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Rubicon Organics Inc (OTCMKTS: ROMJF) Records Net Revenue of $4.6 Million in the Second Quarter of 2021

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Rubicon Organics Inc (OTCMKTS: ROMJF) is a licensed organic cannabis producer that concentrates on the selling and cultivating premium and cultivated cannabis-based products. This corporation recently announced its second-quarter financial results of 2021.

Key Financial Highlights 

Reported a net revenue of $4.6 million, an increase from the $3.6 million they reported in the same quarter of the previous fiscal year. In this quarter, the company also issued a principal amount secured debenture of $8 million, which was linked to a debt financing transaction in the company’s books. In addition to this, they also got $2.6 million annualized savings and completed a company-wide restructuring process.

Rubicon also executed a Cannabis Sale and Purchase contract with Yukon Liquor to sell and distribute its organic, cannabis-based products in the Yukon region.

Senior Management

Rubicon’s Chief Executive Officer, Jesse McConnell, said that their share of the Canadian premium cannabis market remains incredibly robust, and their products are still the go-to options for the consumers in the area. With about forty-four SKUs containing five different product brands, the CEO said that they could concentrate on meeting the increasing demands from the distributors in the region. He claimed that it was vital for them to emphasize the company’s success in getting its new cannabis-based products listed wilt all the major distributors in the region even after facing significant curtailments and complications by these specific consumers. The CEO confirmed that there were expecting to see better results after their extension into the mainstream and premium flower markets via the Supply Co. and Homestead Cannabis Supply.

Consistency with industry guidance and trends, the company was really affected by the closure of some stores in the first half of the 2021 fiscal year, particularly in Alberta and Ontario. However, things have started shifting in the right direction in the last two weeks or so. The company has now begun to witness an increase in sales once these regions started opening up.

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