VANCOUVER, British Columbia, April 26, 2021 (GLOBE NEWSWIRE) — Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified and premium cannabis, today announced that it has repaid in full $8.4 million in second mortgages registered against its Delta, BC facility. 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.
Now that this higher cost debt is repaid, we are considering lower cost options to optimize our capital structure. With Rubicon Organics established as a leader in the premium cannabis segment, our balance sheet is well positioned to drive growth through product innovation and product excellence.
ABOUT RUBICON ORGANICS INC.
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.