Radient Technologies Inc. Signs Supply Agreement with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart Inc., for the Formulation and Manufacturing of Exclusive Branded Cannabis Product
Radient to Utilize its Proprietary Extraction Technology and In-House Formulation Capabilities to Provide a Brand Exclusive to the Medical Cannabis by Shoppers Platform
EDMONTON, Alberta, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global manufacturer of high quality cannabinoid-based ingredients, formulations and products, is pleased to announce it has entered into a supply agreement (the “Agreement”) with Medical Cannabis by Shoppers, the online medical cannabis platform of leading Canadian pharmacy retailer Shoppers Drug Mart (“Shoppers”).
Under the terms of the Agreement, Radient will utilize its proprietary extraction and downstream processing platform to create a variety of cannabinoid formulations under a brand that will be sold exclusively to patients of Medical Cannabis by Shoppers. The Agreement is for a three-year term, subject to renewal for an additional two years or earlier termination.
Radient’s unique, continuous-flow extraction process has been proven to achieve a higher recovery of active compounds from the cannabis plant (up to 99%) than other extraction methods, has lower risk of cannabinoid degradation during processing which allows products to maintain stability (“shelf life”) for a longer period of time, and has a high level of product consistency. Combining its unique extraction technology with stringent quality control systems and decades of botanical ingredient manufacturing experience, Radient produces a variety of broad spectrum cannabinoid formulations, ingredients and products that meet the highest standards of quality and safety.
Denis Taschuk, President & CEO of Radient commented, “This is an incredible milestone for Radient. We are very proud of what we have achieved as a Company over the last two years, and this partnership is a monumental leap forward. We are very pleased to be supplying Medical Cannabis by Shoppers with unique formulations and products that meet the highest standards of quality and safety, and we look forward to working with them.”
About Radient Radient Technologies 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. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
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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 grow its business in the cannabis sector including pursuant to the Agreement 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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