Edmonton, Alberta--(Newsfile Corp. - August 9, 2021) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, is pleased to provide shareholders with the following corporate update.
Update on Filing of 2020 Annual Financials:
As disclosed by the Company in a press release issued on July 28, Radient has decided to temporarily delay the filing of its 2020 annual financial statements. This decision was made after consideration with the Company's management together with its auditor, and was based on several factors, including the Company's current progress closing two proposed acquisitions (with Tunaaaaroom and PBR Labs) and a strategic review internally of the business. As a part of this review, the Company is underway evaluating other strategic M&A opportunities that complement these previously announced transactions, and expects to be able to update the markets on this front shortly. Radient expects to complete these by end of August and will file its financial statements accordingly.
Application to Health Canada for Additional Sales Licenses:
Radient is pleased to announce today that it has recently submitted two applications to Health Canada regarding its sales licenses. The first submission is for an amendment to its existing sales license, which would include authorization for e-commerce based (medical) sales activities whereby Radient would be authorized to sell and dispatch cannabis products directly to its registered clients across Canada. Radient expects that the addition of this sales channel would allow it to significantly increase its profit margins across all of its existing and future products.
The second submission is for an additional sales license which would allow the Company to sell dried flower. Radient expects that the ability to sell dried flower would enable it to add additional SKUs to its product lineup, including unique TunaaaaRoom genetics currently being grown in several facilities in Canada. The Company believes these products are currently in high demand and that the ability to sell these products would allow the Company to provide customers with several new and exciting strains that are not currently available through provincially licensed retailers.
Management Commentary:
"Customer response to our products and brands available in retail cannabis stores has been very positive , and we are very excited at the potential of adding an e-commerce based sales channel to our growing platform," said Radient CEO Harry Kaura. "I believe Canadian cannabis consumers will be very pleased with how we intend to launch our online sales channel and continue to deliver positive consumers experiences by providing quality products cannabis connoisseurs love, at prices that out-compete their current suppliers."
About Radient
Radient Technologies is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, specializing in identifying existing market gaps and bringing products that fulfill these gaps to market. With scientific and industry expertise at its foundation, Radient develops specialty products that contain a highly engineered and unique range of cannabinoid and terpene profiles, while meeting the highest standards of quality and safety. Radient also operates a scientific and product-testing laboratory that offers unique solutions to the cannabis and wellness spaces. Please visit www.radientinc.com for more information.
For more information, please contact:
Harry Kaura, CEO & Director
ir@radientinc.com
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 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.
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