From Yahoo! Finance newswire May 3 2021
Edmonton, Alberta–(Newsfile Corp. – May 3, 2021) – Radient Technologies (Cannabis) Inc. (TSXV: RTI) (OTC Pink: RDDTF) (“Radient” or the “Company”), is pleased to announce a licensing agreement with Atomic EH (“Atomic”) to build its first ever Indigenous cannabis brand and a dedicated product line to serve the under-represented Indigenous community in the cannabis industry. Atomic Eh is focused on being a pioneer in the Canadian cannabis market and build a nationwide brand and further a platform to help increase Indigenous involvement and participation in the industry. The Indigenous community has been largely under represented with approximately only 4% (ref: MjBizdaily) of licensed cannabis producers having any kind of Indigenous involvement or representation. Radient will be the first ever licensed processor to have an exclusive licensing deal with this brand to build a unique line of products and formulations aiming at bringing cannabis and herbal remedies together to provide communities with natural medicine options.
Radient will be working extensively with Atomic to roll out specific Indigenous brands, using their channels to launch and distribute both recreational and medicinal Cannabis 2.0 products. Medicinally, this a unique venture that will both distribute Indigenous brands nation-wide and provide access to high quality cannabis remedies for several Indigenous communities. Furthermore, this will give Indigenous communities a platform to share their cannabis remedies nationally, forging a symbiotic relationship.
Initial targeted SKUs will be,
- BHO extracts
- Vape cartridges
- Dry flower
- Edibles
- Solvent-less Extracts
This agreement will initially be in the vicinity of 25,000 to 50,000 units per month. Atomic is focused on developing relationships with retailers and provincial buyers to ensure there is fair Indigenous representation. The province of British Columbia has already begun the process of allocating shelf space for Indigenous brands. Atomic hopes to see this occur within all provinces across Canada. With a strong foundation out of northern Alberta, Atomic intends to branch out across Canada, bringing Indigenous brands to retail outlets in all provinces. This agreement will provide a new channel of distribution for Radient’s unique formulations and high-quality extracts. As a part of this arrangement, Radient will be actively creating an Indigenous employment program to provide job opportunities to Indigenous communities across Canada. Positions will range from sales representatives to medical professionals in the rollout of the medicinal platform.
Conversion of debt to shares.
Radient also announces that it has closed the second series of shares for debt arrangements with various creditors for $5.1M at a deemed value of $0.105 per share. This includes the debt conversion by Akaura Holdings and Fillmore Construction resulting in reduction of debt by $3.5 million. This conversion by insiders continues to indicate the growing faith and confidence in the business prospects of the Company. This is on the back of a ramp up of sales revenues expected in 2021 as guided by the management. The management would like to re-iterate its revenue guidance for fiscal 2021 to be in the region of $20-$25M resulting from product sales and growing demand for Cannabis 2.0 products. The Company is on track to turn operating cash flow positive in 2021 based on revenue growth and various cost -cutting initiatives taken to reduce operating costs.
About Radient
Radient Technologies is an innovative science-based company that 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. Radient also has a science lab that is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient – Investor Relations, ir@radientinc.com
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. 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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