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Radient Technologies Inc. Ready to Serve $22B U.S. Market for Hemp-Derived CBD | ||
By: Nasdaq / GlobeNewswire - 14 Dec 2018 | Back to overview list |
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EDMONTON, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is encouraged by the approval by the U.S. Senate and House of Representatives of the 2018 Farm Bill (the “Farm Bill”), which, if signed into law, could create a market for hemp-derived CBD valued at over USD $22 billion by 2022, according to cannabis industry analysts the Brightfield Group. Radient, with its proprietary commercial-scale cannabinoid extraction and product development platform already being deployed in multiple geographies, is well positioned to include the U.S. market in its near-term expansion plans. Of importance to Radient and other hemp industry stakeholders, the Farm Bill:
On November 5th, 2018, Radient announced that it had begun the development of a new Edmonton-based manufacturing facility (the “New Facility”) capable of processing more than 10,000 kg (22,000 lbs.) per day of industrial hemp. Leveraging the existing designs and technologies of the New Facility, including Radient’s microwave assisted processing (“MAP™”) technology, Radient anticipates it could respond to U.S. opportunities with the rapid deployment of large-scale processing assets that, critically, would continue to meet the Company’s stringent standards for quality assurance, sanitization, analytical testing, and GMP compliance. ”While we recognize the passage of the Farm Bill would only be an initial step in the development of a healthy U.S. market for CBD-derived consumer products and medicines, we are encouraged by its alleviation of uncertainty at a federal level,” commented Mike Cabigon, Radient’s Chief Operating Officer. “With the technologies, designs, and partnerships we’ve developed in Canada and Europe, we believe we’re well-positioned to respond quickly should the right U.S. based opportunities present themselves.” About Radient SOURCE: Radient Technologies Inc. Denis Taschuk, Chief Executive Officer, dtaschuk@radientinc.com, Mike Cabigon, Chief Operating Officer, mcabigon@radientinc.com, Caitlin Cheadle, Director of Communications, ccheadle@radientinc.com Forward Looking Information: NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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