11:15 AM EST - Rubicon Organics Inc. : Announced today that it has completed the sale of its 40,000 sq. ft. hybrid greenhouse in Ferndale, Washington for US$8.5 million (the “Transaction”) to a group of real estate investors (the “Buyers”). Proceeds from the sale will strengthen the Company’s balance sheet, providing working capital to ramp-up production and sales across Canada. “The sale of the Washington greenhouse is an important step in focusing the Company on our core strength of bringing super-premium certified organic cannabis to the Canadian market,” said Bryan Disher, Chairman of the Board. “This transaction creates tremendous value for our shareholders by achieving a clean and timely exit from the US, while accelerating our timeline to profitability through focusing exclusively on our high-return Canadian operations.” Rubicon Organics will continue to sell its remaining US assets, which consists of a 3-acre land parcel in Greenfield, California and certain cannabis extraction equipment. The Company expects to complete the dispositions of all cannabis related US assets in the coming months. Rubicon Organics Inc.
shares ROMJ:CNX are trading up 3.13 percent at $1.65.
