VANCOUVER, British Columbia, June 22, 2020 (GLOBE NEWSWIRE) -PRESS RELEASE- Rubicon Organics Inc. announced June 22 that it has signed a product supply agreement with Canacur GmbH, a medical cannabis distributor incorporated in Nuremberg, Germany. Pursuant to the agreement, Canacur shall purchase dried cannabis from Rubicon for an initial term of three years, with two optional two-year extensions available. Rubicon expects its first exports to be made in the first half of 2021, pending European Union and good manufacturing practices certification.
“We are excited to bring our high-quality cannabis to German medical patients,” stated Jesse McConnell, CEO of Rubicon Organics. “This milestone agreement with Canacur provides another route to market and access to the fast-growing German medical market.”
As part of the agreement, Canacur has agreed to provide Rubicon up to $700,000 as advance payment for product, which will be secured behind existing secured lenders on the company’s facility in Delta, British Columbia. This advance payment assists Rubicon to prepare for EU-GMP processing and certification
