Rubicon Organics Inc (OTCMKTS:ROMJF) reported $1.2 million in revenues in Q2 2020. The company holds $12.5 million in cash by the end of Q2 2020.
CEO of Rubicon, Jesse McConnell, said its team achieved significant milestones in Q2 2020. It is on the backdrop of establishing a strong foundation to distribute organically cultivated and premium cannabis products.
Health Canada provides a license to sell recreational cannabis
Rubicon expanded its distribution channels from Ontario to British Columbia nationwide. The company also received an amended sales license from Health Canada to sell fresh and dried cannabis for recreational use in May 2020. Jesse said it is an important milestone for the company in its desire to become a leading cannabis company in Canada.
With this amended sales license, Rubicon can sell super premium brands in new provinces that include Quebec and Alberta. The company extends new products to its existing provinces like Saskatchewan, British Columbia, and Ontario.
Sells cannabis for medicinal and recreational use
Rubicon also received site amendments on May 6, 2020, from Health Canada. It becomes a fully licensed company to process, cultivate, and market cannabis products from its outdoor grow site (11-acre) and 125,000 Sq. Ft. Hybrid-Greenhouse for medicinal and recreational use in Canada.
Signs supply agreements with BCLDB and AGLC
Rubicon signed supply accords with BCLDB (British Columbia Liquor Distribution Branch) and AGLC (Alberta Gaming, Liquor & Cannabis) to distribute and sell of Simply BareTM Organic cannabis to private and provincial cannabis retailers. Also, under the distribution accord with Agro-Greens (Agro-Greens Natural Products Ltd), Rubicon can now sell recreational and medical use cannabis products to Ontario and all the provinces in Western Canada.
Jesse said developing supply relationships with BCLDB is vital for achieving success in British Columbia. It also allows the company to satisfy consumer demand quickly. She is excited that Alberta’s population will get access to Simply Bare Organic cannabis for the first time. The company expects initial orders from the BC facility soon.
Rubicon entered a 3-year supply accord with a medical cannabis distributor in Germany – Canacur GmbH. The company expects to commence the first shipment in H1 2021.