Radient Technologies Inc. Reports Financial Results for The Fourth Quarter and Fiscal Year 2020

Nachrichtenquelle: globenewswire
15.09.2020, 00:38  |  253   |   |   

Fiscal 2020 Revenues of $18.4 Million
Advances White Label Strategy and Manufacturing Capabilities

EDMONTON, Alberta, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, today announced its fiscal results for the quarter and year ended March 31, 2020 and provided an update on recent corporate developments.

“Despite the many headwinds for the cannabis industry, Radient’s fiscal 2020 included several major milestones that have laid the foundations for future growth and profitability,” said Denis Taschuk, CEO of Radient. “We have invested a great deal in our infrastructure, intellectual property and technology.  Looking ahead we see increased opportunities to monetize our development work in higher margin white label business, while also being able to reduce spending.  The strategic shift has begun to take hold and is evident in our success over the past two months.”

Fiscal 2020 Corporate Highlights and Recent Developments

  • Received a license amendment for the Edmonton II expansion, adding licensed space critical to the launch of an expanded line of white label products including cannabis vapes, drink formulations and powders

  • Successful launch of the bioU brand; Radient’s first commercial product launch and the first exclusive brand carried by Medical Cannabis by Shoppers as part of the partnership agreement signed February 2020

  • Closed a fully subscribed equity offering for gross proceeds of $5.75 million in May 2020 and raised an additional $880,000 through the Company’s At-The-Market (“ATM”) offering

  • Received a sales license amendment in June 2020, allowing for the sale of extracts, edibles and topicals directly to provincial distributors.  Radient has already successfully registered with four provincial distribution bodies and is expecting new purchase orders imminently

  • Signed multiple supply and white label agreements including Premium 5, Fluum and Medical Cannabis by Shoppers

  • Successfully commissioned a vape and liquids filling line in August 2020, substantially increasing white label manufacturing capabilities

Fiscal 2020 Summary

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Radient Technologies Inc. Reports Financial Results for The Fourth Quarter and Fiscal Year 2020 Fiscal 2020 Revenues of $18.4 MillionAdvances White Label Strategy and Manufacturing Capabilities EDMONTON, Alberta, Sept. 14, 2020 (GLOBE NEWSWIRE) - Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a …

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