Rubicon Organics Inc (OTCMKTS:ROMJF) received the purchase orders for wildflower cool sticks and relief sticks from distributors in Alberta, British Columbia, Ontario, and Saskatchewan. Consumers can buy these products during April first week, 2021.
Cool sticks and relief sticks to drive growth
CEO of Rubicon, Jesse McConnell, said the company sees increasing demand for its high-quality, trusted, proven CBD topical from consumers for non-psychoactive purposes. The launch of relief sticks and cool sticks derived from cannabidiol will drive its profits going forward.
The introduction of wildflower products is on the backdrop of Rubicon’s brand licensing accord signed with Wildflower Brands Inc on September 16, 2020. As per the pact terms, Rubicon will produce and distribute CBD products under the Wildflower brand in Canada.
Wildflower’s all-natural formulations of cool sticks and relief sticks report enhanced sales worldwide and in the US. Rubicon expects the same trend in Canada for Wildflower branded products.
Raises $23 million
Rubicon raised a capital of $23 million from a bought deal offering of 6.052 million units on February 26, 2021. McConnell said the financing shows investors’ confidence in its strategy to become a global brand in the premium cannabis segment.
Its focused strategy expects to improve profitability, brand loyalty and reward shareholders with rich dividends in the long term. Its strong balance sheet allows it to introduce more innovative products soon.
Rubicon repaid the first mortgage of $5 million on its Delta facility, using $23 million in February 2021. McConnell said the debt financing helped the company to limit the dilution to investors while ramping up production. The company maintains a strong cash balance to advance its strategic initiatives and improve its product line.
Rubicon will report revenues of Q4 2020 on April 6, 2021. It will host a conference call to discuss the results on the same day.
Seals a deal with Valens
Rubicon entered a pact with Valens Company. As per the terms of the agreement, Rubicon will expedite the introduction of innovative organic certified 2.0 products so that consumers in Canada enjoy high-quality cannabis products like Simply BareTM Organic.