VANCOUVER, British Columbia, April 19, 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 signed a Cannabis Purchase and Sale Agreement (the “Agreement”) with the Yukon Liquor Corporation for the distribution of its portfolio of cannabis products to consumers in Yukon territory.
The Company has received its first purchase order and is expecting to make its first shipment under the Agreement in April 2021. Simply BareTM Organic super-premium flower will now be available in stores and online in seven provinces and territories, representing more than 90% of the Canadian population.
Simply BareTM Organic will now be heading due north to our friends and partners in the Yukon territory, expanding Rubicon Organics’ geographic coverage across Canada. As we build on our vision of developing a global premium cannabis brand, each step towards reaching new consumers is very valuable to our organization.
Jesse McConnell, Chief Executive Officer
Grant of Restricted Share Units & Options
The Company has granted an aggregate of 2,540,000 restricted share units (“RSUs”) in accordance with the Company’s equity incentive plan to certain executives of the Company as compensation for their services. The vesting conditions of the RSUs are as follows: (i) 350,000 vesting between one and three years from the date of grant; and (ii) 2,190,000 vesting in tranches based on 12-month EBITDA targets.
In addition, the Company also granted 79,000 stock options to certain employees of the Company pursuant to the equity incentive plan. The stock options are exercisable at $3.25 per share for a period of five years from the date of grant.
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.