Rubicon Organics Grants and Proposes Amendments to Stock Options

July 13, 2022

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) announces that in accordance with the Company’s Equity Incentive Plan (the “Plan”), it has granted 734,600 incentive stock options and is proposing amendments the terms of 765,000 incentive stock options (the “Proposed Amended Options”).

Incentive Stock Option Grant

The Company has granted incentive stock options (“Options”) to directors and officers of Rubicon to acquire an aggregate of 734,600 common shares at $0.86 per share, for a period of 5 years. The Options have been issued in lieu of cash compensation to directors and officers of Rubicon where their cash compensation has been partially or fully reduced in order to reduce cash spend in Rubicon in fiscal 2022. The Options vest over the remainder of 2022 and have been granted in accordance with the Plan.

Incentive Stock Option Proposed Amendments

On July 13, 2022, the directors of the Company also approved proposed amendments to the exercise price, vesting terms, and expiry date of 765,000 incentive stock options (the “Proposed Amendments”) in accordance with the Plan. The Proposed Amended Options were initially awarded to directors and officers of the Company on July 31, 2018 at an exercise price of C$3.25 per unit expiring on July 31, 2023. The Proposed Amended Options were fully vested prior to the Proposed Amendments. The Proposed Amendments would change the exercise price to $0.86 per unit, would vest 1/3 on December 31, 2022, 1/3 on June 30, 2023, 1/3 on December 31, 2023, and expire on December 31, 2025.

The Proposed Amendments remain subject to approval from disinterested shareholders of the Company at the upcoming annual general and special meeting and acceptance by the TSX Venture Exchange.

The Proposed Amendment applies to directors and officers of the Company holding stock options and is on consistent terms with the stock option re-pricing for employees of the Company announced on May 26, 2022. This Proposed Amendment is to recognize directors and officers significant contributions to Rubicon.

ABOUT RUBICON ORGANICS INC.

Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates, processes and sells organic 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 brands and cannabis 2.0 products, including its flagship super-premium brand Simply Bare™ Organic, its super-premium concentrate brand LAB THEORY™, its premium flower and hash brand 1964 Supply Co™ and mainstream brand Homestead Cannabis Supply™.

CONTACT INFORMATION

Margaret Brodie

Chief Financial Officer

Phone: +1 (437) 929-1964

Email: [email protected]

The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.