Rubicon Organics Provides Operational Update... - Rubicon Organics expanded its market share to 2.3% in the Canadian all flower and pre-roll product category for the three months ended December 31, 2021
- Simply Bare™ Organic remains the best-selling premium brand in Canadian flower and pre-roll, with a market share of 7.7%
- Strong balance sheet position with over $11.5M in cash available at December 31, 2021
- Premium flower and pre-roll market growth outpaces broader cannabis market, increasing 38% in the fourth quarter of 2021
VANCOUVER, British Columbia, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified, premium cannabis products, is pleased to provide an operational update for the period ending December 31, 2021.
Management Commentary
“We are delighted to have ended 2021 with Simply Bare™ Organic maintaining its position as the number one premium brand in Canada and with Rubicon Organics as a top ten licensed producer. Our conviction in our strategy is also bolstered by the fact that the premium cannabis market is gaining momentum and outpacing the growth of the total market, which should bode very well for the premium product innovations we are bringing to market in 2022 under our complete house of brands,” said Jesse McConnell, Chief Executive Officer.
Rubicon Organics a Top 10 Licensed Producer
The Company’s total market share in the flower and pre-roll category increased to 1.9%1 across Canada for the full year 2021, a significant increase from 1.1% in 2020. Rubicon increased momentum, ending the year with 2.3%2 market share for the three months ending December 31, 2021.
With these improvements in market share, Rubicon Organics remains among the top ten licensed producers in Canada for all flower and pre-roll product sales2.
The significant market share gains relative to 2021 are attributable to steadily rising sales of Simply Bare™ Organic, the distribution of 1964 Supply Co.™ outside of Quebec and the launch of Homestead Cannabis Supply™ in the second half of 2021.
Simply Bare™ Organic Still the Best-Selling Premium Brand
In the premium segment of the Canadian cannabis market, Rubicon reached 7.7%3 market share in 2021, up from 5.3% in 2020. This ranks the Company as the third highest selling licensed producer in the premium cannabis market. This ranking only includes sales of Simply Bare™ Organic, making it the best-selling individual brand in combined flower and pre-roll sales across Canada.
Highlights4 by major province in the premium and organic categories for 2021 include:
- BC: #1 premium brand in combined flower and pre-rolls, #1 premium brand in pre-roll, and #1 brand in organic flower and pre-roll
- Quebec: #1 premium brand in combined flower and pre-roll, #1 premium brand in pre-roll, #2 premium brand in hash, and #1 brand in organic flower and pre-roll
- Ontario: #4 premium brand in combined flower and pre-roll, #1 premium brand in pre-roll, #4 brand in hash and #1 brand in organic flower and pre-roll
- Alberta: #6 premium brand in flower and pre-roll, and #2 premium brand in pre-roll
Premium Market Growth Outpacing Overall Market
The Company is also pleased to report that the premium cannabis flower and pre-roll market in Canada grew 38%5 in the fourth quarter of 2021, relative to total market growth of 25%5. The key factors that are driving the growth in the premium market are: 1) a longer elapsed time since adult use legalization which has allowed consumers to refine their preferences, 2) a longer duration in market has allowed brands to create consumer recognition and drive brand loyalty, and 3) more retail stores in large provinces like Ontario have enhanced the consumer purchasing experience.
The Company maintains a strong balance sheet position with over $11.5M in cash available at December 31, 2021.