This Secret Extraction Stock is Going To Explode – RICH TV LIVE – NOVEMBER 29, 2019 – Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, has released its financial results for its second fiscal quarter ended September 30, 2019.
Financial & Operational Highlights During Fiscal Q2 2020:
After thoroughly validating its proprietary extraction technology and processes, Radient is pleased to report revenues of CAD $1,238,350 in Q2 2020, representing an increase of 696% over revenues for the comparative quarter in the previous fiscal year.
Radient’s cannabis biomass inventory totaled CAD $25.0 million as at September 30, 2019. As previously disclosed in a press release dated August 27, 2019, timing of shipments and third-party testing and analysis limited the processing of purchased biomass during the quarter.
The Company expects the majority of its current inventory will be processed and revenues recorded over the next two fiscal quarters (fiscal Q3 2020 and fiscal Q4 2020), as supply chain backlogs including biomass pre-processing and third-party testing continue to improve. Please see the section of this press release titled “Guidance for the Remainder of Fiscal Year 2020” for the Company’s expected revenue projections in the coming two fiscal quarters.
Operational Progress: Edmonton I and II:
Scale-up of Edmonton I has exceeded expectations for both recovery and quality of extracts. Recovery of cannabinoids was shown to be consistently above 90% and as much as 99%. Products have shown high levels of quality and demonstrated extended “shelf life,” with negligible cannabinoid degradation over multiple months.
Significant progress was made on the retrofit of Edmonton II, a dedicated hemp extraction line with an expected throughput capacity of 420,000 kg/ year, with completion of construction on track for the end of calendar 2019. Additional commissioning and validation work is expected to commence in early calendar 2020, after licensing is granted by Health Canada.
Guidance for the Remainder of Fiscal Year 2020:
Radient expects to achieve the following revenues for the remaining two quarters of its fiscal year 2020, ending March 31, 2020.
Fiscal Q3 2020 (ending December 31, 2019): Radient expects to report revenues of between CAD $10.0 million – CAD $12.0 million.
Fiscal Q4 2020 (ending March 31, 2020): Radient expects to report revenues of between CAD $12.0 million – CAD $14.0 million.
This guidance is based on extraction operations at the Company’s Edmonton I facility during its fiscal Q3 2020 and fiscal Q4 2020 periods only, and does not account for the Company’s entire CAD $25.0 million of cannabis inventory. Throughput capacity at this facility is expected to be 56,000 kg per year of cannabis.
Denis Taschuk, President & CEO of Radient, commented: “Throughout fiscal 2019, Radient achieved several key milestones which allowed us to begin cannabis extraction operations at our Edmonton I cannabis processing facility, and subsequently to scale up our capacity at this location. During the first two quarters of fiscal 2020 we have made significant progress on our extraction operations, while also executing on strategic initiatives to create a focused and efficient company that can meet the demands of the world’s largest consumer packaged goods companies.
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