Radient Technologies (RTI.V) and Premium 5 received their first order from the British Columbia Liquor Distribution Branch, totaling 22 stock-keeping units (SKU), including their Live Resin and Live ResinX vape cartridges.
Now that Premium and Radient are doing business in British Columbia, their adult recreational market reach extends now to six provinces, including Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia, and they intend on adding more provinces and territories. Premium 5 also provides concentrates to Shelter Market, a medical cannabis distribution platform with Canada-wide distribution reach.
The B.C. order is the largest purchase order that Premium 5 has had to field, and the first sale of cannabis 2.0 products by Radient.
“The first sale of 2.0 products for Radient is a key milestone in our transition to being a leading white label provider. 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,” said Denis Taschuk, CEO of Radient.
Radient Technologies makes cannabinoid based products using their extraction and processing platform that recovers up to 99% of cannabinoids from the plant. They also develop specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest quality and safety standards.
Radient hooked up with Premium 5 in the last week of June to create new product lines and bring Premium 5’s concentrates to the market. They have a one-year agreement wherein Radient would supply distillate and manufacturing services for 240,000 units. The first products planned were the live resin vape cartridge and a live resin X cartridge using Radient’s THC distillate, which are now being sold.
“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. 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,” said David Schwede, CEO of Premium 5.
Premium 5 has been through the product development and regulatory challenge phases of their development, and now have a 26-SKU strong offering of concentrate products, including live resin caviar and live resin badder products, both of which come in half gram and gram formats.
The news prompted a 7.4% change in RTI’s fortunes, but before we start getting excited about our newfound fortune, let’s remember that that’s basically a penny, as the company is set to close at $0.145.
—Joseph Morton
