VANCOUVER, BC – Rubicon Organics Inc. (CSE:ROMJ) (“Rubicon Organics” or the “Company”), a premium organic cannabis company with operations in Canada, California and Washington, is pleased to announce that the Washington State Liquor and Cannabis Board (“LCB”) has granted a transfer of a tier 3 marijuana producer and processor license under I-502 regulations to the tenant of its 40,000 sq. ft. high-tech greenhouse facility.
The greenhouse tenant is preparing to commence production in the next month and will be utilizing Rubicon Organics’ proprietary growing methodology to produce premium quality, organic cannabis at low cost without any chemical fertilizers or pesticides. Rubicon Organics lease payments from the facility commence in 2019.
“Rubicon Organics’ Washington Facility is a state of the art, world class cannabis cultivation facility designed by Thomas Larssen Greenhouse Engineering. We look forward to demonstrating that when third party state licensed producers utilize Rubicon Organic’s intellectual property for organic cannabis cultivation, they are able to produce ultra-premium quality cannabis at a very low cost base.” said Jesse McConnell, Chief Executive Officer of Rubicon Organics.
The Washington Facility
Rubicon Organics’ purpose built, high-tech greenhouse facility in Ferndale, Washington, is capable of producing 4,500 kg per year of premium organic cannabis. The 40,000 sq. ft. facility has 30,000 sq. ft. of canopy for organic cannabis cultivation and a 10,000 sq. ft. processing area.
Washington is home to around 488 regulated I-502 licensed retail outlets, and the state plans to license more in the near future. In 2017, Washington State’s I-502 Washington retail cannabinoid sales reached almost US$1 billion, generating nearly US$1 million in taxes daily and nearly outperforming the state’s liquor sales.
On Behalf of the Board of Directors,
Rubicon Organics Inc.
Chief Executive Officer & Director
Phone: +1 (437) 929 1964
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. (“Rubicon Organics” or the “Company”) (CSE:ROMJ) (OTCQX:ROMJF) is focused on building super premium organic cannabis brands with operations in Canada, California and Washington. The Company holds the intellectual property to produce super premium, certified organic cannabis at low cost, while utilizing environmentally sustainable production methods. Rubicon Organics is working towards beginning cultivation in Q1 2019 with a combined Phase I capacity of 15,500 kg, including 4,500 kg leased to a Washington state licensed operator applying Rubicon Organics’ cultivation methods. The Company also owns two award-winning U.S. cannabis brands: 1964 Supply Co.TM in California and Doctor & Crook Co.TM in Washington.
Chief Financial Officer
Phone: +1 (437) 929-1964
Phone: +1 (781) 727-8462
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, statements regarding Rubicon Organics’ plan to cultivate, timing and estimates of production for its facilities, are “forward-looking statements.” Forward-looking information can be identified by the use of words such as “plans” or “is expected”, or variations of such words and phrases or statements that certain actions, events or results are “to begin”, “ramping up to”, “imminent”, “set to” or “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, that Rubicon Organics will be able to successfully obtain all necessary permits and approvals to conduct its business as currently proposed to be conducted, that Rubicon Organics will not be prosecuted in the U.S. for its involvement in the cannabis industry.
Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under U.S. federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics’ limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. 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.