CAN: Rubicon Organics wants to acquire 47,500 sqft indoor cultivation facility

Rubicon Organics has entered into a purchase and sale agreement with MediPharm Labs in which Rubicon Organics intends to acquire an operational, purpose-built 47,500 square foot indoor cultivation facility in Hope, British Columbia.

"Acquiring the Hope Facility is a milestone for Rubicon Organics and further strengthens our premium production capacity setting up Rubicon Organics to service the growing demand for our leading brand portfolio, and accelerating our growth beyond our existing footprint," said Margaret Brodie, Chief Executive Officer.

Pursuant to the terms of the PSA, the purchase price for the Hope Facility is $4,500,000 and is subject to conditions including the Company's satisfaction with due diligence, financing and approval of the Company's board of directors. The Company intends to use the Hope Facility to increase its production capacity. The transaction is expected to close in the second quarter of 2025.