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.

Click here to read the full press release.