Rubicon Organics Inc. (OTCMKTS:ROMJF) has received the first direct purchase order from Manitoba Liquor and Lotteries. The company has been selling its portfolio of marijuana products to Manitoba Liquor & Lotteries indirectly through a distributor in Manitoba.
Rubicon expanding its direct distribution channel for premium cannabis in Canada
Jesse McConnell, the company’s Chief Executive Officer, said that they are expanding the direct distribution channel across Canada gradually to affirm Rubicon’s leadership in the quality cannabis segment. McConnell said that the company’s cannabis products are available in six provinces in Canada and one territory comprising a population of over 90%. Most importantly, each province the company adds to its distribution footprint represents a new channel to sell through the flagship and deep innovative products pipeline.
Rubicon brings Simply Bare™ to Yukon.
Similarly, Rubicon entered a Cannabis Purchase and Sale Agreement with Yukon Liquor Corporation to distribute its cannabis products to consumers in Yukon. So far, the company has received the first purchase order, and it is looking to make the first shipment as per the Agreement. Simply Bare™ Organic quality flower will be available online and in stores in seven territories and provinces. McConnell said the Simply Bare™ Organic would be coming to Yukon to expand Rubicon’s geographic reach in Canada. He added that as they build a premium cannabis brand that is ensuring they reach more customers.
Rubicon settles its long-term debt.
Recently the company announced the repayment of its long-term debt of $8.4 million in second mortgages registered against the Delta, British Columbia facility. The indebtedness repayment was a stated use of proceeds for its recently completed equity financing, which closed on February 26 and raised gross proceeds of $23 million.
McConnell said that with the higher cost debt repaid, the company is considering lower-cost options to optimize capital structure. He added that with the company established as a leader in the cannabis sector, its balance sheet is better-positioned dot drive considerable growth vial product innovation and excellence.