Written May 28, 2025 | Sarah Clark. Posted in Stratcann
Rubicon Organics achieved $12.4 million in net revenue in the three months ended March 31, 2025 (Q1 2025), gross profit of $4.2 million, and a $322,064 loss.
Net revenue was down compared to the previous quarter’s (Q4 2024) record of $14.2 million, but up 39.2% year-over-year compared to the $8.9 million in revenue in Q1 2024. Product sales of $16.1 million were up from $11.4 million in Q1 2024. The company incurred $3.7 million in federal excise taxes, representing 23% of the $16.1 million in sales.
The company’s $322,064 net loss was down considerably from a $1.9 million net loss in Q1 2024.
Rubicon’s production base is anchored by its fully licensed Delta Facility in BC, expected to be complemented by the planned acquisition of the former Canna Farms facility in Hope, BC, which the company says will expand its production capacity by over 40% and support future growth in both domestic and export markets.
The Delta facility has an annual production capacity of 11,000 kg. The Hope facility will add an annual production capacity of 4,500 kg.
”We’re proud to deliver another strong quarter of revenue growth and profitability. Rubicon is cementing its leadership in premium organic cannabis through innovation, disciplined execution, and brand trust,” said Margaret Brodie, CEO. “With the removal of conditions for the purchase of the Hope Facility and the successful completion of our $4.5 million private placement, we are well-positioned for long-term growth, both in Canada and internationally. Our strategic priorities remain focused on disciplined growth, operational efficiency, and product innovation.”
Rubicon sells under the Simply Bare, 1964, Homestead Cannabis, and Wildflower brands. Wildflower remains the number one topical brand in Canada, with a market share of 26.6%, according to Hifyre.
The company also ranked fifth in the overall edibles category across all price tiers in Q1 2025. The Company offers edibles under the Simply Bare, 1964, and Wildflower brands, which collectively captured a 26.7% market share in the premium edible segment for Q1 2025, increasing from 22.8%2 in Q1 2024, and a 27.2% share for the 12 months across all premium edible categories in Canada, increasing from 8.5%2 in prior year. The Company ranked fifth in the overall edibles category across all price tiers in Q1 2025.
While many Canadian cannabis companies have begun focusing on the export market, Rubicon says they are continuing to focus primarily on serving the domestic market. However, the company will continue to test the waters of the international market with small amounts in 2025, while ensuring that the Canadian market remains its priority. Rubicon recently made its first international shipment to Poland.
In May 2025, the company announced the appointment of Glen Ibbott, a cannabis industry veteran and former Chief Financial Officer of Aurora Cannabis Inc., as its Interim Chief Financial Officer.