Radient Technologies Inc V.RTI.H

RTI SIGNS ICENSING AGRMNT/ATOMIC EH TO LAUNCH PLATFORM .....

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Radient Technologies Signs Definitive Licensing Agreement with Atomic EH to Launch Its First Cannabis Platform with the Indigenous Community
 
by @newsfile on 3 May 2021, 07:30
   
Edmonton, Alberta--(Newsfile Corp. - May 3, 2021) - Radient Technologies (Cannabis) Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company"), is pleased to announce a licensing agreement with Atomic EH ("Atomic") to build its first ever Indigenous cannabis brand and a dedicated product line to serve the under-represented Indigenous community in the cannabis industry. Atomic Eh is focused on being a pioneer in the Canadian cannabis market and build a nationwide brand and further a platform to help increase Indigenous involvement and participation in the industry.

The Indigenous community has been largely under represented with approximately only 4% (ref: MjBizdaily) of licensed cannabis producers having any kind of Indigenous involvement or representation. Radient will be the first ever licensed processor to have an exclusive licensing deal with this brand to build a unique line of products and formulations aiming at bringing cannabis and herbal remedies together to provide communities with natural medicine options.

Radient will be working extensively with Atomic to roll out specific Indigenous brands, using their channels to launch and distribute both recreational and medicinal Cannabis 2.0 products. Medicinally, this a unique venture that will both distribute Indigenous brands nation-wide and provide access to high quality cannabis remedies for several Indigenous communities. Furthermore, this will give Indigenous communities a platform to share their cannabis remedies nationally, forging a symbiotic relationship.
Initial targeted SKUs will be,

• BHO extracts
• Vape cartridges
• Dry flower
• Edibles
• Solvent-less Extracts

This agreement will initially be in the vicinity of 25,000 to 50,000 units per month. Atomic is focused on developing relationships with retailers and provincial buyers to ensure there is fair Indigenous representation. The province of British Columbia has already begun the process of allocating shelf space for Indigenous brands. Atomic hopes to see this occur within all provinces across Canada. With a strong foundation out of northern Alberta, Atomic intends to branch out across Canada, bringing Indigenous brands to retail outlets in all provinces. This agreement will provide a new channel of distribution for Radient's unique formulations and high-quality extracts. As a part of this arrangement, Radient will be actively creating an Indigenous employment program to provide job opportunities to Indigenous communities across Canada. Positions will range from sales representatives to medical professionals in the rollout of the medicinal platform.
Conversion of debt to shares.
Radient also announces that it has closed the second series of shares for debt arrangements with various creditors for $5.1M at a deemed value of $0.105 per share. This includes the debt conversion by Akaura Holdings and Fillmore Construction resulting in reduction of debt by $3.5 million. This conversion by insiders continues to indicate the growing faith and confidence in the business prospects of the Company. This is on the back of a ramp up of sales revenues expected in 2021 as guided by the management. The management would like to re-iterate its revenue guidance for fiscal 2021 to be in the region of $20-$25M resulting from product sales and growing demand for Cannabis 2.0 products. The Company is on track to turn operating cash flow positive in 2021 based on revenue growth and various cost -cutting initiatives taken to reduce operating costs.
About Radient
 

[madeinhemlo]

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