EDMONTON, Alberta, May 31, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture:RTI) is pleased to provide an update on its manufacturing facility expansion, pending ACMPR license, and future growth initiatives in Europe.
Expansion of Manufacturing Capacity
Further to its previously announced expansion plans, the capacity expansion of Radient’s existing manufacturing facility is now nearing completion, with construction expected to be completed by the end of June 2018. The expansion provides a new processing line dedicated exclusively to intermediate and end-use products using extracted THC, and makes use of a number of new innovations in Radient’s proprietary extraction platform. Commissioning of the expanded facility is anticipated through the summer of 2018. As previously announced, Radient recently acquired two parcels of land adjacent to the facility, providing more than 80,000 sq. ft. of additional real estate for subsequent future capacity expansions and additions to Radient’s extraction and product development capabilities.
Cannabis Extraction Operations
Radient’s manufacturing facility (including the expansion) is located approximately 20 kilometers from the Aurora Sky facility owned by Aurora Cannabis Inc. (“Aurora”) (TSX: ACB) (OTCQB:ACBFF) (Frankfurt: 21P; WKN: A1C4WM), and approximately 575 Kilometres from the site in southern Alberta where the Aurora Sun facility is being built. Aurora holds an approximately 17% ownership interest in Radient, and in November 2017, the companies entered into a Master Services Agreement (“MSA”) for the extraction of cannabinoids. Aurora has recently announced its intention to acquire MedReleaf Corp., which upon completion will create a global cannabis company with 570,000 kg per annum in funded capacity in Canada and the EU. The MedReleaf acquisition, upon completion, is expected to be accretive to Radient, as the new combination will require significant additional extraction capacity as can be delivered by Radient through its high throughput technology.
ACMPR License from Health Canada
The Company is in the final review stages of its application to Health Canada’s Office of Medical Cannabis for a production license for the expanded facility under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). Approval of the ACMPR license is dependent upon, among other things, Health Canada’s review of recorded security footage of the expansion, to be submitted after construction of the expansion is completed. The Company anticipates receiving its ACMPR license from Health Canada by early Q4 2018. Additionally, the Company’s application to the Office of Controlled Substances for a Dealer’s License for the expanded facility is currently under review. The Company also anticipates receiving its Dealer’s License for the expanded facility from Health Canada by early Q4 2018.
The Company received its Dealer’s License from Health Canada’s Office of Controlled Substances for its research & development laboratory located at 8223 Roper Road in February 2018 (see Radient’s news release dated February 5, 2018).
Expansion Initiatives in Europe
With the market value for legal cannabis in Europe forecast at over CAD $85 billion (source: Prohibition Partners European Cannabis Report: 2nd Edition), and new medical cannabis laws having been passed recently in Germany, Italy, Poland, Greece, and the Czech Republic, Radient is finalizing initiatives with respect to expanding its business operations into the European Union. These initiatives include site identification, preliminary design work, detailed capacity planning, technology selection, and initial capital costing.
Denis Taschuk, President & CEO of Radient stated: “Radient has experienced incredible growth over the last year, and we realize the potential that the burgeoning cannabis sectors in Canada and further abroad present as countries continue to legalize the use of medical cannabis. Radient looks forward to working closely with its partners to expand its footprint into Europe in the coming months.”
About Radient
Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health and personal care markets. Since 2016, Radient has expanded its offerings to enter the cannabinoids market utilizing its MAP™ platform to process and extract cannabinoids including cannabidiol and tetrahydrocannabinol from cannabis biomass. Visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, dtaschuk@radientinc.com,
(780) 465-1318;
Mike Cabigon, Chief Operating Officer, mcabigon@radientinc.com,
(780) 465-1318
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 Company’s ability to obtain the ACMPR License, Dealer’s License and other applicable licenses; the Company’s ability to complete the expansion of its facilities; the Company’s ability to provide extraction services to Aurora and MedReleaf; the Company’s ability to expand to other markets; the growth of the medical cannabis sector; 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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