Radient Technologies (RDDTF)

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Radient Technologies Inc (RTI - TSXV)

EDMONTON, Alberta, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce that it has received its Controlled Drugs and Substances Licence, also known as a Dealer’s Licence (the “Licence”), from Health Canada’s Office of Controlled Substances for its Manufacturing Facility located at 4035 – 101 NW Street, Edmonton, Alberta.
Pursuant to the provisions of the Controlled Drugs and Substances Act and its regulations, the issuance of this Licence, effective October 10, 2018, permits the Company to begin receiving shipments of cannabis biomass from Canadian Licenced Producers for the purpose of research and analytical testing at its Manufacturing Facility. This will allow the Company to validate its production processes through the completion of engineering batches. Successful completion of these batches will allow the Company to commission its Manufacturing Facility for the extraction of cannabinoids and begin commercial production.
Prior to performing cannabinoid extraction services for its previously signed partners, including Aurora Cannabis Inc., the Company will be required to be licensed to sell product to other licence holders. This will require the Company to obtain either a Sales Licence pursuant to the Access to Cannabis for Medical Purposes Regulations or successful transition to a Standard Processor licence under the new Cannabis Act and its regulations, which will come into effect on October 17, 2018. However, given Health Canada’s current workloads, the Company expects that a licence to sell product will be administered under the new cannabis framework. The Company is working closely with Health Canada to minimize the time requirement for successful transition. Radient expects to be able to provide an update prior to the end of October, 2018.
In order to sell product to licence holders, Radient will be required to demonstrate it meets all the requirements of the Cannabis Act and its regulations including physical security requirements and good production practices. The Company believes that it is well prepared to meet these requirements.
“We are thrilled to have received the Dealer’s Licence for our Manufacturing Facility, as it is a critical step in the process to becoming a legal processor and producer of cannabis products,” said Denis Taschuk, President & CEO of Radient. “Our Manufacturing Facility is fully production-ready, and we look forward to being able to provide cannabinoid extraction services to our partners.”