Radient Technologies Inc. Ready to Serve $22B U.S. Market for Hemp-Derived CBD
EDMONTON, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is encouraged by the approval by the U.S. Senate and House of Representatives of the 2018 Farm Bill (the “Farm Bill”), which, if signed into law, could create a market for hemp-derived CBD valued at over USD $22 billion by 2022, according to cannabis industry analysts the Brightfield Group. Radient, with its proprietary commercial-scale cannabinoid extraction and product development platform already being deployed in multiple geographies, is well positioned to include the U.S. market in its near-term expansion plans.
Of importance to Radient and other hemp industry stakeholders, the Farm Bill:
-- In Section 297A, defines hemp as all parts of the plant less than 0.3% THC, including “derivatives,” “extracts” and “cannabinoids,” and would permit hemp production in all states and territories in the U.S.; -- Deems hemp an “agricultural commodity,” and removes products such as hemp-derived cannabidiol (“CBD”) from the Controlled Substances Act at the federal level; and -- Opens the potential for federally regulated institutions - such as banks, merchant services, e-commerce sites and advertising platforms - to conduct commerce legally within the hemp and hemp product industry.
On November 5th, 2018, Radient announced that it had begun the development of a new Edmonton-based manufacturing facility (the “New Facility”) capable of processing more than 10,000 kg (22,000 lbs.) per day of industrial hemp. Leveraging the existing designs and technologies of the New Facility, including Radient’s microwave assisted processing (“MAP™”) technology, Radient anticipates it could respond to U.S. opportunities with the rapid deployment of large-scale processing assets that, critically, would continue to meet the Company’s stringent standards for quality assurance, sanitization, analytical testing, and GMP compliance.
”While we recognize the passage of the Farm Bill would only be an initial step in the development of a healthy U.S. market for CBD-derived consumer products and medicines, we are encouraged by its alleviation of uncertainty at a federal level,” commented Mike Cabigon, Radient’s Chief Operating Officer. “With the technologies, designs, and partnerships we’ve developed in Canada and Europe, we believe we’re well-positioned to respond quickly should the right U.S. based opportunities present themselves.”
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 23,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, and personal care markets. Since 2016, Radient has expanded its offerings to enter the cannabinoids market utilizing its MAP™ platform to process and extract cannabinoids including cannabidiol and tetrahydrocannabinol from cannabis biomass. Visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, firstname.lastname@example.org,(780) 465-1318;
Mike Cabigon, Chief Operating Officer, email@example.com, (780) 465-1318
Caitlin Cheadle, Director of Communications, firstname.lastname@example.org
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 size of the U.S. market for hemp-derived CBD; the Company’s ability to expand into the U.S.; the Company’s ability to expand its operations in Europe and Canada; the Company’s ability to grow its business in the cannabis sector 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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