Rubicon Organics: Q3 2021 MD&A

Three months and nine months ended September 30, 2021

In this management discussion and analysis ("MD&A"), "Rubicon Organics", "Rubicon", "Company" or "we", "us" and "our" refer to Rubicon Organics Inc. and its subsidiaries .

This MD&A reviews our operations, financial performance, and financial status for the three and nine months ended September 30, 2021. Unless otherwise stated, all amounts in this MD&A are in Canadian dollars. It is a review of the unaudited condensed consolidated interim financial statements (including accompanying notes) and audited consolidated financial statements (including accompanying financial statements) of the company for the three months and nine months ended September 30, 2021. To supplement and read the notes for the fiscal year ended December 31, 2020 ("Annual Financial Statements"), and the annual management discussion and analysis for the year ended December 31, 2020 ("Annual MDA").

All financial information contained in this MD&A and financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"), including the IAS 34 interim financial report issued by the International Accounting Standards Board, except for certain non-GAAP information as described above and provided Reconciliation with IFRS.

In preparing this MD&A, we considered all available information as of November 16, 2021.

This MD&A contains forward-looking information within the meaning of Canadian securities laws. Please refer to "Notice Regarding Forward-Looking Statements."

This MD&A was prepared in accordance with the MD&A disclosure requirements stipulated in the National Document 51-102 Continuous Disclosure Obligation of the Canadian Securities Regulatory Agency. More information about the company is available on our website www.rubiconorganics.com or through the SEDAR website www.sedar.com.

Rubicon Organics Inc. is headquartered in Vancouver, British Columbia, and exists in accordance with the "Business Companies Act" (British Columbia). Its common stock is listed on the TSX Venture Exchange under the code "ROMJ" and the stock code "ROMJF". Over-the-counter transactions.

Rubicon Organics, through its wholly-owned subsidiary Rubicon Holdings Corp., is a licensed producer under the Cannabis Act, focusing on providing high-quality organic certified hemp for the recreational and medical use markets in Canada. Rubicon Organics owns and operates a fully licensed 125,000 square foot high-tech greenhouse on 20 acres of land in Delta Facility, British Columbia. The company grows organic hemp certified by the Fraser Valley Organic Producers Association ("FVOPA"), Canada's renowned organic operator certification body, in its Delta facility.

Rubicon Organics is the first cannabis company in the world to publish an Environmental, Social and Governance ("ESG") report ("ESG Report") and is expected to continue to occupy a leading position in the ESG of the cannabis industry.

The company focuses on building a series of premium brands in the Canadian market, based on its flagship product Simply BareTM organic hemp brand. The company has signed a direct contract with British Columbia Liquor Distribution Branch ("BCLDB"), Alberta Gaming, Liquor and Cannabis Commission ("AGLC"), Ontario Cannabis Store ("OCS"), Société Québécoise du Cannabis Supply Agreement ("SQDC"), Cannabis NB ("CNB"), Yukon Liquor Company ("YLC") and Medical Cannabis by Shoppers Drug Mart Inc. and sell directly to Manitoba Liquor & Lotteries ("MBLL") . The company also distributes

Reached an agreement with distributors in Saskatchewan to distribute the company's products to certain provincial distributors and retailers. In addition, the company has signed a supply agreement with German distributor Canacur GmbH to sell Rubicon Organics hemp products to the German medical market. The company expects that commercial exports will begin in 2022, awaiting EU Good Manufacturing Practice ("EU-GMP") certification.

As of September 30, 2021, Rubicon Organics has the following subsidiaries:

1. Formerly Rubicon Organics Canada Corp.

The Delta facility is a fully licensed 125,000 square foot state-of-the-art hybrid greenhouse, owned and operated by Rubicon Organics, located on 20 acres of land in Delta, British Columbia. The entire greenhouse facility has obtained planting and processing permits, and obtained FVOPA organic hemp planting certification.

Delta Facility consists of a processing area, a nursery and a total of five cultivation compartments. Since March 2020, Delta facilities have been fully operational. The Delta plant utilizes a cold curing processing chamber and follows Good Manufacturing Practices ("GPP") to process dried flowers, perform solvent-free extraction, and package finished products.

Rubicon Organics has invested in the Delta facility to create year-round organic growth conditions. Since achieving full planting operations in early 2020, we have been adjusting our infrastructure to improve and optimize our growth environment, with a focus on promoting high-quality production. The Delta facility utilizes two complementary LED lights with different spectrums and advanced climate and humidity control. Our full-spectrum LED lights mimic natural sunlight, making plants healthier and yielding higher yields than traditional greenhouses. At the same time, our energy usage can be reduced by up to 60% compared to other lighting methods. The Delta facility is also equipped with precise, sensor-based watering devices to reduce water consumption.

The company's Delta facility uses FVOPA certified organic cannabis cultivation methods. The soil and fertilizer used in planting are manufactured in-house, using a proprietary blend of locally sourced natural ingredients that can naturally provide nutrients to crops while minimizing the impact on the environment.

Rubicon Organics has an extensive gene pool of cultivars previously developed in the medical marijuana market, which have grown steadily under greenhouse conditions.

Simply Bare TM Organic is the flagship super premium brand launched by Rubicon Organics in December 2019. Hemp, packaged and sold under the Simple BareTM Organic brand, is grown in a proprietary blend of 100% certified organic active soil, which contains the British Columbia ingredient Sunshine Coast. Each plant is grown in full-spectrum sunlight, harvested by hand and cold-marinated for two weeks to obtain rich terpene content. Then select and carefully trim the buds, and then package them in sustainable terracotta glass jars. Simply BareTM Organic pre-rolls use the same dried flowers and are delivered in a convenient form at a more convenient price. Simply BareTM Organic hash is a single line, and each cultivar is manually pressed to protect the terpene and quality of its organic flowers. Simply BareTM PAX® ERATM pod oil is formulated from the flowers we harvested in its own terpenes, which is the true expression of this variety. Simply BareTM live rosin, available in limited quantities, is refined from our organic flowers grown in living soil; the live rosin displays the terpenes of each carefully selected species and is kept fresh in the calyx container.