Radient Technologies Inc (OTCMKTS:RDDTF) has reported revenues of CAD 1.238 million in Q2 2020. It is an increase of 696% when compared to the same period last year. The company expects to process cannabis biomass inventory and contributes to the revenues in the next two quarters.
An update on operational progress
The scaled-up Edmonton 1 facility ensures the recovery of cannabinoids with 99% consistency. Cannabinoids produced at this facility are of high quality and demonstrates an extended shelf life.
The annual throughput capacity of cannabis at the Edmonton 1 facility is expected to reach 56,000 kg. Radient achieved considerable progress on the retrofit of the Edmonton 2 facility and expects to complete the construction by the end of 2019. The annual throughput of hemp extraction at this facility is estimated at 420,000 kg. Radient will commence validation of the work and commissioning in early 2020, subject to the approval of Health Canada.
Radient would report revenues of up to CAD 12 million in Q3 2020 and up to $14 million in Q4 2020 considering the extraction operations at Edmonton 1 facility.
Chief Executive Officer and President of Radient, Denis Taschuk, said the company commenced cannabis extraction operations at its Edmonton 1 facility. Radient achieved considerable progress on its extraction processes in Q1 and Q2. It will continue to expand the capacity and facilities in Germany and Canada.
Radient signed a sale-leaseback accord and equipment financing deal to mobilize funds of CAD 41 million from RealCanna Investment Trust.
Ropes in Edlong Corporation
Radient signed an MOU with Edlong Corporation on October 22, 2019, to jointly develop and sell product solutions and CBD flavor systems to meet the demand for non-alcoholic and alcoholic beverages, food, and pet industries worldwide. Edlong would contribute over 100 years of expertise in the production, marketing, and offering technology-driven ingredients, integrated solutions, and natural flavor systems for the beverage and food industry worldwide.
Edlong operates innovation centers in Europe and Latin America. It also has distribution partners in Asia and Canada. Besides specializing in dairy flavors, Edlong also meets the growing demand for allergen-free, organic, and plant-based ingredients and flavors.
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