Radient Technologies (RTI.C) received the Health Canada nod to sell cannabis extracts, edibles and topicals today. The company has also inked a manufacturing and service agreement with concentrate supply carrier, Premium 5, for its line of branded concentrates, according to a press release.
The company increased its manufacturing capacities in anticipation of getting its sales license. The expansion will give Radient more capacity of white label production fro cannabis 2.0 products using its portfolio of products. The company anticipates this being a bump in their revenue stream and will update stakeholders and customers alike on offerings in the future.
“Receiving this license amendment is a critical step in diversifying and evolving Radient’s business model through new products and customers. The sales license will give Radient the ability to leverage our unique formulations for exciting new consumer products,” said Denis Taschuk, chief executive officer for Radient Technologies.
Premium 5 is a provider of concentrates using hydrocarbon solventless extraction methods. Their claim to fame is that they’re the first to launch live resin in the Canadian market. The company has four products already on shelves, but intends on launching another 12 skus over the next four months.
The agreement with P5 will bring concentrates to market with manufacturing completed by Radient. The contract is for one year, and it includes Radient supplying distillate while providing manufacturing for a minimum of 240,000 units. The first products will be a resin vape cartridge, and a live resin X cartridge blended with Radient’s THC distillate.