VANCOUVER, British Columbia, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified and premium cannabis, is pleased to announce the publication of its second annual Environmental, Social and Governance Report measuring the year ended December 31, 2021 (“ESG Report”).
Rubicon Organics has taken an ESG leadership position in the cannabis sector, being the first cannabis company to issue a report. The ESG Report captures the period between January 1 and December 31, 2021 and reflects the Company’s determination to formally embed sustainability throughout our operations and supply chain. While our targets are ambitious, we are holding ourselves accountable through measuring and reporting our ESG journey in a transparent manner.
Highlights of the ESG Report:
- Diverted 53% of waste from landfill through recycling and composting.
- Achieved 77% diversity across our employee base.
- Hired locally with 43% of our workforce living within the local community of our Delta facility.
- Continued to work with BC Hydro on the power upgrade to connect the Delta facility to the power grid, eliminating the need for natural gas generators (completed in Q3 2022).
“I am proud of our achievements in 2021 and know there is still much more for us to do. ESG is a journey and as we significantly ramped up our business operations in 2021, we have seen an increase in our use of resources as to be expected. By tracking our results, we continue to hold ourselves accountable as we strive to become the global brand leader in premium organic cannabis products,” said Margaret Brodie, Chief Financial Officer of Rubicon Organics.
Click here to read a copy of the full report.
Grant of Incentive Stock Options
The Company has granted an aggregate of 145,000 incentive stock options to employees and a consultant of the Company pursuant to the Company’s Equity Incentive Plan and Deferred Share Unit Plan (together the “Equity Plans”). The stock options are exercisable at $0.85 per share for a period of five years. The vesting schedule of the stock options are as follows: (i) 120,000 with one-third vesting annually over three years from the date of grant; and (ii) 25,000 with 50% vesting immediately upon grant and 50% vesting one year from the date of grant.
Grant of Deferred Share Unit (“DSUs”)
The Company has granted an aggregate of 150,000 DSUs in accordance with the Equity Plans to independent directors of the Company as compensation for their services. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of Rubicon Organics.
Grant of Restricted Share Units (“RSUs”)
The Company has granted an aggregate of 110,000 RSUs in accordance with the Equity Plans to an employee and a former director of the Company as compensation for their services. The vesting conditions of the RSUs are as follows: (i) 60,000 vesting in tranches based on 12-month EBITDA targets; and (ii) 50,000 vesting immediately upon grant.
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 its flagship super-premium 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™ and its topical brand Wildflower™.
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, 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, including the effective date of the resignation of the current CEO and the ability to attract and retain a new CEO. 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.