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(Globe Newswire) Vancouver BC – Rubicon Organics, a licensed producer focused on cultivating and selling organic certified and premium cannabis, is pleased to announce that on November 28, it entered into credit agreements pursuant to which it has borrowed an aggregate of C$10,000,000 from Community Savings Credit Union and another lender. Each of the Credit Facilities is for a term of five years, with an amortization period of ten years, and bears interest at a rate of 6.75% per annum.
The Credit Facilities will be used by the Company to repay in full the US$8,000,000 principal amount secured debenture owed by the Company to Green Island Investments Ltd., which matures on December 31, 2024.
“We are pleased to announce the establishment of our new Credit Facilities, which underscores our commitment to strengthening our financial position and supporting our strategic growth initiatives,” said Janis Risbin, CFO. “[They] enhance our liquidity and provide us with the flexibility to invest in key projects that will drive long-term value for our shareholders. We believe that this strategic move positions us well to navigate the evolving market landscape and capitalize on future opportunities.”
ABOUT RUBICON ORGANICS INC.
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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.™, its cannabis wellness brand Wildflower™ in addition to the Company’s mainstream brand Homestead Cannabis Supply™.
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.
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