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Radient Registers First Sale of 2.0 Products and Advances Partnership with Premium 5
EDMONTON, Alberta, Aug. 13, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), and Premium 5 Ltd. (“Premium 5”) are pleased to announce that the Company has received an order from the BC Liquor Distribution Branch (the “BCLDB “) for 22 of Premium 5 SKUs, including the first Live Resin and Live ResinX vape cartridges produced under the partnership between the Company and Premium 5. The initial order from BC is the largest SKU assortment purchase order to date for Premium 5, reaffirming the traction that the brand has achieved in the high-end concentrate category. It is also the first sale of 2.0 products by Radient. Products will soon be available in the province in what proves to be the widest launch of extracted products to date.
“The first sale of 2.0 products for Radient is a key milestone in our transition to being a leading white label provider,” said Denis Taschuk, CEO of Radient. “Premium 5 brings an immense amount of consumer and product knowledge to this partnership and has been integral to being able to execute so quickly. I am proud of our team’s work to have received our first order only weeks after receiving our sales license. We made a decision to partner with Premium 5, understanding that their unique products are in high demand, which would accelerate our ability to get products listed for sale and has resulted in Radient already receiving vendor approval by five provinces and territories with more on the way.”
With the addition of BC, Premium 5 will be available in the adult recreational market in six provinces, including Alberta, Saskatchewan, Manitoba, New Brunswick, and Nova Scotia, with more provinces and territories expected to be added shortly. Premium 5 is also currently the sole provider of concentrates to Shelter Market, a ground-breaking platform for cannabis distribution to medical patients across Canada.
“Premium 5 is excited to bring its innovative line of unique products to British Columbia and to continue our rapid growth in both sales and new SKUs,” said David Schwede, CEO of Premium 5. “Adding Radient as a manufacturing and sales partner has helped to accelerate the phenomenal success we have had in the short time since our launch. Premium 5 expects that between May 1st, 2020 and July 31st, 2020, we received purchase order revenue in excess of $3.5 million, and will be cash flow positive. With the wide variety of SKUs being released over the next 90 days, the company fully intends on continuing to hold its market share and further increase the gap between itself and the various competitors in the high-end concentrate category.”
Premium 5 has successfully navigated complex product development and regulatory challenges to offer a portfolio of innovative concentrate products that now totals 26 SKUs, including an already available line of live resin caviar and live resin badder products, both of which are offered in 0.5g and 1g formats. Several new products have been recently added which are unique to the Canadian market and represent a capitalization on unmet subcategories.
About Premium 5:
Premium 5 products offer a feeling that only the terpenes from a High Terpene Full Spectrum concentrate can give, to encourage customers to find their feeling. The Company is dedicated to creating high-quality, full spectrum concentrates, selling a premium high THC experience, and providing a healthier, more discrete way to medicate/consume.
Products being offered under the Premium 5 brand are crafted from indoor grown, fresh-frozen, whole bud that has been carefully selected for optimal cannabinoid and terpene profiles to offer customers only the most exceptional quality.
Premium 5 prides themselves in being consumer-driven to delight their partners, their consumers, and their communities. For more information visit https://premiumfive.ca/.
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% 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. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient – Investor Relations, [email protected]
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 Company’s partnership with Premium 5; the demand for Premium 5’s products, future orders from various provinces for the Company’s products; the Company’s ability to become a leading white label producer; 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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