Rubicon Organics Provides Update on Health Canada Licensing
VANCOUVER, Jan. 28, 2019 /PRNewswire/ - Rubicon Organics Inc. (CSE:ROMJ) (OTCQX:ROMJF) ("Rubicon Organics" or the "Company"), a super-premium, organic cannabis company with operations in Canada, Washington and California, confirms that it is in active communications with Health Canada and has responded to all inquiries received to date with respect to its wholly-owned, 125,000 sq. ft. greenhouse facility in Delta, BC. Upon completion of their review, Rubicon Organics expects to receive a cultivation license and a processing license from Health Canada pursuant to the Cannabis Act.
As detailed within the Cannabis Act and its regulations, foreign government security checks are required for all board members who have lived over 90 consecutive days abroad within the last five years. Due to the complexity and expected delays to receive such foreign clearances, Bryan Disher and David Donnan, who have each lived over 90 consecutive days abroad, have resigned as members of the board of directors effective January 25, 2019, to facilitate the Company receiving its licenses in the most timely manner.
Mr. Disher and Mr. Donnan have both agreed to serve as senior advisors to the Company and provide the benefit of their experience as Rubicon Organics continues its journey to become the leader in the super-premium, certified organic cannabis market.
Based on the Company's discussions with Health Canada, the board of directors will in due course consider re-appointing Mr. Disher and Mr. Donnan to the board or nominating them for election to the board by shareholders.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. ("Rubicon Organics" or the "Company) (CSE:ROMJ) (OTCQX:ROMJF) is focused on building super-premium organic cannabis brands with operations in Canada, California and Washington. The Company holds the intellectual property to produce super-premium, certified organic cannabis at low cost, while utilizing environmentally sustainable production methods. Rubicon Organics is working towards beginning cultivation in Q1 2019 with a combined Phase I capacity of 15,500 kg, including 4,500 kg leased to a Washington State licensed operator applying Rubicon Organics' cultivation methods. The Company also owns two award-winning U.S. cannabis brands: 1964 Supply Co.TM in California and Doctor & Crook Co.TM in Washington.
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 Rubicon Organics' expectation of receiving cultivation and processing licenses in the first quarter of 2019, that the board of directors will in due course consider re-appointing Mr. Disher and Mr. Donnan to the board or nominating them for election by shareholders, and that the Company will become the leader in the super-premium, certified organic cannabis market are "forward-looking statements." Forward-looking information can be identified by the use of words such as "expects", "will" and "become". 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 that Rubicon Organics will be able to satisfy the requirements of Health Canada to obtain its cultivation and processing licenses in a timely manner, Health Canada not having concerns with any plan to have Mr. Disher and Mr. Donnan re-join the board, that Rubicon Organics will be able to successfully obtain all other necessary permits and approvals to conduct its business as currently proposed to be conducted, and that Rubicon Organics will not be prosecuted in the U.S. for its involvement in the cannabis industry.
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 state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under U.S. federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, 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; 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 results of the foreign government security checks for Mr. Disher and Mr. Donnan not having been processed. 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.