Edmonton, Alberta – (Newsfile Corp. – May 3, 2021) – Radient Technologies (Cannabis) Inc. (TSXV: RTI) (OTC Pink: RDDTF) (“Radient” or the “Company”) is pleased to announce one License agreement with Atomic EH (“Atomic”) to build its first indigenous cannabis brand and a dedicated line of products for the under-represented indigenous community in the cannabis industry. Atomic Eh is focused on pioneering the Canadian cannabis market and building a nationwide brand and platform to increase indigenous engagement and participation in the industry. The indigenous community is largely underrepresented with only about 4% (Ref: MjBizdaily) of licensed cannabis producers who have some kind of indigenous involvement or representation. Radient will be the first licensed processor to have an exclusive licensing agreement with this brand to build a unique line of products and formulations that aim to bring cannabis and herbal remedies together to provide natural medicine options to communities.
Radient will work closely with Atomic to introduce certain indigenous brands and use their channels to market and distribute both recreational and medicinal Cannabis 2.0 products. Medically, this is a unique company that both sells indigenous brands nationwide and provides access to high quality cannabis medicines to multiple indigenous communities. In addition, this will provide a platform for indigenous communities to share their cannabis remedies on a national level and forge a symbiotic relationship.
Initial targeted SKUs are:
This agreement will initially close in the vicinity of 25,000 to 50,000 units per month. Atomic is focused on developing relationships with retailers and buyers in the provinces to ensure fair representation of the indigenous people. The province of British Columbia has already started allocating shelf space for indigenous brands. Atomic hopes to see this happen in all of Canada’s provinces. With a strong foundation outside of Northern Alberta, Atomic intends to move across Canada, bringing indigenous brands to retail stores across all provinces. This agreement provides a new distribution channel for Radient’s unique formulations and high quality extracts. Under this agreement, Radient will actively develop an indigenous employment program to provide employment opportunities to indigenous communities across Canada. The positions in the introduction of the medical platform range from sales employees to medical professionals.
The story goes on
Convert debt into stocks.
Radient also announces that it has entered into the second series of shares in debt agreements with various creditors for $ 5.1 million at an assumed value of $ 0.105 per share. This includes the debt conversion by Akaura Holdings and Fillmore Construction, which will reduce debt by $ 3.5 million. This move by Insiders continues to demonstrate growing confidence in the company’s business prospects. This is due to an increase in sales, which is expected in 2021 according to management direction. Management wants to reiterate its fiscal 2021 revenue forecast to around $ 20-25 million based on product sales and growing demand for Cannabis 2.0 products. The company is well on its way to positive operating cash flow in 2021 due to revenue growth and various cost-cutting initiatives aimed at lowering operating costs.
Radient Technologies is an innovative science-based company that is a commercial manufacturer of high quality cannabinoid formulations, ingredients and products. Using a proprietary extraction and processing platform that recovers up to 99% of the cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a wide range of cannabinoid and terpene profiles while meeting the highest quality and safety standards. Radient also has a science laboratory focused on innovation with expertise in formulations and technologies, providing unique solutions in the cannabis and wellness field. Please visit www.radientinc.com for more informations.
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient – Investor Relations, [email protected]
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements relating to the growth of the company’s business. In general, forward-looking information can be identified by using forward-looking terminology such as “plans,” “expected,” “not expected,” “expected,” “budget,” “planned,” “estimates”. “Predictions,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and phrases, or indicates that certain actions, events, or outcomes “may,” “might,” “would,” ” could be “or is taken”, “occurs” or “reached”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance, or performance to differ materially from those expressed or implied by such forward-looking information. While Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that could cause results not to be as expected, 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 these statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Radient undertakes no obligation to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX VENTURE EXCHANGE nor its regulatory services provider (as that term is defined in the policies of the TSX VENTURE EXCHANGE) accepts responsibility for the adequacy or accuracy of this publication.
The source version of this press release can be found at https://www.newsfilecorp.com/release/82622