E Rubicon Organics Q3 Financial Results: Revenue Up 219%, Net Loss Up 133%

Rubicon Organics Inc. (ROMJF), a constituent in the munKNEE Pure-Play Pot Stock Index, is a licensed producer that cultivates and sells organic super-premium cannabis from its state-of-the-art hybrid greenhouse located in Delta, B.C., Canada.

Rubicon announced its Q3, 2020 financial and operating results on Wednesday for the period ended September 30, 2020, as follows:

Q3 Financial Highlights 

(All results are presented in Canadian dollars and compared to the previous quarter.)

  • Revenue: increased 219% to $3.2M 
  • Net Loss: increased 133.3% to $(4.2)M
  • Loss/Share: increased to $(0.09) from $(0,04)
  • Adj. EBITDA: increased to $(2.6)M from $(2.5)M

Q3 Operational Highlights

  • Entered into a brand licensing agreement with Wildflower Brands Inc. (WLDFF) (CSE: SUN) for the production of Wildflower-branded CBD Relief Sticks and CBD Cool Sticks in Canada;
  • commenced trading on the TSX Venture Exchange on September 22, 2020, and
  • completed the amalgamation of subsidiaries which allows for over $20 million of tax losses to be applied against future profits.

Outlook

The company:

  • Intends to launch additional brands into the market in both the flower and extract categories, along with a diverse portfolio of cannabis 2.0 products to complement its flagship Simply Bare Organic cannabis brand;
  • expects to enter international markets in 2021 and to that end has entered into a supply agreement with Canacur GmbH to supply the German market;
  • expects to ramp up product deliveries to the OCS, BCLDB, and AGLC and has recently signed with the SQDC.;
  • plans to continue to use local distributors in Saskatchewan and Manitoba;
  • is assessing the scale and viability of expanding its pilot scale outdoor grow to a larger outdoor grow program in 2021;
  • is assessing areas for additional capital expenditure which would increase throughput and efficiency;
  • is renovating the Delta Facility’s processing area to facilitate compliance with EU-GMP requirements;
  • has developed an extensive product innovation pipeline and
  • is preparing to bring the first phase of those products to market.
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