Radient Technologies Inc. Announces Receipt of Sales License, Launch of 2.0 Product Offerings And Supply Agreement with Premi...
June 30 2020 - 7:30AM
Radient Technologies Inc. (“Radient” or the
“Company”) (
TSX Venture: RTI; OTCQX: RDDTF), a
manufacturer of high quality cannabinoid-based formulations and
products, has received a Health Canada license amendment for the
sale of cannabis extracts, cannabis edibles and cannabis
topicals. This license, which allows for the sale of all
three categories of extracted products, is a significant milestone
in commercializing the Company’s product offerings and launching
its 2.0 product portfolio. Radient is also pleased to
announce that it has entered into a manufacturing and service
agreement with Premium 5 Ltd. (“P5”) for multiple products under
its brand of premium concentrates.
“Receiving this license amendment is a critical
step in diversifying and evolving Radient’s business model through
new products and customers,” said Denis Taschuk, Chief Executive
Officer, Radient Technologies. “The sales license will give Radient
the ability to leverage our unique formulations for exciting new
consumer products.”
In anticipation of receiving its sales license,
Radient has started the process of increasing its product
manufacturing and filling capabilities. The Company will have
substantial capacity for white label production of unique 2.0
products that uses its extensive formulation library. Radient
believes this will be a significant advantage in signing further
manufacturing agreements and capturing new revenue
opportunities. Over the coming month, Radient looks forward
to updating stakeholders and customers on innovative offerings.
The partnership with P5, Canada’s preeminent
concentrate supplier, will involve multiple new product lines,
bringing P5 concentrates to market with final manufacturing
completed by Radient. Under the renewable one-year agreement,
Radient will supply distillate, and provide manufacturing services
for a minimum of 240,000 units. The first products planned
will be a live resin vape cartridge, along with a live resin X
cartridge that will be blended with Radient’s THC
distillate.
Premium 5 is Canada’s leader in bringing quality
concentrate products and curated devices to market. P5 launched the
first live resin concentrates in the country and has quickly become
synonymous with the highest levels of quality and cutting-edge
products.
About Radient Radient
Technologies is a commercial manufacturer of high quality
cannabinoid based formulations, ingredients and products. Utilizing
a proprietary extraction and downstream processing platform that
recovers up to 99% of cannabinoids from the cannabis plant, Radient
develops specialty products and ingredients that contain a broad
range of cannabinoid and terpene profiles while meeting the highest
standards of quality and safety. Please visit www.radientinc.com
for more information.
About Premium 5Premium 5 is a
leading provider of the finest concentrates using hydrocarbon and
solventless extraction methods. The first to launch live
resin in the Canadian market, P5 continues to set the pace for
bringing unique and custom concentrate products to the legal
cannabis market. P5 is focused on delivering innovative
products to cannabis consumers, while delivering maximum
value. With four products currently launched, P5 has an
additional 12 skus planned over the next four months. For
more information on P5 visit: www.premium5.ca
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient - Investor Relationsir@radientinc.com
Premium 5david@premium5.ca
Forward Looking Information:
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the growth of the Company’s
business operations; the impact of the sales license on the
Company’s business; the impact of the commercial agreement with P5;
the Company’s ability to develop and commercialize it Cannabis 2.0
portfolio; the Company’s ability to grow its business in the
cannabis sector and the Company’s future plans. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Radient, as the case may
be, to be materially different from those expressed or implied by
such forward-looking information. Although Radient has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Radient does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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