Radient Technologies Inc. Receives Standard Processing License from Health Canada
EDMONTON, Alberta, Feb. 04, 2019 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF) is pleased to announce it has received its Standard Processing License from Health Canada under the new Cannabis Act regulations, which came into force on October 17, 2018. Receipt of the Standard Processing License permits Radient to legally process, sell, and distribute cannabis materials to other federal cannabis license holders. Processing of cannabis biomass in order to extract cannabinoids including CBD and THC will now begin at Radient’s recently expanded manufacturing facility (“Edmonton I Facility”) located at 4035 101 St NW in Edmonton, Alberta. This will create new revenue streams for the Company, as it begins supplying premium grade cannabis extracts and cannabinoid ingredients to its partners, including Aurora Cannabis Inc.
According to Health Canada’s new Cannabis Act regulations, a Standard Processing License (the “Processing License”) is required for any facility that is processing more than the equivalent of 600 kg of dried flowers per year. As previously stated by the Company, Radient is capable of processing more than 200 kg of cannabis biomass per day at full capacity at its Edmonton I Facility.
Radient is also retrofitting a portion of its pre-existing manufacturing facility to harbour a dedicated hemp processing line (“Edmonton II Facility”) that will be capable of processing in excess of 1,200 kg of industrial hemp per day into CBD-rich extracts. Completion is expected in Q3 2019. In addition, the Company is building a brand new facility (“Edmonton III Facility”) on the lands adjacent to the Edmonton I and Edmonton II Facilities, which is expected to be capable of processing estimated throughputs of more than 1,000 kg per day of medical cannabis and more than 10,000 kg per day of industrial hemp. Completion of the Edmonton III Facility is expected in Q1 2020.
Denis Taschuk, CEO of Radient, stated: “This is a huge milestone for Radient Technologies and one that we are thrilled to have reached after a year of momentous growth. Receipt of the Standard Processing license from Health Canada allows the Company to begin producing our high quality extracts and specialty cannabinoid ingredients for our partners, including Aurora Cannabis Inc. This will open up new revenue streams for the Company that will prove to be beneficial as we continue to expand our operations globally, especially in light of recent regulatory developments that will likely have a significant impact on the cannabis industry worldwide.”
Radient Technologies provides industrial-scale manufacturing solutions for premium natural ingredients and products. Utilizing its patented MAP™ extraction technology, Radient delivers superior customer outcomes in terms of ingredient purity, yield, and cost, and serves global market leaders in industries such as foods & beverages, nutraceuticals, pharmaceuticals, cosmetics, and personal care. Since 2016, Radient has expanded its offerings to enter the cannabinoids market, using its MAP™ platform to provide premium ingredients that contain a full range of cannabinoid and terpene profiles. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, [email protected],
Mike Cabigon, Chief Operating Officer, [email protected],
Caitlin Cheadle, Director of Communications, [email protected]
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 obtaining the Processing License on the Company’s business; the Company’s ability to process the expected amount of material; the Company’s ability to retrofit the Edmonton II Facility; the Company’s ability to construct and commission the Edmonton III Facility; the impact of the additional facilities on the Company’s business; the Company’s ability to expand its operations in Europe and Canada; the Company’s ability to grow its business in the cannabis sector and food and beverage industries; 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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