain alliances and partnerships with customers and suppliers. and the impact 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. Rubicon Organics has attempted to identify material risk factors that could cause its actual actions, events or results to differ materially from those set forth in the forward-looking statements, but it is not possible to determine whether the actions, events or results There may be other risk factors that cause the performance to be different than expected. presumed or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by the forward-looking statements. Rubicon Organics undertakes no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise, as new information becomes available, except as required by law. .

Non-GAAP financial measures

This press release contains certain financial performance measures that are not recognized or defined under IFRS (“non-GAAP measures”), including but not limited to “Adjusted EBITDA”. As such, this data may not be comparable to data presented by other companies. We believe these non-GAAP measures are useful measures of operating results and are used, among other things, by management to assess the company’s financial and operating results. Therefore, they should not be considered in isolation or as a substitute for the analysis of financial information reported under IFRS. For more information, see the Selected Financial Information section of his MD&A for the three and six months ended June 30, 2022. seder at www.sedar.com.

Our quantitative adjustment to Adjusted EBITDA is calculated as operating income (loss) before interest, tax, depreciation, stock-based compensation expense and changes in fair value. Updated reconciliation of Adjusted EBITDA to the most comparable IFRS financial measures for the three and six months ended June 30, 2022 and June 30, 2021, as of June 30, 2022 Available in Management Discussion & Analysis at the time.

1 Adjusted EBITDA is a non-GAAP measure, calculated as operating income (loss) before interest, taxes, depreciation, stock-based compensation expense and changes in fair value. For more information, see “Non-GAAP Financial Measures” at the end of this press release.
2 High Fire Data for Premium Flowers and Pre-Rolls from June 1, 2022 to August 31, 2022
3 Hifyre data for all categories of cannabis and premium cannabis products from September 1, 2021 to August 31, 2022
Four HiFyre data for premium flowers and pre-rolls from September 1, 2021 to August 31, 2022

CBJ Newsmaker

Rubicon Organics provides up-to-date corporate and operational information from the Canadian Business Journal.

Source link Rubicon Organics provides up-to-date corporate and operational information from the Canadian Business Journal.

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