Radient, Allied Dhaliwal to sell CBD
2020-03-18 07:45 ET - News Release
Mr. Denis Taschuk reports
ALLIED CORP. AND RADIENT TECHNOLOGIES INC. ANNOUNCE AGREEMENT TO FACILITATE PREMIUM QUALITY CBD PRODUCTS TO BE SOLD IN CANADA
Allied Corp., an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions to address today's medical issues, and Radient Technologies Inc. have signed a definitive agreement as part of a three-way agreement with the Dhaliwal Group to manage the supply chain, manufacturing and sale of high-quality cannabidiol distillate and isolate.
Under the terms of the agreement, Allied will facilitate the supply and purchase of high-quality CBD distillate and isolate between licensed cultivators and licensed buyers. Industrial hemp biomass will be converted by Radient, for a processing fee, into finished premium quality CBD consumer products, and sold into the Canadian market through a purchasing arrangement made by Dhaliwal. Allied will be responsible for full supply chain management, which involves product moving from legal licensed Canadian industrial hemp farmers, to bonded transport, to Radient's Edmonton I processing facility, through to legally licensed buyers which hold a licence to buy and sell cannabis products in Canada.
The agreement is for an initial 12-month term with an annual option to renew. The three parties expect 7,500 kilograms of biomass to be processed during the first three months of the agreement, with the amount increasing thereafter. Under the terms of the agreement, Radient may also elect to be paid a portion of its processing fees in biomass rather than cash.
"This is a significant milestone achievement for Allied's fifth vertical -- facilitation of the Canadian and European cannabis product supply chain. Retailers are currently facing a challenging environment in receiving quality product. Our executive team, based on our knowledge and experience, is beginning to become a trusted partner in facilitating quality product and we expect many more deals like this to follow," said Calum Hughes, chief executive officer of Allied. "This continues to enable Allied to develop a large reaching sales and distribution network while our Colombian production continues get closer to commercial harvest."
"Radient is very pleased to enter into this agreement with Allied and the Dhaliwal Group," said Radient president and CEO Denis Taschuk. "This agreement will allow us to create the high-quality products that our proprietary continuous-flow extraction and processing technology was intended for. The strength of our manufacturing platform, coupled with Allied's trusted reputation as a responsible and reliable sales partner, enables us to bring premium products to more Canadian consumers, and we look forward to working with both Allied and the Dhaliwal Group."
"This is an exciting milestone for our company, highlighting our efforts to not only secure a foothold in the industry, but also to have a positive impact in the global cannabis industry," said Sukh Dhaliwal, CEO of the Dhaliwal Group. "We are on track for growth and are focused on our strategic corporate plans as we continue to expand globally."
About Radient Technologies Inc.
Radient Technologies is a commercial manufacturer of high-quality cannabinoid-based formulations, ingredients and products. Utilizing a proprietary continuous-flow extraction and processing platform that recovers up to 99 per cent of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety.
AI
