VANCOUVER, British Columbia, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified, premium cannabis, is pleased to announce the appointment of Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) and grants restricted share units (“RSUs”).
Appointment of Chief Executive Officer
The board of directors of the Company (the “Board”) is pleased to announce the appointment of Margaret Brodie as the Chief Executive Officer of the Company, effective immediately. Since January 1, 2023, Ms. Brodie has acted as the Interim CEO and CFO. This appointment comes after the Board completed a search and evaluation of both internal and external candidates to lead the Company.
“We are delighted to appoint Margaret as our CEO. Margaret has been the CFO of Rubicon since our inception and she also served as our interim CEO over the past year. She has distinguished herself as a very capable and respected leader with a deep understanding of the regulated Canadian cannabis sector. We are confident that her strategic skills will play a pivotal role in the continued success of Rubicon. As we persist in our pursuit of growth and unwavering dedication to delivering top-tier cannabis products, Margaret's guidance, along with the incredible team she has helped to build, will undoubtedly be a cornerstone of our journey,” expressed Len Boggio, Board Chair.
“Rubicon Organics is taking its position as a Canadian leader in premium and organic cannabis and I am proud to take on the role as the CEO. As I transition from the role of CFO to helm the company's strategic direction, I am energized by the tremendous opportunities that lie before us in 2024 and beyond. I am committed to leading our talented team towards continued innovation, sustained growth, and the realization of our collective vision for success. Together, we will embark on an exciting journey as we navigate the next phase of Rubicon’s evolution,” said Margaret Brodie, CEO.
About Margaret Brodie
Margaret Brodie has been instrumental in building Rubicon Organics since it was founded in 2015. She began her tenure as the CFO of the Company and was appointed Interim CEO on January 1, 2023. As Interim CEO and CFO, Ms. Brodie led the Company to achieving six consecutive quarters of AEBITDA profitability and five consecutive quarters of positive operating cashflow. Under her leadership in 2023 Rubicon was awarded the prestigious KIND Awards of “Cannabis Company of the Year” and “People’s Choice Best Weed,” and produced two of the top three most popular brands as recommended by Canadian Budtenders in a third-party evaluation. She has over 20 years of experience in finance and executive leadership, of which 10 were spent with KMPG working in the UK and Canada for global beverage and global mining companies. Ms. Brodie has also held numerous corporate development and CFO roles for listed companies.
Appointment of Chief Financial Officer and Corporate Secretary
The Company is also pleased to announce the appointment of Janis Risbin as CFO and Corporate Secretary of the Company effective immediately. Serving first as Director of Finance, and then as Vice President of Finance since 2019, Ms. Risbin has been instrumental in the success of the company from the early start-up of the Canadian business to delivering one of Canada’s profitable cannabis companies. Through keen insights and financial strategies, Ms. Risbin has played a pivotal role in shaping Rubicon’s strong financial performance to date.
“I am thrilled to extend a warm welcome to Janis in her new capacity as CFO,” announced Margaret Brodie, CEO. “Janis brings an abundance of experience and demonstrated judgment to our leadership team, positioning her as a valuable asset in steering our company forward as a prominent player among Canada's leading cannabis enterprises.”
“I am honoured to assume the role of CFO and am excited to lead with vision, strategy and dedication towards the execution of Rubicon's business strategy. My commitment is to generate sustainable value for all stakeholders, and to continue driving the financial success for the company,” expressed Janis Risbin, CFO.
About Janis Risbin
With a career spanning over two decades in the fast-moving consumer goods sector, Janis Risbin has amassed extensive experience across diverse product categories such as laundry, personal beauty, soft drinks, and frozen foods. Demonstrating a consistent ability to enhance profitability, she has effectively leveraged her financial expertise to propel growth and efficiency throughout her professional journey. Equipped with a wealth of industry knowledge and a proven track record of delivering impactful results, her strategic acumen and financial proficiency will be instrumental in steering growth and maximizing profitability within the dynamic cannabis landscape.
RSU Grant
The Company has granted an aggregate of 1,361,106 restricted share units (“RSUs”) in accordance with the Company's equity incentive plan to certain executives of the Company. The vesting conditions of the RSUs are as follows: (i) 50% vesting between one and three years from the date of grant; and (ii) 50% vesting at the end of 3 years based on achievement of 3-year targets.
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 its premium cannabis flower, product innovation and brand portfolio management, including three flagship brands: its super-premium brand Simply Bare™ Organic, its premium brand 1964 Supply Co™, and its cannabis wellness brand Wildflower™ in addition to the Company’s mainstream brand Homestead Cannabis Supply™ and its concentrate brand Lab Theory™.
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.
CONTACT INFORMATION
Margaret Brodie
Chief Executive Officer
Phone: +1 (437) 929-1964
Email: ir@rubiconorganics.com
The TSX Venture Exchange or 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, statements regarding Rubicon Organics’ goal 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 word 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, the impact on revenue of new products and brands entering the market, and the timing of achieving Adjusted EBITDA profitability and cash flow positive. 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 federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including 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; the effect of capital market conditions and other factors on capital availability; the Company’s ability to attract and retain skilled staff; competition, including from more established or better financed competitors; the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and the effects of 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.
