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Rubicon Organics Announces US$3 Million Secured Debt Financing
Mar. 02, 2020 05:14AM PST
Cannabis Investing NewsRubicon announced that it, through a subsidiary, has completed a US$3 million debt financing loan from an unnamed US real estate group.
Rubicon Organics (CSE:ROMJ,OTCQX:ROMJF) announced that it, through a subsidiary, has completed a US$3 million debt financing loan from an unnamed US real estate group.
As quoted in the press release:
The Loan is for a term of 24 months, bears interest at 12.9% per annum, and is secured by a first ranking mortgage on the Company’s hybrid facility in Ferndale, Washington (the “Property”). The Loan will be used for general working capital purposes as the Company ramps-up production and sales across Canada.
“We are excited to complete this non-dilutive financing which will allow Rubicon to accelerate the distribution of Simply Bare™ Organic flower to the provinces and retail stores across Canada,” stated Jesse McConnell, CEO of Rubicon Organics.
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