EDMONTON, Alberta, July 06, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture:RTI), is encouraged by Health Canada’s recently introduced Cannabis Regulations and Industrial Hemp Regulations in accordance with the Cannabis Act – a new legal framework that puts in place a comprehensive public health approach to cannabis in Canada.
On June 27, 2018, the Cannabis Regulations and the new Industrial Hemp Regulations (collectively, the “Regulations”) were introduced by the Government of Canada, following the June 21, 2018 receipt of Royal Assent for the Cannabis Act. The Regulations outline the rules for the legal cultivation, processing, research, testing, distribution, sale, importation and exportation of cannabis and hemp in Canada, and set standards for cannabis and hemp products that will be available for legal sale once the Cannabis Act comes into force in October 2018.
Radient believes the Regulations are of significant importance to the cannabis and hemp industries in Canada, as well as to the long-term success of the Company.
Of particular interest to Radient, whose ACMPR license application is currently in its final stages of review, under the new Industrial Hemp Regulations a number of requirements have been eliminated, including criminal record checks for applicants, requirements for secured storage, and the need for third-party sampling for testing. Furthermore, licensed cultivators will be able to sell the flowering heads, leaves, and branches of hemp plants to licensed processors for the purpose of extracting Cannabidiol (“CBD”).
As these developments stimulate larger annual harvests of hemp, Radient, upon receipt of its ACMPR license, becomes uniquely positioned as an industrial-scale processor whose capacity, yield, and throughput can meet the growth in cultivation, and ultimately drive the mass commercialization of novel CBD products derived from both cannabis and hemp.
Furthermore, as a strategic partner of Aurora Cannabis Inc. (“Aurora”) (TSX: ACB ) (OTCQB:ACBFF) (Frankfurt:21P; WKN:A1C4WM), which owns a controlling stake in HempCo Food & Fibre, one of the largest industrial hemp producers in the world, Radient expects that its platform will play a key role in the industrial-scale processing of hemp oils containing CBD.
The Company expects that it will receive its ACMPR license from Health Canada before the Cannabis Act comes into force on October 17, 2018. Approval of the ACMPR license will allow the Company to legally process and develop cannabis products at its manufacturing facility and additionally, after the Cannabis Act comes into force, to legally process and develop hemp products.
“We welcome the new regulations and the clarity they provide as we and other stakeholders in the Canadian cannabis market endeavor to allocate capital and resources efficiently and effectively,” said Mike Cabigon, Chief Operating Officer of Radient. “With this clarity, we will continue to invest in the infrastructure, technology, and expertise to solidify a leadership position in the CBD value chain.”
About Radient Radient extracts natural compounds from a range of biological materials using microwave assisted processing (“MAP™”), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 23,000 square foot manufacturing plant in Edmonton, Alberta, 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.
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 and other applicable licenses; the Company’s ability to grow its business in the cannabis and CBD sectors; the impact of the new cannabis related legislation and regulations; the Company’s relationship with Aurora 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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