Edmonton, Alberta--(Newsfile Corp. - January 5, 2022) - Radient Technologies Inc. (TSXV: RTI) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel, and high-quality cannabis extracts and packaged products, announces a partnership agreement with All Good Collective Corp. ("All Good") to produce unique cannabis pre-roll products and provides a shareholder update.
Cannabis Pre-Roll Production
Radient has entered an agreement with All Good to design and supply a modular-designed assembly and packaging facility to produce cannabis pre-roll products. The facility will operate in Radient's existing Edmonton II licenced plant, and first phase installation has already commenced. All Good has designed the facility to scale production capacity to at least 10 million cannabis pre-roll units (1 million packages) per month once full-scale modular build out is reached, and All Good has already secured the supply of the equipment required to reach full-scale build out.
Radient now plans to produce and sell cannabis pre-roll products to licenced retailers in Canada. The pre-roll design parameters include a cigarette-style cylinder format and craft grown, terpene rich, high THC, non-irradiated cannabis. Pre-roll units will be packaged in a high quality 10-unit humidity protected box and will be marketed to discerning cannabis users.
Staffing for the pre-roll production facility is expected to be in place by the end of January 2022, and initial pre-roll production and sales to licenced retailers is expected to commence thereafter.
Harry Kaura, CEO of Radient, provides the following update to shareholders:
Our team has worked diligently this year to restructure Radient and bring in new partnerships and develop new business lines to plot our new path forward. In February 2021, I agreed to serve as Radient's CEO to lead these restructuring initiatives, which was also a demonstration of my continued confidence in Radient's ability to be a meaningful player in the cannabis industry. As we begin the new year, I would like to highlight our key achievements of 2021 which we believe contribute instrumentally to Radient's success:
Received from Health Canada a dried cannabis sales licence and sale for medical purposes licence, allowing Radient to now offer a comprehensive suite of cannabis products,
Licence and extraction agreement with HighGrade Supply for high grade cannabis 2.0 products expected to be available in retail stores in January 2022,
Licence agreement with Atomic Eh! To build a cannabis brand and products, now launched in six provinces with several new SKUs coming to market soon in the pre-roll and dried flower categories,
Licence agreement to co-develop and sell premium cannabis products under the Tunaaaaroom Xtracts brand, which are now sold through provincially licenced retailers in seven Canadian provinces and territories,
Definitive agreement to acquire Tunaaaaroom Xtracts Inc., which is expected to close soon,
Raised $2.7 million in aggregate through equity financings in March and December 2021, and
Reached agreement with All Good to produce pre-roll products, as announced today.
Radient's board of directors, management team, new partners, and I continue to be energized in our efforts toward Radient's success and building shareholder value. We thank you for your ongoing support of our efforts to do so.
Radient Technologies is a commercial manufacturer of diverse, novel, and high-quality cannabis extracts and packaged products. 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 is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. RadientInc.com
Harry Kaura, CEO & Director
Ph: 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 Company's ability to install, staff, and scale the proposed pre-roll cannabis products production facility and to produce, package, market, and sell pre-roll cannabis products within the timeframes specified herein, the Company's ability to make available high grade cannabis 2.0 products in retail stores and new SKUs in the pre-roll and dried flower categories within the timelines set out herein, the impact of the partnership agreement with All Good, the Company's ability to complete the acquisition of Tunaaaaroom Xtracts Inc. and the expected timing of completion, and the Company's business operations and future performance. 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, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operation in the cannabis sector; and other risks inherent in the cannabis industry. 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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