EDMONTON, Alberta, June 30, 2020 (GLOBE NEWSWIRE) -- 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.comfor more information.
About Premium 5
Premium 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 Relations
ir@radientinc.com
Premium 5
david@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.
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