Rubicon Organics Inc. (ROMJ) has received its first direct purchase order from Manitoba Liquor & Lotteries.
Rubicon was previously selling their portfolio of cannabis products to the MBLL indirectly through their Manitoba distributor.
"Step by step we are expanding our direct distribution platform across Canada to affirm our leadership in the premium cannabis segment," said Jesse McConnell, Chief Executive Officer.
"Our products are currently available in six provinces and one territory encompassing well over 90 per cent of the population, and each new province we add to our distribution footprint represents a new channel to sell through our flagship products and our deep innovation pipeline," added McConnell.
As of April 26, Rubicon had 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 Rubicon's recently completed equity financing which raised gross proceeds of $23.0 million and closed on February 26, 2021.
Through its wholly-owned subsidiary Rubicon Holdings Corp, a licensed producer, Rubicon cultivates, processes, and sells organically 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 cannabis 2.0 products, including its flagship super-premium brand Simply Bare™ Organic and its super-premium concentrate brand LAB THEORY™.
Rubicon Organics Inc. (ROMJ) is up 2 per cent and is trading at C$3.06 at 12:47 pm ET.