What you need to know: • ROMJ announced that it has completed the first harvest of cannabis at its new Cascadia facility, with the ramp up being on time and on budget. • We believe this strong execution speaks to management’s reputation and operational efficiency, building on its already positive track record. • Flagship-quality cannabis is expected to be reached in mid-2026, and management foresees opportunities to increase capacity further. • This week, Organigram announced the acquisition of German firm, Sanity Group for 11-13x 2026E EBITDA vs. ROMJ at 3.6x. This morning, Rubicon Organics Inc. (ROMJ:TSXV, ROMJF:OTCQX) announced that it has completed the first harvest of cannabis from its new Cascadia facility in Hope, British Columbia. We view this update as a solid positive given that it was completed on time and on budget, building on management’s already strong reputation. ROMJ stock has been stable around these levels, trading at just 3.6x 2026E ahead of another year of >20% revenue growth. We remind readers that we recently conducted an interview with ROMJ’s CEO Margaret Brodie; watch it here. We are maintaining our BUY rating and $1.00/share target price on Rubicon Organics. ROMJ indicated that Cascadia is now fully planted, demonstrating operational execution. Since June 2025, ROMJ prepared the site for commercial production through targeted capital investments, securing required licenses, commissioning the facility, and onboarding more than 30 operations team members. This includes modifications to the facility layout and installation of new grow tables, both of which are expected to improve efficiency and increase annual production. Additionally, management highlighted the potential to further increase the production capacity at the facility over time as crop performance data is collected and selections from its genetics library are optimized. Initial harvests are expected to generate revenue in Q2, with flagship-brand quality being reached in mid-2026. We remind readers that Cascadia has an estimated production capacity of 4,500kg of premium cannabis annually (could be higher), boosting ROMJ’s capacity by 40%.