Aurora Cannabis, Radient to develop marijuana extracts
December 14 2016 - 8:15AM
InvestorsHub NewsWire
Aurora Cannabis and
Radient Technologies Sign MOU on Joint Venture
Collaboration to Apply
Breakthrough Extraction Technologies to Cannabis
Vancouver, BC – December 14, 2016 -- InvestorsHub
NewsWire – Aurora Cannabis Inc. (the “Company” or
“Aurora”) (TSXV:
ACB)
(OTCQB:
ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and Radient Technologies
Inc. (“Radient”) (TSXV:
RTI)
are pleased to announce that they have signed a memorandum of
understanding (“MOU”) to evaluate an exclusive partnership for the
Canadian market with regard to the joint development and
commercialization of superior and standardized cannabinoid
extracts. As part of the MOU, Aurora will, subject to certain
conditions precedent being satisfied, invest up to $2 million into
Radient by means of a convertible debenture (the “Debenture”).
Radient currently operates from a 20,000 square foot, GMP
compliant, Natural Health Products Directorate (NHPD) licensed
facility in Edmonton, Alberta, extracting natural ingredients for a
range of industries including food and beverage, nutrition,
supplements, pharmaceuticals, and cosmetics. Radient operates under
strict quality controls and owns patented extraction technologies,
originally developed by scientists at Environment Canada.
These proprietary technologies have proven capable of producing
high-quality standardized extracts with faster throughputs,
improved yields, higher purities, and lower costs when compared to
conventional extraction methods.
“Radient’s technology promises a significant advance in both
quality and efficiency of cannabis extract production,” said Terry
Booth, CEO. “This is especially important considering global market
dynamics, which point to strong demand for cannabis derivative
products. Importantly, Radient’s extraction technology has also
been proven to deliver superior preservation of aromatic compounds
known as terpenes, which are key to the cannabis consumer
experience and the Aurora Standard.”
Denis Taschuk, President and CEO of Radient, stated, “We are very
excited by this potential partnership with Aurora, given their
leadership position in the medical cannabis space and the
exceptional quality of their products. The combination of Aurora’s
recently announced capacity expansion with our proprietary
highthroughput extraction technology has the potential to play an
important role in meeting the fast-growing demand for quality
cannabinoid extracts.”
Aurora, one of the largest licensed producers of medical cannabis
under Health Canada’s Access to Cannabis for Medical Purposes
Regulations (ACMPR), recently began construction on an
unprecedented 800,000 square foot production facility in Leduc
County, Alberta. This facility, known as “Aurora Sky”, is
anticipated to be capable of producing in excess of 100,000 kg of
high-quality, low-cost marijuana per year.
Under the terms of the MOU, Aurora will fund the collaboration
through the Debenture. The Debenture will have a term of 2 years,
bear interest at 10% per annum and will be convertible into units
(each, a “Unit”) of Radient at a conversion price of $0.14 per
Unit. Each Unit will be comprised of one common share of Radient
and one share warrant, exercisable within 24 months, for one common
share of Radient at an exercise price of
Page | 2 $0.33 per warrant. The issuance of the Debenture is
subject to all necessary regulatory approvals, including the
approval of the TSX Venture Exchange.
About Radient
Radient extracts natural compounds from a range of biological
materials using it proprietary “MAPTM” natural product extraction
technology platform which provides superior customer outcomes in
terms of ingredient purity, yield, and cost. From its initial
20,000 square foot manufacturing plant in Edmonton, Alberta,
Radient serves market leaders in industries that include
pharmaceutical, food, beverage, natural health, personal care
and
biofuel markets. Radient trades on the TSX Venture Exchange under
the symbol “RTI”. Visit www.radientinc.com for more
information.
About Aurora
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc.,
is a licensed producer of medical cannabis pursuant to Health
Canada’s Access to Cannabis for Medical Purposes Regulations
(ACMPR) and operates a 55,200 square foot, expandable,
state-of-the-art production facility in Mountain View County,
Alberta, Canada. Aurora trades on the TSX Venture Exchange under
the symbol “ACB”.
On behalf of the Board of Directors
AURORA CANNABIS INC
Terry Booth
CEO
On behalf of the Board of Directors
RADIENT TECHNOLOGIES INC.
Denis Taschuk
CEO
This news release contains certain "forward-looking statements"
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These
statements are only predictions. Various assumptions were used in
drawing the conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law. 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.
Further information:
For Aurora Cannabis Inc.
Cam Battley
Executive Vice President
+1.905.864.5525
cam@auroramj.com
www.auroramj.com
Marc Lakmaaker
NATIONAL Equicom
mlakmaaker@national.ca
+1.416.848.1397
For Radient Technologies Inc.
Denis Taschuk
President and CEO
dtaschuk@radientinc.com
+1.780.465.1318
Prakash Hariharhan
Chief Financial Officer
phariharhan@radientinc.com
+1.780.465.1318
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