Radient Technologies Inc. Releases First Quarter 2021 Financial Results
EDMONTON, Alberta, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI), a manufacturer of high quality
cannabinoid-based formulations and products, today announced its results for the first quarter ended June 30, 2020 and provided an update on recent corporate developments.
“The first fiscal quarter presented numerous challenges for Radient and the entire cannabis industry,” said Jan Petzel, Interim CEO of Radient. Radient entered the quarter with operations at our manufacturing and lab facilities significantly reduced due to the uncertainty around COVID-19, and this extended for much of the period. Despite these challenges, the Company was able to close an equity offering in the latter part of the quarter and we received our sales amendment from Health Canada at the end of June. The Company built on this momentum and our team was able to sign new white label deals to further our strategic transition into multiple product offerings.
Fiscal Q1 Highlights and Recent Developments
- Closed a fully subscribed equity offering for gross proceeds of $5.75 million in May 2020 and raised an additional $0.7 million during the quarter through the
Company’s At-The-Market (“ATM”) offering.
- Received a sales license amendment at the end of June 2020, allowing for the sale of extracts, edibles and topicals directly to provincial distributors. As a follow
up to this, Radient has been actively involved in building white labeled products specifically for Cannabis 2.0 roll out including cannabis vapes, edibles, drink formulations, powders and crystals
in its Edmonton facilities.
- Announced participation in a first-of-its-kind medical cannabis real world evidence study led by UHN in partnership with Medical Cannabis by Shoppers. This is on the
back of the successful launch of the exclusive bioU brand carried by Shoppers as a part of the partnership with Radient.
- Signed white label supply agreements with Premium 5 and Fluum. Radient and Premium 5 completed the first shipment of Cannabis 2.0 products in British Columbia including the Live Resin and Live ResinX vape cartridges that was the largest SKU assortment purchase order for Premium 5 to date.
- Successfully registered for sales directly to the provinces of Alberta, British Columbia, Saskatchewan and Manitoba, New Brunswick, Nova Scotia as well as Nunavut
and the North West Territories.