Radient Technologies Inc. Announces Approval and Receipt of Controlled Drugs and Substances Licence from Health Canada
EDMONTON, Alberta, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX-V:RTI) is pleased to announce that its application for the Controlled Drugs and Substances Licence has been approved by Health Canada.
Pursuant to provisions of the Controlled Drugs and Substances Act and its Regulations, receipt of the Controlled Drugs and Substances Licence grants Radient the status of a Licensed Dealer within Canada. The licence legally permits the Company to possess, package, and transport or deliver cannabis products at its process and product development laboratory, located at 8223 Roper Road, Edmonton, Alberta.
Within these provisions, Radient can conduct research and develop products related to cannabis, tetrahydrocannabinol (“THC”), cannabidiol (“CBD”), and cannabis resin at its Roper Road facility, while further optimizing its proprietary extraction assets and methods in the commercial-scale production of cannabis-based extracts.
Radient is also awaiting approval of its application to Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) for a licence which would allow the Company to produce and manufacture cannabis extracts and oils. The Company hopes to receive its ACMPR licence shortly after the previously announced renovations of its manufacturing plant have been completed.
“The receipt of the Controlled Drugs and Substances Licence is a key milestone for Radient that will further accelerate the growth of our business within the cannabis sector,” said Denis Taschuk, CEO of Radient. “It is also a precursor step in the path to licensed manufacturing of cannabis products, which we expect to occur later this year. As a certified Licensed Dealer, Radient can drive strategic partnerships and product development with Licensed Producers, and potentially, consumer brands entering the cannabis and CBD spaces.”
Dr. Steven Splinter, CTO of Radient added, “We are thrilled to announce this news as it is a major catalyst to technology developments that will enhance our position as an industrial-scale player in the cannabis value chain.”
For more information about the Controlled Drugs and Substances Licence, please contact Health Canada’s Office of Controlled Substances.
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 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health and personal care markets. 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 receiving Health Canada’s approval regarding the Controlled Drugs and Substances License, the Company’s ability to grow its business in the cannabis sector, the Company’s ability to obtain an ACMPR licence 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.
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