Rubicon Organics Appoints Michael Detlefsen to the Board and Announces Four Board Nominees

VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon” or the “Company”) is pleased to announce the appointment of Michael Detlefsen to its Board of Directors (the “Board”), effective immediately, and the anticipated nomination of Doris Bitz, Len Boggio, Ian Gordon and Karen Proud (the “Nominees”) to stand for election at the next Annual General Meeting (“AGM”).

"Rubicon is embarking on a new chapter in our vision to grow the best cannabis on Earth for the Earth. I am thrilled to welcome Michael Detlefsen to our Board, and look forward to the imminent confirmation of our four Nominees. Michael, Doris, Len, Ian, and Karen bring a wealth of expertise across diverse fields such as strategy, marketing, manufacturing, finance, governance, and regulation. Their collective knowledge further fortifies our commitment to continued profitability and growth within Canada's cannabis industry. This announcement underscores our dedication to building a successful Canadian cannabis enterprise that capitalizes on Rubicon's leading position in the premium and organic cannabis market. With these exceptional additions to our Board, I am confident that we will further accelerate our trajectory to become a strong, profitable leader in our industry,” said Margaret Brodie, Interim CEO and CFO.

The Nominees will be Board Observers, without any voting rights, until their successful election at the AGM, expected in the summer of 2023. The Nominees must receive Health Canada’s customary security clearance before they can join the Board as directors.

About Michael Detlefsen

Michael Detlefsen is the Managing Director of Pomegranate Capital Advisors, an active investor advisory firm based in Toronto. He has extensive strategic, operating, board and investor experience. He has held senior executive roles at Air Canada, Bell Canada/BCI, Maple Leaf Foods and Ceres Global Ag Corp. and has worked in the consulting practices of Monitor Company and PwC, as well as for the Government of Canada. He has advised and served on many boards, and is well-known and highly respected in the North American business community and within governments for his strategic acumen, operational insights, objective perspective, and ability to fix and grow businesses under challenging circumstances. Michael holds a Bachelor of Commerce (Honours) from Queen’s University and a Master in Public Policy from the Harvard Kennedy School and is a member of the Institute of Corporate Directors (ICD.D). He was named to Canada’s Top 40 Under 40 in 2002. 

About the Board Nominees

Doris Bitz

Doris Bitz has over 30 years of experience successfully building, scaling and growing manufacturing and CPG businesses in North America. In her most recent assignment as President of Dessert Holdings, a leading manufacturer of high-quality dessert products sold through retail and food service customers, Doris was responsible for the vision, strategy and commercial operations that propelled the business from annual revenues of $65 million to nearly $1 billion through organic growth and M&A. Doris has also held executive marketing positions at top-tier CPG companies including PepsiCo Canada and General Mills. Doris holds an HBA and an MBA from the Ivey School of Business at Western University.

Len Boggio

Len Boggio is a Fellow Chartered Professional Accountant (FCPA) with significant experience as an auditor, advisor and independent director of public companies.  During his 30 years at PwC in Vancouver and the UK, Len's clients included Canadian and multi-national enterprises listed on stock exchanges in Canada, USA, UK, Europe and Australia.  Since his retirement from PwC in 2012, he has served as an independent director of several public and private companies including Equinox Gold, NewCastle Gold, and BC Hydro and its subsidiary Powerex Corporation. Len has served as the chairman of the Canadian Institute of Chartered Accountants (now CPA Canada) and president of the Institute of Chartered Accountants of British Columbia (now CPA BC), and played a senior role in the unification of the Canadian accounting profession. He holds both Bachelor of Arts and Bachelor of Commerce degrees (Honours) from the University of Windsor Ontario and is a member of the Institute of Corporate Directors (ICD.D).  

Ian Gordon

Ian Gordon recently retired as the Senior Vice President of Loblaw Brands Limited where he led the development and innovation behind some of Canada’s largest consumer brands including President’s Choice™, no name™ and Life Brand™. With the growing issue of plastic waste in the environment, Ian now leads Loblaw’s plastic reduction strategy, overseeing the company’s cross-functional steering committee. Prior to Loblaw, Ian held senior sales and marketing roles at leading CPG companies including Unilever and International Multifoods, and President of ACLC Advertising. He is a board member of Recycle BC, The Canada Plastics Pact, and the Food from Thought research program at the University of Guelph. Ian is a graduate of Queen’s University.

Karen Proud

Karen is a policy strategist who has over 20 years experience in government relations, policy development, and regulatory and legislative affairs. Karen is currently the President & CEO of Fertilizer Canada. Prior to joining Fertilizer Canada, Karen served as the Chief Operating Officer for Food, Health and Consumer Products Canada, President of Consumer Health Products Canada, and Vice President of Federal Government Affairs for the Retail Council of Canada. Karen is a board member of Nutrients for Life, a charitable organization focusing on soil science and agricultural sustainability. She is also a past board member of the Global Self Care Federation, Labour Watch, as well as the Canadian Partnership for Consumer Food Safety Education. Karen holds a Bachelor of Applied Science from Toronto Metropolitan University (formerly Ryerson University).

ABOUT RUBICON ORGANICS INC.

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 its flagship super-premium brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co.™, its premium concentrate brand LAB THEORY™, its mainstream brand Homestead Cannabis Supply™ and its topical brand Wildflower™.

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.

CONTACT INFORMATION

Margaret Brodie

Interim CEO & CFO

Phone: +1 (437) 929-1964

Email:

The TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.

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 future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics’ goal of achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such word or statements that certain actions, events or results “will” be taken, occur or be achieved. 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 the expected nomination of the Nominees at the AGM, and the ability for Nominees to obtain Health Canada’s security clearance. 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 federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including 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; the Company’s ability to attract and retain skilled staff; 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 effects of the COVID-19 pandemic. 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.