Rubicon Organics recorded net revenue of $14.2 million in the three months ended December 31, 2024 (Q4 2024), an increase of 42.1% from the same period in the prior year and its highest-ever quarterly revenue.

However, the company also recorded a net loss during the fourth quarter of 2024 of $47,402, compared to a net profit in the fourth quarter of 2023 of $509,216.

For all of 2024, Rubicon recorded $63.4 million in product sales, up from $52.3 million in 2023. Gross profit was $15.4 million, while net loss and comprehensive loss for the year was $2.6 million.

The company says it saw an upward trend in net revenue in 2024, driven by increased demand in “key provinces” following a decline in the second half of 2023, which Rubicon attributed to softer demand in major markets such as Alberta, Ontario, and Quebec due to price compression across all cannabis product categories and the broader Canadian recessionary environment. Despite this, the Company rebounded and returned to growth. 

While Rubicon says its growth in the first half of 2024 was driven by recent innovations in lower-margin categories, in the second half of the year, the company says it shifted its focus to prioritizing the growth of products from higher-margin categories. 

“2024 marked another record year for Rubicon Organics growing 21% year-over-year, dramatically outpacing market growth,” said Margaret Brodie, CEO. “Our vape launch, the fastest and widest in our company history, underscores the strength of our industry leading premium brands and our ability to drive growth through reputation and high-quality innovation.” 

The adult-use cannabis industry in Canada, including Rubicon, may be facing undersupply, as well, notes Brodie. 

“Shifting market dynamics are driving a supply shortage in Canada, creating significant opportunities for established operators,” she added. “At the same time, international markets are increasingly opening up to top Canadian producers. We are excited to accelerate our expansion strategy and meet the growing demand for our premium brands both at home and abroad.”

Rubicon operates a large cannabis facility in Delta, BC, with an annual production capacity of 11,000 kg. The company also recently stated their intention to buy a production facility in Hope, BC, something they say they may need to seek further external financing for through the issuance of equity and debt to support its operations. This acquisition is planned to close in Q2 2025 and is expected to be running at full capacity by the end of 2025.

The BC-based company also completed its first international shipment in the first quarter of 2025, shipping to Poland. Rubicon sells under the Simply Bare, 1964, Homestead Cannabis, and Wildflower brands.

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