EDMONTON, Alberta, July 27, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (Radient or the Company) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, is pleased to announce a five year white-label agreement with Fluum Inc. (Fluum), to launch a line of cannabis vape products designed to deliver enhanced experiences at a competitive price. Radient will provide a full suite of services; using its proprietary extraction technology to provide cannabis extracts, along with filling, packaging, and sales distribution. Led by cannabis industry veterans, Fluum will be responsible for design, marketing and driving consumer awareness.
Under the terms of the five-year agreement, Radient will manufacture a minimum of 210,000 units in the first year, growing to a minimum of 240,000 units in each subsequent year, subject to orders from provincial distributors. Through its relationships with established cannabis retailers, Fluum has already secured letters of intent from a multi-province retail group and a Saskatchewan distributor, together representing nearly 50 retail locations in 4 provinces to purchase products once they become available. Radient holds all necessary licensing and is currently expanding its vape filling line. First sales of Fluum branded products are anticipated in Q4 of 2020.
"Our mission at Fluum is to help develop innovative, reliable, and cost effective cannabis products that enhance the wellbeing of the cannabis user," said Adam Flook, President of Fluum. "I have spent the past six years working with cannabis retailers in both Canada and the US, watching the evolution of products and consumer preferences. We have been impressed by Radient's ability to produce high quality extracts and the level of consistency, which made them a natural choice as a partner."
Radient is excited to be partnering with a group of highly experienced cannabis entrepreneurs in our first white label agreement for vape products, said Denis Taschuk, CEO of Radient. The Fluum team has invested the time to understand consumer preferences, collect feedback from retailers, and has had the benefit of monitoring the sales and quality of current offerings. We will be bringing together Fluums vision and knowledge with Radients high quality extracts to create an exceptional line of products.
Fluum specializes in the cannabis retail industry. Over the last 6 years they have developed a thorough understanding of quality product and consumer trends. Through their partnerships Fluum has developed an extensive distribution network in excess of 60 cannabis retail locations. Fluum will play an integral part in developing innovative new products that enhance the wellbeing of its consumers. Visit www.fluum.ca for more info.
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.
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 Companys business operations; the agreement with Fluum and the Companys ability to perform its obligations pursuant to such agreement; the Companys ability to grow its business in the cannabis sector and the Companys 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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