Radient Technologies Inc. Reports Record Revenue and Record Gross Profit for the Third Quarter of Fiscal 2020

Revenues of $11.2 Million in Fiscal Q3 2020, an Increase of 805% over the Previous Fiscal Quarter

EDMONTON, Alberta, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, is pleased to report its financial results for the third quarter of its fiscal year 2020, ended December 31, 2019. The financial statements and Management’s Discussion & Analysis are available under the Company’s profile at www.SEDAR.com.

Key Financial Highlights - Fiscal Q3 2020:

• Revenues of $11,205,961, an increase of 805% over fiscal Q2 2020.
• Gross profit of $1.48 million, an increase of 966% over fiscal Q2 2020.
• Significant inventory of dried cannabis: $17.4 million as at December 31, 2019, for future production.

“We are extremely pleased with this quarter’s financial results,” said Denis Taschuk, President & CEO of Radient. “This is the beginning of a significant growth period in which Radient will be embarking on a product commercialization phase. Our investment into technology, process and product development is ready to be leveraged into new product categories and expanded client relationships. Additionally, we will be ramping up operations in order to meet the demands of our current and future partners. We will also increase our ‘Cannabis 2.0’ product manufacturing capabilities in Canada, and enter the European market via the buildout of our facility in Germany. We expect this expansion in operational capacity, coupled with our ability to create novel products using our proprietary extraction and processing technology, to allow us to significantly increase our margins moving forward. Simultaneously, we will be focused on lowering expenditures and improving operating efficiency as we continue to grow.”  

Corporate Highlights - Fiscal Q3 2020 and Post-Reporting:

Supply Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc:

• On February 11, 2020 Radient announced it had entered into a Supply Agreement  with Medical Cannabis by Shoppers, the online medical cannabis platform of leading Canadian pharmacy retailer Shoppers Drug Mart Inc., for an initial three-year term and subject to future renewal.
• Under the terms of the Supply 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.

Partnership to Develop CBD Ingredients with The Edlong Corporation: