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Radient Technologies Inc. receives Controlled Drugs and Substances Licence for its Manufacturing Facility

EDMONTON, Alberta, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce that it has received its Controlled Drugs and Substances Licence, also known as a Dealer’s Licence (the “Licence”), from Health Canada’s Office of Controlled Substances for its Manufacturing Facility located at 4035 – 101 NW Street, Edmonton, Alberta.  

Pursuant to the provisions of the Controlled Drugs and Substances Act and its regulations, the issuance of this Licence, effective October 10, 2018, permits the Company to begin receiving shipments of cannabis biomass from Canadian Licenced Producers for the purpose of research and analytical testing at its Manufacturing Facility. This will allow the Company to validate its production processes through the completion of engineering batches.  Successful completion of these batches will allow the Company to commission its Manufacturing Facility for the extraction of cannabinoids and begin commercial production. 

Prior to performing cannabinoid extraction services for its previously signed partners, including Aurora Cannabis Inc., the Company will be required to be licensed to sell product to other licence holders. This will require the Company to obtain either a Sales Licence pursuant to the Access to Cannabis for Medical Purposes Regulations or successful transition to a Standard Processor licence under the new Cannabis Act and its regulations, which will come into effect on October 17, 2018. However, given Health Canada’s current workloads, the Company expects that a licence to sell product will be administered under the new cannabis framework. The Company is working closely with Health Canada to minimize the time requirement for successful transition. Radient expects to be able to provide an update prior to the end of October, 2018.

In order to sell product to licence holders, Radient will be required to demonstrate it meets all the requirements of the Cannabis Act and its regulations including physical security requirements and good production practices. The Company believes that it is well prepared to meet these requirements.

“We are thrilled to have received the Dealer’s Licence for our Manufacturing Facility, as it is a critical step in the process to becoming a legal processor and producer of cannabis products,” said Denis Taschuk, President & CEO of Radient. “Our Manufacturing Facility is fully production-ready, and we look forward to being able to provide cannabinoid extraction services to our partners.”

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.  

SOURCE: Radient Technologies Inc.

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 impact of the Licence on the Company’s business; the Company’s ability to obtain other applicable licences; the Company’s ability to comply with cannabis related regulatory requirements; the Company’s ability to validate its production processes, the Company’s ability to commission its Facility for the extraction of cannabinoids and begin commercial production; the impact of legislative changes; the Company’s ability to grow its business in the cannabis sector 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Tuesday, October 9, 2018 - 07:00