Mr. Len Boggio reports

RUBICON ORGANICS ANNOUNCES THE APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER, AND GRANTS RSUS

Rubicon Organics Inc. has appointed its chief executive officer and its chief financial officer, and granted restricted share units (RSUs).

Appointment of CEO

The board of directors of the company has appointed Margaret Brodie as the CEO of the company, effective immediately. Since Jan. 1, 2023, Ms. Brodie has acted as the interim CEO and CFO. This appointment comes after the board completed a search and evaluation of both internal and external candidates to lead the company.

"We are delighted to appoint Margaret as our CEO. Margaret has been the CFO of Rubicon since our inception and she also served as our interim CEO over the past year. She has distinguished herself as a very capable and respected leader with a deep understanding of the regulated Canadian cannabis sector. We are confident that her strategic skills will play a pivotal role in the continued success of Rubicon. As we persist in our pursuit of growth and unwavering dedication to delivering top-tier cannabis products, Margaret's guidance, along with the incredible team she has helped to build, will undoubtedly be a cornerstone of our journey," expressed Len Boggio, board chair.

"Rubicon Organics is taking its position as a Canadian leader in premium and organic cannabis and I am proud to take on the role as the CEO. As I transition from the role of CFO to helm the company's strategic direction, I am energized by the tremendous opportunities that lie before us in 2024 and beyond. I am committed to leading our talented team towards continued innovation, sustained growth and the realization of our collective vision for success. Together, we will embark on an exciting journey as we navigate the next phase of Rubicon's evolution," said Ms. Brodie.

Ms. Brodie has been instrumental in building Rubicon Organics since it was founded in 2015. She began her tenure as the CFO of the company and was appointed interim CEO on Jan. 1, 2023. As interim CEO and CFO, Ms. Brodie led the company to achieving six consecutive quarters of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) profitability and five consecutive quarters of positive operating cash flow. Under her leadership in 2023, Rubicon was awarded the prestigious KIND Awards of Cannabis Company of the Year and People's Choice Best Weed, and produced two of the top three most popular brands as recommended by Canadian Budtenders in a third party evaluation. She has over 20 years of experience in finance and executive leadership, of which 10 were spent with KMPG working in the United Kingdom and Canada for global beverage and global mining companies. Ms. Brodie has also held numerous corporate development and CFO roles for listed companies.

Appointment of CFO and corporate secretary

The company has appointed Janis Risbin as the CFO and corporate secretary of the company, effective immediately. Serving first as director of finance and then as vice-president of finance since 2019, Ms. Risbin has been instrumental in the success of the company from the early start-up of the Canadian business to delivering one of Canada's profitable cannabis companies. Through keen insights and financial strategies, Ms. Risbin has played a pivotal role in shaping Rubicon's strong financial performance to date.

"I am thrilled to extend a warm welcome to Janis in her new capacity as CFO," announced Ms. Brodie. "Janis brings an abundance of experience and demonstrated judgment to our leadership team, positioning her as a valuable asset in steering our company forward as a prominent player among Canada's leading cannabis enterprises."

"I am honoured to assume the role of CFO and am excited to lead with vision, strategy and dedication towards the execution of Rubicon's business strategy. My commitment is to generate sustainable value for all stakeholders and to continue driving the financial success for the company," expressed Ms. Risbin.

With a career spanning over two decades in the fast-moving consumer goods sector, Ms. Risbin has amassed extensive experience across diverse product categories such as laundry, personal beauty, soft drinks and frozen foods. Demonstrating a consistent ability to enhance profitability, she has effectively leveraged her financial expertise to propel growth and efficiency throughout her professional journey. Equipped with a wealth of industry knowledge and a proven track record of delivering impactful results, her strategic acumen and financial proficiency will be instrumental in steering growth and maximizing profitability within the dynamic cannabis landscape.

RSU grant

The company has granted an aggregate of 1,361,106 RSUs in accordance with the company's equity incentive plan to certain executives of the company. The vesting conditions of the RSUs are as follows: (i) 50 per cent vesting between one and three years from the date of grant; and (ii) 50 per cent vesting at the end of three years based on the achievement of three-year targets.

About Rubicon Organics Inc.

Rubicon Organics 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 three flagship brands: its superpremium brand, Simply Bare(TM) Organic, its premium brand, 1964 Supply Co., and its cannabis wellness brand, Wildflower, in addition to the company's mainstream brand, Homestead Cannabis Supply, and its concentrate brand, Lab Theory.

The company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, superpremium cannabis products from its state-of-the-art glass-roofed facility located in Delta, B.C., Canada.

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