Rubicon Organics Provides Operational UpdateFebruary 1, 2022
We are delighted to have ended 2021 with Simply Bare™ Organic maintaining its position as the number one premium brand.
- Rubicon Organics expanded its market share to 2.3% in the Canadian all flower and pre-roll product category for the three months ended December 31, 2021
- Simply Bare™ Organic remains the best-selling premium brand in Canadian flower and pre-roll, with a market share of 7.7%
- Strong balance sheet position with over $11.5M in cash available at December 31, 2021
- Premium flower and pre-roll market growth outpaces broader cannabis market, increasing 38% in the fourth quarter of 2021
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified, premium cannabis products, is pleased to provide an operational update for the period ending December 31, 2021.
“We are delighted to have ended 2021 with Simply Bare™ Organic maintaining its position as the number one premium brand in Canada and with Rubicon Organics as a top ten licensed producer. Our conviction in our strategy is also bolstered by the fact that the premium cannabis market is gaining momentum and outpacing the growth of the total market, which should bode very well for the premium product innovations we are bringing to market in 2022 under our complete house of brands,” said Jesse McConnell, Chief Executive Officer.
Rubicon Organics a Top 10 Licensed Producer
The Company’s total market share in the flower and pre-roll category increased to 1.9%1 across Canada for the full year 2021, a significant increase from 1.1% in 2020. Rubicon increased momentum, ending the year with 2.3%2 market share for the three months ending December 31, 2021.
With these improvements in market share, Rubicon Organics remains among the top ten licensed producers in Canada for all flower and pre-roll product sales2.
The significant market share gains relative to 2021 are attributable to steadily rising sales of Simply Bare™ Organic, the distribution of 1964 Supply Co.™ outside of Quebec and the launch of Homestead Cannabis Supply™ in the second half of 2021.
Simply Bare™ Organic Still the Best-Selling Premium Brand
In the premium segment of the Canadian cannabis market, Rubicon reached 7.7%3 market share in 2021, up from 5.3% in 2020. This ranks the Company as the third highest selling licensed producer in the premium cannabis market. This ranking only includes sales of Simply Bare™ Organic, making it the best-selling individual brand in combined flower and pre-roll sales across Canada.
Highlights4 by major province in the premium and organic categories for 2021 include:
- BC: #1 premium brand in combined flower and pre-rolls, #1 premium brand in pre-roll, and #1 brand in organic flower and pre-roll
- Quebec: #1 premium brand in combined flower and pre-roll, #1 premium brand in pre-roll, #2 premium brand in hash, and #1 brand in organic flower and pre-roll
- Ontario: #4 premium brand in combined flower and pre-roll, #1 premium brand in pre-roll, #4 brand in hash and #1 brand in organic flower and pre-roll
- Alberta: #6 premium brand in flower and pre-roll, and #2 premium brand in pre-roll
Premium Market Growth Outpacing Overall Market
The Company is also pleased to report that the premium cannabis flower and pre-roll market in Canada grew 38%5 in the fourth quarter of 2021, relative to total market growth of 25%5. The key factors that are driving the growth in the premium market are: 1) a longer elapsed time since adult use legalization which has allowed consumers to refine their preferences, 2) a longer duration in market has allowed brands to create consumer recognition and drive brand loyalty, and 3) more retail stores in large provinces like Ontario have enhanced the consumer purchasing experience.
The Company maintains a strong balance sheet position with over $11.5M in cash available at December 31, 2021.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through a focus on differentiated product innovation and brand portfolio management, including its flagship super-premium umbrella brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co™, its premium concentrate brand LAB THEORY™, and its mainstream brand Homestead Cannabis Supply™. The Company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada.
Chief Financial Officer
Phone: +1 (437) 929-1964
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.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements such as the nature of future product innovation, the Company’s belief that it is becoming the global brand leader in organic cannabis products, and the Company’s intention of achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such words or statements that certain actions, events or results “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that its capital needs will be as currently projected. Risks and uncertainties associated with forward looking information in this press release include, among others, information or statements concerning the Company’s expectations of financial resources available to fund operations; Rubicon Organics’ limited operating history and lack of historical profits; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing at reasonable terms through the sale of equity and/or debt commitments; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
1Hifyre data for flower and pre-roll products covering the period of January 2021 through December 2021
2Hifyre data for flower and pre-roll products covering the period of October 2021 through December 2021
4Hifyre data for products covering the period of January 2021 through December 2021.
5Hifyre data for flower and pre-roll products covering the period of October 2021 through December 2021.Back to Top