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Radient Technologies Inc. Receives Confirmation of Readiness Letter from Health Canada
EDMONTON, Alberta, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce that it has received its Confirmation of Readiness (“COR”) Letter from Health Canada in regard to its application for an initial Standard Processor’s License (the “License”) pursuant to the new Cannabis Act regulations. This COR Letter pertains to the Company’s recently expanded Manufacturing Facility located at 4035 101 St NW in Edmonton, Alberta. Receipt of the COR Letter demonstrates that Radient has met Health Canada’s license application requirements, and is at the Confirmation of Readiness stage. Upon Radient’s demonstration to Health Canada that its Manufacturing Facility is fully functional and compliant under the Cannabis Act and the Cannabis Act Regulations, the Company will be granted its Standard Processor’s License, at which point it will be permitted to begin extracting cannabinoids for the purpose of sale to other federal licence holders.
Due to the transitional allowance Health Canada has granted to late-stage applicants (applicants that had received their COR under the previous ACMPR on or before October 16, 2018), Radient is anticipating timely review and receipt of its initial Standard Processor’s License from Health Canada.
Health Canada had previously sent a Confirmation of Readiness Letter on August 28, 2018, to Radient under the ACMPR, indicating that the Company had demonstrated substantive compliance with the ACMPR including physical security, record keeping, and good production practices. However, Health Canada has acknowledged that although Radient was in the final stages of licensing, the Company was unable to be licensed before the new requirements under the Cannabis Act came into force, due to new regulations that would be implemented after October 17, 2018. As such, Radient views the receipt of its COR Letter from Health Canada under the Cannabis Act as a positive step in its overall business trajectory, which includes extracting cannabinoids for its strategic partners including Aurora Cannabis Inc.
“The receipt of our COR Letter under the new Cannabis Act is a key step for Radient Technologies,” commented Denis Taschuk, President and CEO of Radient. “Having met the review requirements of the new regulatory framework, the Company is looking forward to being approved for its Standard Processor’s License in the near future.”
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.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, firstname.lastname@example.org,
Mike Cabigon, Chief Operating Officer, email@example.com,
Caitlin Cheadle, Investor Relations, firstname.lastname@example.org
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 obtain the Standard Processor’s License; 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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